On July 19, 2023, the Portuguese Parliament approved a legislative package restructuring the Portugal’s Golden Visa (GV) program. Contrary to prior rumors, the program was not terminated but redefined to limit certain investment categories, especially real estate.
The proposed investment categories under the new legislation are:
- Transfer of capital equal to or more than EUR 500,000 for public or private scientific research institutions’ research activities.
- Transfer of capital equal to or more to EUR 250,000 for support of artistic production, recovery, or maintenance of national cultural heritage.
- Transfer of capital equal to or more than EUR 500,000 for acquiring shares in specific collective investment organisms, such as certain types of funds incorporated under Portuguese law.
- Transfer of capital equal to or more than EUR 500,000 for establishing a commercial company with a registered office in Portugal, alongside creating five permanent jobs or reinforcing the share capital of an already established company with the creation/maintenance of jobs.
The bill clarifies that all applications submitted before the law comes into effect will be processed under the existing regulations, and renewal rights are assured. This applies to the addition of family members and access to citizenship and permanent residency.
The next steps involve sending the proposed bill to the President of the Republic, who can either ratify it directly (making it effective after publication), send it back to Parliament for revision, or request its evaluation by the Constitutional Court.
Given the complexity of the package and the ongoing holiday period, the law is expected to come into force by mid-to-end September at the earliest.
As the proposal is far from consensual and it’s uncertain when or if it will be published, prospective investors are advised to proceed with their investments under the current regime without delay.
Finally, the new law suggests an increase in the entry point of all remaining categories. Therefore, those planning to invest in the Portugal golden visa should do so promptly to maintain the current regime and price point. At Cross Border Freedom, our mission is to provide a seamless and stress-free journey as we guide you through the process of obtaining a Portugal Golden Visa. Our committed team is ready to accompany you on every stage of obtaining a Golden Visa, from the first consultation to the final approval, all while prioritizing thoroughness and impeccable attention to detail.
