17 de March, 2023
The Portuguese Government has not yet submitted to Parliament a bill on end of the Golden Visa. At this moment the program is still valid and accepting new subscriptions. The presentation of a bill on the subject was originally scheduled for March 16th. However, the However, the public consultation period for the Mais Habitação Program was extended until March 24th, which caused a delay in the schedule.
On schedule, the head of government only announced two measures to support housing, which have already been approved.which have already been approved. The first is a rent support program, which seeks to provide financial assistance to individuals and families who are facing difficulties in paying the rent on their housing. The second measure is an interest subsidy for mortgages taken out before March 15. These initiatives aim to provide immediate aid to those in need and to mitigate the impacts of the economic and social crisis resulting from the pandemic.
About the Golden Visa, nothing was said.
The Golden Visa Program is still in effect.
Although there is uncertainty regarding the future of the program, the prospect that the Golden Visa may be closed has generated a rush by investors to join the program before any definitive decision is made. This moment is considered to be the last opportunity to subscribe and the possibility of access to the Portuguese passport (after the five-year period), which is one of the great advantages of the Golden Visa.
The Prime Minister has no legislative competence to change, by himself, the Golden Visa program. Thus, as soon as the public consultation closes on March 24, a draft law should be prepared and sent to Parliament for its analysis and discussion, subject to approval, rejection or amendments.
If it is approved by Parliament, then it is the President of the Republic’s turn to give his opinion on the version sent by Parliament. There are three possible scenarios.
The president can then:
The Golden Visa is a special visa program for foreigners from outside the European Union who wish to invest or reside in Portugal, and above all, to obtain a Portuguese passport. It is considered the the most advantageous in the worldeven when compared to very popular versions, such as the Golden Visa Greece and the Golden Visa Spain.
Its main advantages are:
Miguel Albuquerque, the president of the Regional Government of Madeira, has expressed his opposition to the end of the Golden Visa Portugal program on several occasions. He argues that the approval of such a bill would be detrimental to Madeira, and that the program is crucial to the region’s economy.
The politician also declared his refusal to implement the measures of the More Housing Program proposed by the Portuguese government. In an interview with the newspaper Diário de Notícias, Albuquerque described these measures as “counterproductive,” “statesmanlike,” and almost “Venezuelan.” He opposes the proposed restrictions on local accommodation and empty houses, saying they violate private property rights, and made it clear that he will stand against these measures.
On February 16, the Prime Minister of Portugal announced a package of measures aimed at housing issues in the country, including the termination of the Golden Visa Program. The aim, allegedly, was to combat real estate speculation. These measures were immediately submitted to public consultation.
In addition to the end of the Golden Visa, other measures were also included in the package, such as the rent to sublet scheme, support for the promotion of affordable housing for rent at controlled prices, granting and maintaining licenses for local accommodation, setting the value of rents in new rental contracts, protection for tenants with pre-1990 rental contracts, and various tax and fiscal changes.
About the Golden Visa, what was communicated at the time was that the program would be terminated. In addition, residence permit renewals would be subject to certain criteria (being intended for one’s own residence or placed for rent.
In fact, there is a high probability that the Golden Visa Portugal program will indeed be terminated in the coming months. However, as it happened in the past, we believe that the old investors will keep their rights guaranteed, according to the law in force at the time of subscription.
Do you want to seize the moment and apply for your Golden Visa Portugal? Now is the time!
Don’t feel safe investing, but want to obtain a European passport? How about the Golden Visa Spain? We are also prepared to clarify your doubts on the subject.