Apr 18, 2023
How to Secure Your Golden Visa Before Portugal's Program Changes
On April 14, 2023, the government presented to Parliament the final draft law that establishes a series of measures impacting, among other issues, the legal framework for residence permits for investment, also known as the Golden Visa program.
The Proposal for Law No. 71/XV/1st, with amendments to the program and its revocation, will be debated by Parliament, and according to the legislative process, it will take at least 45 days for a law to be approved. Therefore, this discussion is not expected to be concluded before the end of May 2023.
The measures proposed for the Golden Visa program are:
Non-Retroactivity Of The Law
Initially, the government had proposed a deadline for the program's closure and informed that Golden Visa applications submitted after February 16, 2023, would not be considered. However, the actual proposal presented to Parliament states that only applications submitted after the publication of the new law will not be accepted. This means that investors will be able to complete their investments and submit their applications for analysis until the new law comes into force.
Pending Applications For Approval
The draft law states that the analysis of the Golden Visa applications submitted before the new law's entry into force and awaiting a decision from the Immigration and Borders Service (SEF), remain valid.
Conversion To D2 Visa (Entrepreneur)
Golden Visas that are still under review and have not been issued, as well as those being renewed, will be converted to D2 visas when they are respectively approved or renewed. However, holders of this visa will not be subject to the general law requirement of being present in the country for 183 days annually. Instead, the government proposes to maintain the regime of a minimum stay of seven consecutive or interpolated days in the first year and fourteen consecutive or interpolated days in subsequent two-year periods.
Golden Visa Applications For Cultural Investments
The draft law also proposes the possibility of applying for a residence permit for investment for those who invest or support "artistic production, recovery or maintenance of national cultural heritage."The adequacy of this investment to the respective entrepreneurial project should be verified by competent entities provided for in the law.
What Are The Benefits Of Having A Golden Visa?
Having a Golden Visa offers several benefits, including:
- Residency in Portugal: A Golden Visa allows you to live and work in Portugal, as well as travel within the Schengen area without the need for a visa.
- Investment opportunities: With a Golden Visa, you have access to a range of investment options in Portugal, such as real estate, venture capital funds, and investment funds.
- Education: You and your family members have access to the education system in Portugal, including public and private schools, universities, and vocational training.
- Healthcare: Golden Visa holders and their families have access to the Portuguese healthcare system, which is considered one of the best in Europe.
- Pathway to citizenship: After holding a Golden Visa for five years, you may be eligible to apply for Portuguese citizenship, which allows you to live and work anywhere in the European Union.
Don't forget to check out our article on Investing in Portugal for Citizenship: Is It the Right Choice for You? It contains valuable information that may help you make an informed decision.
How Long Do I Have To Apply To The Current Golden Visa Program In Portugal?
The current Golden Visa program in Portugal is expected to end soon, once the new law is discussed, voted, and published. Therefore, it is recommended to apply as soon as possible before the program is terminated. The new proposal is expected to be discussed by the Parliament for at least 45 days, with a possible conclusion at the earliest by the end of May. This will take place in two stages: general and specific discussions, voted and approved in the Portuguese Parliament; followed by the President of the Republic’s veto, sent to the Constitutional court or sent to publication to enter into force.
What Do I Need To Apply For The Golden Visa Program In Portugal?
To apply for the Golden Visa program in Portugal, you need to make an investment that meets the requirements established by the program, such as investing at least €500,000 in real estate, or €350,000 in properties over 30 years old or located in urban regeneration areas. You also need to meet other requirements, such as having a clean criminal record and being able to support yourself and your family financially.
To obtain more comprehensive information regarding the requirements, make sure to read our article about Portugal Golden Visa: Everything You Need to Know About the Investment Process.
What Can Moviinn Help Me With To Obtain My Portuguese Residency By Investment - Golden Visa?
Moviinn can help advise you on the different eligible investment options and assist with successfully submitting your Golden Visa application for you and your family. This includes obtaining a Portuguese Tax ID (NIF), Tax representation and opening a bank account, as well as any tax-related services.
Visit our Services Page for more information.
The proposed legislation resolves the problem of legal uncertainty generated by the possibility of retroactivity of the law, allowing foreign investors who still wish to benefit from the Golden Visa program to proceed with their investments. Furthermore it guarantees the continuity of the minimum stay requirements which has been a key factor for those who have opted for the program.
However, we emphasize that these investments should be made as soon as possible before the new law comes into force.
Finally, we inform you that we will continue to follow the legislative discussion and its conclusions so that we can keep our clients updated on this matter.
We encourage you to book a free call with moviinn now to speak to our immigration specialist and financial adviser. They will provide you with a clear view of your options and help you start your Golden Visa application today. Don't hesitate, contact us now!