In light of last month’s Golden Visa discussion during the meeting of the Portuguese Council of Ministers, we would like to offer a brief explanation of what actually happened and how things are expected to move forward.
What went on?
A meeting of the Council of Ministers was convened to address, primarily, the housing crisis (due to shortage of offer and hike of interest rates) and adopt a number of measures that would alleviate thesituation.
Was the Golden Visa program terminated?
What was discussed regarding the GV program?
At the press conference after the Council of Ministers a few brief comments were offered by the Prime Minister and the Minister of Finance:
- The Government’s assessment of the amendments introduced in the GV program in 2022 was not positive, citing non attainment of the aims at the basis of the amendments. [Note: the aims and numbers were not explained, nor the gap between aims and reality. It should also be pointed out that during the first 6 months of 2022 the online platform was not open to new GV submissions].
- The Government considers that the GV program should be cancelled “to end housing
- For renewals affecting residential investors, these would be allowed when the property is the investor’s or the investor’s descendant’s main residence or if the property is on a long- term lease.
What will happen now?
- A public review will follow in the next weeks to give shape to the initial discussions.
- A formal proposal will then be debated in Parliament.
- A vote will be taken (not forgetting that the Government holds a majority in Parliament) andthe final text of the amendment will be passed.
- When passed, the law will be published in the Official Gazette. At that point we will know when the law actually enters into force.
We encourage all interested applicants to contact us quickly. You can still apply for the Portuguese Golden Visa. We are offering tremendous incentives for those who would like to start the process!