The Portugal Golden Visa has been a hot topic this month, and everyone wants to know one thing: is the program really ending?
On the 16th of February, the Prime Minister revealed plans to end the country’s world-renowned residency-by-investment program in a public statement, leaving investors with questions by the bucket full.
Since its inception in 2012, thousands of families have successfully relocated to Portugal—over 11,500, to be precise. Whilst there are several pathways to a Golden Visa, purchasing Portuguese real estate has been the most common form of investment, making up over 10,500 of the visas granted.
This month’s announcement comes only a year after significant changes were made to the program, which aimed to force investment away from prime cities and into low-density and lesser-developed parts of the country. Despite the changes, almost 50% more Golden Visas were granted last year, and investment equated to €654.2 million.
The prime minister made it clear that foreign buyers will no longer be able to obtain residency through residential property investments (via the program). The question of tourist and commercial properties has not yet been addressed.
At this stage, ending the Portugal Golden Visa is merely something that is in discussion. The program cannot come to an end until changes are made to Portuguese law.
At Benoit Properties International, we have helped many clients secure Golden Visas through real estate investment in-hand with Portugal-based law firm and established partner, Martinez Echevarria Law Firm. We are also currently offering a number of GV-qualifying properties and, in light of this, we are taking all precautions to thoroughly understand any new changes and their impact.
When might the Golden Visa end?
A period dedicated to public discussion will now run until the 16th of March, after which the new proposal will be put forth to the Portuguese Parliament. Around 60 days will pass before Parliament comes to a decision.
With imminent changes due, and a possible retrospective change in the rules, it makes sense for investors interested in the Golden Visa to pause for now until things become clearer. Investors, developers, lawyers, and management companies remain on standby to react to imminent changes to the program. Do keep a look out for announcements from us throughout April as further details are revealed.
UPDATED 18/04: On 15th April, the final wording of the “More Housing” bill was published, proposing that the Golden Visa program will remain open to applications until new legislation is passed. The government had previously proposed retroactivity for the ending of the visa with a cut-off date of 16th February. However, the program will now remain open to applications for the time being and any applications submitted before the cut-off date will be honoured. The cut-off date (on which the law takes effect) is thought to be at least 45 days away and will most likely be around the end of June. In light of this, it is crucial that those looking to secure a Golden Visa act as soon as possible and should get in touch to discuss GV-eligible properties.
Contact us today to discover our available properties in Portugal.
