Investors in Portugal's Golden Visa seek government intervention

Over the weekend, a WhatsApp group comprising more than 400 professionals in the Portuguese Golden Visa industry was formed within a few hours. 

This group, which included some of the country's most prominent lawyers, developers, and real estate agents, was created to evaluate the government's proposal to change the residency permit regime for Golden Visa investors to that of "entrepreneurial immigrants". 

To dispute the new legislation, a public petition entitled "Defending Portugal's Image and Reputation Among International Investors" was launched by PAIIR - Portuguese Association of Immigration, Investment, and Relocation, a small association that was quickly joined by other legal professionals. The petition seeks to participate in the parliamentary debate and influence the ongoing legislative process related to the proposed changes to the Golden Visa program. The document has already been signed by over 3,000 individuals and will be later submitted to Parliament.

The proposed changes, which were introduced by the government after receiving approximately 2,700 submissions during the public consultation on the Executive's package, involve converting all Golden Visas into a residence permit for entrepreneurial immigrants. This change will affect all pending and renewal requests and will be evaluated based on economic, scientific, or cultural value. Many investors are outraged by this sudden change, which will have a retroactive effect and affect previously established rights.

The petitioners argue that laws should be for the future and not retroactive, and that changing the rules midway through the game is unfair. They also highlight that the image and international reputation of the country are at stake, and that Portugal is at serious risk of being perceived as an unstable country where investment is risky.

Should this issue go to court, it is anticipated that a significant lawsuit will ensue. This is due to the fact that 11,758 investors have been granted residency permits under the Golden Visa regime since 2012, with nearly 2,000 applications still awaiting approval. These figures suggest that a large number of investors have a significant stake in the outcome of the ongoing discussions about proposed changes to Portugal’s Golden Visa.

If you would like to sign up for the Public Petition, simply follow this link and enter your name, email address, and identification information such as your residence card or passport number. After submitting your information, you will receive an email with a confirmation link. Please be sure to check your spam folder in case it gets filtered there.