First I would like to say we are a Real Estate Brokerage and our business is strictly limited to serving our clients either buying | selling or renting property in Portugal… The information in this post is an excerpt of a conversation with our trusted attorney, and you should always seek a Lawyer or other professional for legal advice and representation, as this information is not to be considered any form of legal advice, and additionally any Visa or residency laws are subject to change.
With that said, for years the Portugal Golden Visa program has been a popular option for non-EU citizens seeking residency in the country. The program, which grants residency to investors who meet certain criteria, has been a boom for Portugal’s economy, bringing in millions of euros in investment each year.
However, following a ministerial meeting held this past Thursday the 16th of February 2023, the Portuguese Government presented a package of measures to respond to various concerns within the scope of the housing policy in Portugal. It was in this context that the measure of apparently ending the Portugal Golden Visa program was grafted.
In this post, we’ll take a closer look at the Portugal Golden Visa ending, what to expect following the announcement, and what it means for current and future investors.
Portugal Is Ending Its Golden Visa Program
The Portuguese Government announced on the 16th of February 2023 that it will end its golden visa program. The announcement marked the start of a phase of intentions in which the Government is submitting these measures to public scrutiny from a political point of view.
It is expected that at this time the main stakeholders in all industries affected by the measures will be heard, in order for them to give their perspective of the positive or negative impact that each one of the measures will have.
What comes next after the Portugal Golden Visa ending announcement???
Following this period of the so-called public consultation, the Council of Ministers will meet again and approve its final version of the package of measures on the 16th of March 2023.
Here it is important to note that in this sequence, the measures will take two different directions:
❖ One part of the bill will be immediately approved and will follow the path of a legal diploma approved by the Government.
❖ The other part will be submitted to the Parliament, as is the case with all provisions regarding the entry and exit of foreigners in Portugal, namely the Golden Visa.
In other words, in the days following this new communication of March 16th, the text of the Government’s bill on the various matters will be known and it is here that the discussion of the true content and scope of the measures begins.
This bill follows the traditional path of being voted on generically, discussed in specialized commissions, expectantly in the constitutional affairs commission, the relevant social partners will be consulted through requests for an opinion, major or minor amendment proposals will be presented by the various parties with a parliamentary seat and, in the end, a vote will be taken on the final version of the text by the General Assembly.
Is there a deadline for the Portugal Golden Visa ending???
Once the final version of the text has been approved, it will be sent to the President of the Republic, who can immediately send it for publication or can question it, from a political point of view, returning it to the Assembly with the notes that he deems to justify a review, or from a legal perspective, sending it to the Constitutional Court to assess its conformity with the Constitution.
Only after all these procedures have been completed can the proposed law be sent for publication and thus be entered into force!!!
It should be noted in this regard that the law may determine different periods of the so-called vacatio legis for each of its matters. That is, the different measures resulting from the law can start to be applied at different times, more or less extended in time.
The Future of the Portugal Golden Visa Program
The legislative processes that take place in the Assembly of the Republic have the enormous advantage of being highly transparent, allowing for their progress and various discussions to be followed, which will bring stability and allow all stakeholders to adjust expectations and act accordingly.
Our trusted lawyer understands that communications of this nature generate uncertainty and anxiety, so it is essential to maintain serenity and discernment. They are committed to analyzing the position each client is in within their investment cycle and proceed with the application, benefiting from the legislation which is still in force.
Any decisions can be analyzed and questioned from a political or legal point of view, and this must be done appropriately, with consistency and seriousness.
FAQs: Is the Portugal Golden Visa really ending??? Yes. The announcement made by the Portuguese Government on February 16, 2023, confirms that the Portugal Golden Visa program is indeed ending. When is the Portugal Golden Visa program officially ending??? We don’t know when the Portugal Golden Visa program will end yet. There is no official deadline. The law still needs to go through some procedures before it‘s official. It‘s possible that different parts of the law may go into effect at different times. What should investors do if they are currently in the process of obtaining a Portugal Golden Visa??? These new measures will only apply to new applications. All applications that have already been filed, even if not yet pre-approved, are not affected by this change of the law. Can I still apply for the Portugal Golden Visa before it ends??? Applications for the Portugal Golden Visa can still be submitted up until March 16th 2023, the announcement due on this date will provide further details. Will current Golden Visa holders be affected by the end of the program??? The government will present a final draft on March 16th and then Parliament will vote on it. If the law passes, according to the announcement on February 16, 2023, current Golden Visa holders will need to use their property for personal use or rent it out long-term to renew their visa. We will keep you updated on any changes to the program and what it means for investors. Will there be a new investment program to replace the Portugal Golden Visa program??? It has not yet been clarified if there will be an alternative investment program put in place of the Portugal Golden Visa program, more information will be available following the announcement on March 16th. Feel free to schedule a call at your convenience on our calendar through Calendly, and let’s see where we can add value to your move or additionally investing in Portugal, as our trusted Lawyer and Tax Attorney can walk you through the NHR | Residence Visa or Portugal Residence Permit and our Loan Broker and Currency Exchange Broker will additionally be able to add value to your buying process!!! Link to schedule call on Calendly
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