Portugal’s Golden Visa: Elimination of the programme remains unconfirmed

On 16th February, the Portuguese government made a public declaration outlining a range of measures intended to tackle the country's housing problem.

In close relation to these measures, the Prime Minister disclosed that changes will be made to Portugal's Golden Visa programme, including its potential elimination for new applicants and the imposition of specific conditions for the renewal of existing residence permits.

After one week of the announcement, there is a prevailing sense of astonishment and ambiguity caused by the conflicting and factually inaccurate statements regarding the topic. It is crucial to carefully analyse the objective data and sources of information, so as to ensure that one is making informed decisions based on accurate information.

Portugal typically avoids sudden and disruptive changes. Therefore, it is advisable to exercise patience and wait for final approval of the proposed changes to the Golden Visa program. The most recent modification to the program was announced in December 2020 and only took effect on 1st January 2022, allowing investors a reasonable amount of time to adjust to the new rules. New applicants must take into account the potential risks of the unknown while still basing their decisions on the current law to benefit from legal protection.

Those who are further along in the Golden Visa process may wish to expedite their submission, while investors who are still negotiating should consider extending them until they have a better understanding of the upcoming amendments. Those who are in the early stages of the process should prepare accordingly and be ready to act as soon as concrete details and timelines are available.

We will be keeping a watchful eye on the situation and will provide timely updates to clients and partners as new information becomes available.