Portugal Golden Visa Programme 2023

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If you are considering applying or have already applied for a Portugal Golden Visa, recent Portuguese government announcements may have been concerning. We are happy to reassure you that there is a short window to apply before the programme officially closes.

For any clients who were previously considering the programme, now is the time to move forward ASAP before the programme closes.

The PM Announces the Beginning of the End of the Portugal Golden Visa

Since the first Portugal Golden Visa was issued in 2012, the Portuguese Golden Visa brought in more than €6.5 billion to the economy according to the Portuguese Immigration and Border Services (SEF).

On 16th February, Portugal’s Prime Minister António Costa made an announcement stating that the Portuguese government would no longer issue new Golden Visas due to housing affordability issues in Portugal.

At the end of March, the new Mais Habitação (More Housing) bill was scheduled to come into effect, however with a retroactive date of February 16^th, 2023.

Lobbying the Government

Since the PM’s announcement was a preliminary proposal, it means that it has not yet been passed as law. The Government does not have the legislative authority to conduct the change itself, as that responsibility falls to the Assembly of the Republic.

The Portugal Golden Visa community, including prominent lawyers as well as established developers and fund managers, has been actively lobbying the government on behalf of the industry to ensure the intentions and the integrity of the programme are maintained.

The Final Wording on Golden Visa Applications

The Portuguese government has responded to criticism of the housing bill. On April 15th, it announced the final wording proposal that will apply to Golden Visa applications and holders. Here are the key takeaways:

• There is no retroactivity. This is key as the original proposal included a retroactive closure date of February 16th, 2023. This would have cancelled all applications submitted after this date. Based on these new directives, we can submit applications up until the new legislation is published.
• Portuguese authorities will convert pending applications and future renewals into the D2 programme – Entrepreneurs Permit, however, without a residency requirement of 183 days per year. This is significant as it permits the existing visa class to maintain their residence in Portugal without the usual 183-day requirement. The current seven-days per-year model will apply to those who are transitioning from the Golden Visa to the D2. By doing so, they are maintaining the intent of the Golden Visa program and allowing for the pathway to citizenship to be achieved.
• The programme will terminate from the date on which this law comes into force. There will be a parliamentary discussion and vote, validated by the President of the Republic. It is important to note that there may be further amendments, including a transition or grace period, however, the programme could close in as little as 40 days.

What’s Next?

As new Golden Visa cases can still be processed until the new law comes into force, interested clients will need to act fast. If possible, we recommend you fly to Portugal or London to open a bank account. This will help to fast-track your entry into Portugal’s Golden Visa scheme. Don’t delay, contact us today.

Beyond Portugal

If you’re not prepared to move forward right away, Latitude can also advise alternative residency routes via Spain, Greece and Malta.