The parliament of Portugal has approved changes to the Golden Visa program

The Parliament of Portugal has voted to approve the housing package aimed at making it easier for local residents to buy and rent properties in the country, including the restructuring of the Golden Visa Program (ARI).

The main changes

Under the current draft legislation, the program will remain in place, however, the real estate investment option will no longer be available to the applicants.

Investment options according to the new bill proposal:

• Transfer of capital equal to or greater than €500,000 applied to research activities by public or private research institutions integrated into the scientific and technological national system.
• Transfer of capital equal to or greater than €250,000 applied to investment or support for artistic production, restoration or preservation of the national cultural heritage, through central and peripheral direct administrative services, public institutions, special public or private foundations.
• Transfer of capital equal to or greater than €500,000 intended for the acquisition of shares in specific collective investment organisms, which include certain types of funds with maturity of at least five years at the time of investment and at least 60% of the value of the investments made in commercial companies based in Portugal.
• Transfer of capital equal to or greater than €500,000 intended for the registration of a commercial company with a registered office in Portugal, in combination with the creation of five permanent jobs, or reinforcement of the authorized capital of an existing commercial company with the creation of five permanent jobs or maintenance of at least 10 jobs with a minimum of five permanent jobs for a period of at least three years.

What's next?

The bill will now be sent to the President of Portugal for approval. There are three options for further development of events:

• Direct ratification. In this case, the law will enter into force on the day following its publication in the government newspaper.
• The President may not accept the bill in its current form and send it to Parliament for revision.
• The President may refrain from evaluating the document and request the opinion of the Constitutional Court.

The immigration experts note that even if the bill is directly ratified, the amendments will not enter into force until mid-September. In the case of the other two scenarios, the terms will definitely extend.

It is important. All applications for golden visas submitted before the proposed law takes effect will be subject to the rules in place at the moment of submission.

Source: Investment Migration Insider

Photo by Alvesgaspar on Wikipedia

Quoting conditions of Prian.info materials