Latest on Portugal’s Golden Visa

The Portuguese Government has released a new draft law indicating that they will keep accepting new applications for the Golden Visa programme until the final legal diploma is published. This termination law is expected to be published no sooner than 60 days from now.

To summarise the proposal, the following points are worth highlighting:

• The new law will not have a retroactive effect.
• Any new or renewal processes filed before the new legislations published will be accepted.
• Pending applications and future renewals will be converted into regular residence permit for Entrepreneurs, also known as D2, without the minimum stay requirement of approximately 183 days per year, keeping the 7 days requirement of the Golden Visa programme.
• Applicants can still invest in artistic production, recovery, or maintenance of cultural heritage in the country and residence permits will 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 then finally published.

The current approach is notably distinct from the previous stance taken by the Government and demonstrates a willingness to listen to market pressures and suggestions.

Given the phrasing of the proposal as it stands, we strongly advise investors who are in a position to proceed to take immediate action in order to benefit from the regime. As no transitional period has been established, time is of the essence.

Based on the known agenda of the Portuguese Parliament, we anticipate that the discussion will not commence before May 10th. Given the typical pace of the legislative process, we estimate that it will take at least 45 days to reach a conclusion, assuming everything proceeds smoothly. It is worth noting that political parties will likely engage in discussion and propose amendments during this period, with market pressure likely to influence their considerations - including the potential for a grace period.

As for us, we are committed to closely monitoring the situation and will keep our Clients and Partners informed of any significant developments. Should any questions or concerns arise, we remain available to provide necessary clarifications and support.