In light of recent reports indicating the potential termination of Portugal's 🇵🇹Golden Visa💵🛂 program, HAYMAN-WOODWARD, a leading firm specializing in immigration and global mobility, seeks to provide a comprehensive analysis of the current situation.
On February 16, 2023, the Portuguese Council of Ministers approved a plan known as "More Housing" in response to the country's housing crisis. The plan includes measures aimed at addressing the issue of "real estate speculation" in Portugal. Notably, it proposes to terminate the issuance of Golden Visas for the acquisition of real estate for residential or commercial purposes in certain metropolitan areas, including Lisbon, Porto, and the coastal regions. Moreover, the plan calls for new renewal rules, stipulating that all previously granted authorizations will be renewed. However, for real estate investments, renewal will be limited to personal and permanent housing or rental properties on the long-term market.
It is essential to note that these measures have yet to come into effect and are expected to be published within one month. Moreover, it is worth emphasizing that alternative pathways to obtain a Golden Visa will remain available, including through investment funds, bank deposits, financial investments, cultural or research donations, the creation of companies, or the purchase of properties in low-density areas.
Despite the potential legal changes, Portugal's Golden Visa program remains one of Europe's most competitive residency-by-investment programs. The program is highly appealing due to the minimum amount of time required to spend in the country (7 days per year) and the relatively short investment time needed to acquire Portuguese citizenship (just 5 years).
It is also critical to note that the Prime Minister's announcement regarding the termination of the program does not immediately alter the existing law. Any proposed changes require legislative approval, which entails a mandatory public hearing period, parliamentary deliberations and voting, and a review by the President or the Constitutional Court.
In terms of pending applications, the Prime Minister has confirmed that all previously submitted applications will be honored and renewed. Hence, pending applications will continue to be reviewed and adjudicated. However, applicants who have not yet submitted their application for the Golden Visa are encouraged to do so as soon as possible. Similarly, those currently considering the Golden Visa may still apply, and those who have made an investment but not yet applied should take prompt action.
In conclusion, while the future of Portugal's Golden Visa program remains uncertain, there are various alternative options available to obtain residency authorization and Portuguese citizenship. Our team of immigration experts is available to address any questions you may have and assist you in identifying the most suitable path forward.
#GoldenVisa #Portugal #ResidencyByInvestment #Immigration #GlobalMobility #InvestmentVisa #PortugueseCitizenship #RealEstateInvestment #VisaRenewal #InvestmentFunds #BankDeposits #FinancialInvestments #CulturalDonations #ResearchDonations #Entrepreneurship #LowDensityAreas #HousingCrisis #PublicHearings #ParliamentaryDeliberations #ConstitutionalReview #ImmigrationExperts
On February 16, 2023, the Portuguese Council of Ministers approved a plan known as "More Housing" in response to the country's housing crisis. The plan includes measures aimed at addressing the issue of "real estate speculation" in Portugal. Notably, it proposes to terminate the issuance of Golden Visas for the acquisition of real estate for residential or commercial purposes in certain metropolitan areas, including Lisbon, Porto, and the coastal regions. Moreover, the plan calls for new renewal rules, stipulating that all previously granted authorizations will be renewed. However, for real estate investments, renewal will be limited to personal and permanent housing or rental properties on the long-term market.
It is essential to note that these measures have yet to come into effect and are expected to be published within one month. Moreover, it is worth emphasizing that alternative pathways to obtain a Golden Visa will remain available, including through investment funds, bank deposits, financial investments, cultural or research donations, the creation of companies, or the purchase of properties in low-density areas.
Despite the potential legal changes, Portugal's Golden Visa program remains one of Europe's most competitive residency-by-investment programs. The program is highly appealing due to the minimum amount of time required to spend in the country (7 days per year) and the relatively short investment time needed to acquire Portuguese citizenship (just 5 years).
It is also critical to note that the Prime Minister's announcement regarding the termination of the program does not immediately alter the existing law. Any proposed changes require legislative approval, which entails a mandatory public hearing period, parliamentary deliberations and voting, and a review by the President or the Constitutional Court.
In terms of pending applications, the Prime Minister has confirmed that all previously submitted applications will be honored and renewed. Hence, pending applications will continue to be reviewed and adjudicated. However, applicants who have not yet submitted their application for the Golden Visa are encouraged to do so as soon as possible. Similarly, those currently considering the Golden Visa may still apply, and those who have made an investment but not yet applied should take prompt action.
In conclusion, while the future of Portugal's Golden Visa program remains uncertain, there are various alternative options available to obtain residency authorization and Portuguese citizenship. Our team of immigration experts is available to address any questions you may have and assist you in identifying the most suitable path forward.
#GoldenVisa #Portugal #ResidencyByInvestment #Immigration #GlobalMobility #InvestmentVisa #PortugueseCitizenship #RealEstateInvestment #VisaRenewal #InvestmentFunds #BankDeposits #FinancialInvestments #CulturalDonations #ResearchDonations #Entrepreneurship #LowDensityAreas #HousingCrisis #PublicHearings #ParliamentaryDeliberations #ConstitutionalReview #ImmigrationExperts