How do the new Portuguese Golden Visa property renting requirements affect current visa holders?

Answers

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  Diogo Capela

  Lamares, Capela & Associados, Sociedade de Advogados

  March 15, 2023

  Following the meeting of the Council of Ministries, on February 16th, 2023, Prime Minister António Costa has announced that it is the government’s intention to end the Golden Visa Programme for all investment categories. The government has also announced that Golden Visa holders that have made a real estate investment will only be able to renew their residence cards in 3 different situations: when they are using the property as their own primary residence; when their children are using the property as their own primary residence; or when they have their property rented out into the long-term housing market (in opposition to short-term rentals). These measures will be under discussion in Parliament and we don't know yet if they will actually be in force or not in the future.

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  Tiago Gali Macedo

  NEXT/Gali Macedo & Associados

  March 09, 2023

  As per the law proposal currently under public discussion, it is the government’s intention to fully cancel the Golden Visa program, not leaving any investment option behind. However, as the law proposal is still to be discussed at the Portuguese Parliament, the outcome of this matter is still uncertain. As for current Golden Visa holders whose investments were exclusively executed on real estate, the law proposal foresees that its renewal is subject to proof, by the titleholder, that the property has been rented for residential purposes for a period of not less than five years or is being used for own and permanent dwelling purposes or for his descendants.

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  Raquel de Matos Esteves

  RME Legal, Soc. de Advogados, SP, RL

  March 09, 2023

  The law proposal in discussion mentions a new requirement for the renewal to be accepted: the property should be used as main residence of the card holder or their descendants, or be rented for habitation purposes, long term. This decision is not approved and the final legal dispositions in this regard are not yet determined.

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  Sara Sousa Rebolo

  Prime Legal

  March 07, 2023

  The golden visa law is under revision. One of the proposals is to request proof of long term rentals to Golden Visa investor holders of real estate, which means that, if no long term rental exists, the golden visa card would not be renewed. However, this revision of the law is in an early stage so investors shall wait for the final wording to act accordingly.