Golden Visa Programme: The Latest News and Updates

The Golden Visa programme in Portugal will continue to accept new applications until the final legal diploma is published, as stated in a new draft law released by the Portuguese Government. It is anticipated that this termination law will not be published for at least another 60 days.

In brief, the proposal can be summarised by the following key points:

• The new law will not apply retroactively.
• Any new applications or renewals filed before the new legislation is published will be accepted.
• Pending applications and future renewals will be converted into a regular residence permit for Entrepreneurs, also known as D2, without the minimum stay requirement of approximately 183 days per year. Instead, applicants need only fulfil the 7-day requirement of the Golden Visa programme.
• It will still be possible for applicants to invest in artistic production, recovery, or maintenance of cultural heritage in the country, and residence permits will continue to be granted.
• The programme will be terminated once the law is discussed and voted on by the Portuguese Parliament in two levels of discussion, validated by the President of the Republic, and finally published.

The current approach marks a significant departure from the previous stance taken by the Government and signals a willingness to be responsive to market pressures and suggestions.

Based on the current wording of the proposal, we strongly recommend that investors who are able to proceed take swift action in order to take advantage of the regime. Since no transitional period has been specified, time is of the essence.

With the Portuguese Parliament's current agenda in mind, we expect that discussions regarding the proposal will not begin until 10th May at the earliest. Based on our understanding of the legislative process, we estimate that it will take a minimum of 45 days for a decision to be reached, assuming there are no unexpected delays. It's important to note that political parties may engage in discussions and suggest amendments during this period, and they may be influenced by market pressure - potentially leading to the establishment of a grace period.

On our part, we are dedicated to closely tracking the situation and will ensure that our Clients and Partners are kept up to date on any significant developments. If you have any questions or concerns, we are available to offer the necessary clarifications and support.