Three cheers for the Portuguese government. The Portugal Golden Visa news is in, and it’s better than what we expected, even if the Portugal Golden Visa is ending.
Following a swirl of whispered rumours, the Portuguese Prime Minister released the final proposed wording April 14th on new Portuguese Golden Visa applications. The good news is that it shows that the Government proposes significant concessions benefitting current applicants.
It is a significant win for opponents of the proposed changes. It reflects weeks of pressure from all stakeholders, regional governors and constitutional experts (and one big public petition). In sum, the final proposed version of the Portuguese Golden Visa will not include the retroactive application of a new rule that demands 183 days per year of physical presence in Portugal.
More April 2023 News on the Portugal Golden Visa
With the release of the final proposed updated wording for Portugal Golden Visa applicants, there is a general sigh of relief from new and current applicants. If and when the wording is approved, it will apply to current Golden Visa applications and revoke contradicting wording.
According to the proposal presented, the following points are new:
- No retroactive effect will occur for those who have Golden Visas or have approval;
- New processes and renewal processes will be admitted until the new law is published;
- Pending applications and future renewals will be converted into the D2 Visa – Entrepreneur Visa– with a residency requirement of 183 days per year once the new law is enforced. Until then, the Government proposes the current special regime of 7 days per year as a staying period.
- New applications for residence permits relating to investments or support for artistic production, recovery or maintenance of cultural heritage country will remain admitted with the new law;
- The Golden Visa program will terminate from the date the law comes into force. First, Parliament must discuss and voted on it. Next, the President of the Republic must approve it. Finally, it must pass into law.
The Impact Of The New Wording
This is good news for most, as it is a softening of the original proposal.
In light of this news, it is easy to conclude that the Portuguese government will take a very different approach from the one previously announced. The pressure and suggestions from stakeholders made quite the difference.
Considering the Portuguese Parliament agenda, debate on passing this wording may officially start around May 10th. Once started, discussions of this magnitude typically take approximately 45 days to conclude and receive the stamp of approval.
That means that any hopeful Portuguese homeowners (or those on the precipice) still have a small window of time to submit Portugal Golden Visa Applications. Those that take advantage of this time frame now can still enjoy the residency-by-way-of-property-purchase scheme before it is cancelled.
If you missed the timeframe to apply for the Portugal Golden Visa before it runs out, the news isn’t terrible. You may not be able to get a Golden Visa, but you may qualify for a D2 Entrepreneur Visa. If so, you will have to reside in Portugal for 183 days of the year in order to hold on to your residency. Enjoy the current 7 day in-country residence scheme for those that can, as the new wording will change this.
Nevertheless, keep up with new updates, as additional amendments can still arise from upcoming debate and the party contribution.
Is Portugal Ending the Golden Visa?
Yes. The Portuguese Golden Visa program will terminate from the date the new law comes into force. That means that the Portuguese Parliament must first debate the wording. Then they will voted on it. The President of the Republic will then approve it. Finally, Portugal will publish the new wording as law. The process for this to take place could potentially take another one to two months.
What Steps You Should Take If You Are Seeking A Golden Visa In Portugal
According our Lexidy legal experts, this news reflects the necessary security for investors to proceed with all investments and applications, as soon as possible.
Taking into account the most recent wording update April 14th, the team at Lexidy strongly recommends that investors in a position to do so should take immediate steps to benefit from the regime, as the Portuguese government hasn’t established a transitory period.
Lexidy will continue to monitor the situation as closely as possible, and give updates to leads and clients about any developments that may occur over the next few weeks during this crucial time period.
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