This February, the Portuguese government announced a series of measures to try to solve the country’s housing problem, including changes to the Golden Visa program.
According to the Prime Minister’s speech, the program may be eliminated for new applicants and the existing Golden Visas will be renewed only if certain conditions are met.
So, to help you understand what might come, we’ll tell you all you need to know about the potential end of the significant changes in Portugal’s Golden Visa program and what it means for investors.
So, what do we really know so far?
The feeling of uncertainty is huge and has taken everyone by surprise, but so far, we need to look at the facts, and the facts are that the government itself does not have the competence to make changes to the Golden Visa program. Only Congress is responsible for approving any proposed changes, and that will only happen on March 16th.
It’s true that the governing party can approve the measures without changes because they hold the majority in the house. Nevertheless, other parties may and will propose alternatives during public hearings that may influence the final text of the law.
But, what can we assume so far by what we’ve been hearing?
The first point is that the current law is expected to remain unchanged until, at least, April 2023. And yes! There is a high risk of complete termination of the program Golden Visa in the short-to-medium term, but there’s still room for interpretation that the residency program may still exist in some fashion.
If it’s really ending, how to get through the Transition Period by Securing Your Investment?
Do you want to apply for a Portuguese Golden Visa before the changes come into effect? Are you already investing in the country to get the Golden Visa? Well, we’ve been through this before back in 2021, when the last significant set of changes were implemented and we managed to secure many Golden Visa applications before the changes kicked in, with a 100% success rate.
So, if that’s your case, get in touch with us, and let’s discuss how we can navigate your application before any changes take place.
What to expect soon?
Portugal is a country where abrupt and disruptive measures are not commonly adopted, so it is best to wait for the final approval of the changes to the Golden Visa program.
As you all remember, the last change to the program was announced in December 2020 but only implemented at the beginning of 2022, providing a sufficient period to the investors before implementing the changes.
Of course, we all should consider the risk of the unknown, but making decisions based on uncertainties and not facts can be a mistake.
And for those at an advanced stage of the process, it is suggested to submit the process quickly. Those still negotiating should extend the negotiations for a period that allows some clarity on the amendments, and immediately act when the concrete terms and timings are known.
In the meantime, contact us if you need any help or clarification about this subject. We are here for you!