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.
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 16th, 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 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:
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.
If you’re not prepared to move forward right away, Latitude can also advise alternative residency routes via Spain, Greece and Malta.