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The Golden Visa Programme: resuscitated, revised and restructured

Posted by Chritl Lee on 26/06/2023
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Portugal’s governing party (PS), who initially, and quite abruptly,  aimed to completely abolish the Golden Visa program to try and resolve the current housing crisis, has recently proposed a modification to the More Housing Bill (Mais Habitação), maintaining the Golden Visa Program but with specific alterations.

The new proposition, expected to gain parliamentary approval on July 19 and subsequently become law in August, introduces alterations to the existing investment options.

The revised proposal includes the following changes:

Real estate investments and capital investments through deposits and similar instruments will no longer be eligible for the Golden Visa.

However, the government intends to retain the following investment options:

  • Creation of at least 10 jobs.
  • 500,000 euros in capital transfer to public or private scientific research institutions.
  • 250,000 euros in capital transfers for investment or support for artistic production, recovery, or maintenance of national cultural heritage.
  • Transferring 500,000 euros in investment or venture capital funds
  • Capital transfers of 500,000 euros, business investment of at least five permanent jobs over a three-year period.

 

*As the PS party holds an absolute majority, it is likely that the new proposals will be incorporated into the law. However, it’s important to note that this is just an amendment to the proposal, and further discussions will occur as it progresses to specialized committees.

* Residency permits acquired prior to the enforcement of the new legislation will remain unaffected by Portugal Golden Visa Program Updates. Those who currently hold permits will continue to enjoy the advantages associated with their current permits.

 

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