What happens to investors who are already in the process of applying for a Portuguese golden visa with the new decision to end it?

Answers

• 

  Diogo Capela

  Lamares, Capela & Associados, Sociedade de Advogados

  March 06, 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). What has been announced is that all of the GV Program will be scrapped. The alternative for those who wish to apply for residency through opening a company is the D2 Visa, but that will imply that you actually relocate to Portugal in the future.

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  Sara Sousa Rebolo

  Prime Legal

  February 21, 2023

  It' still too early to tell - the declarations from the PM were quite vague so we must wait for further and more concrete measures and proposals. Applications are still open so a client can apply regardless of the option of investment.

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  Raquel de Matos Esteves

  RME Legal, Soc. de Advogados, SP, RL

  February 20, 2023

  The government has presented several measures related to the emergency housing scenario. Among them, the topic of investment by Golden Visa applicants was addressed. Any change in this matter will have to be approved by the Portuguese Parliament. The GV applications submitted and pending approval must not be affected by the legislative changes.

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  Tiago Gali Macedo

  NEXT/Gali Macedo & Associados

  February 17, 2023

  The program is still open, and the processes already submitted will be analyzed as always. We still do not know what will be the extent of the decisions taken as it will be discussed on the 16 of March in the Parliament, so it's too soon to make any conclusions. You can still invest in a company or create one. Even if the program closes, you still have the other visas; D2, D7, etc.