Portugal´s Socialist Party (PS), which holds the Parliamentary majority, has put forward a proposal to amend the Mais Habitação (More Housing) Bill that keeps the Golden Visa Program open, albeit with a few changes, which is a significant departure from their initial plans.
The revised proposal includes the following:
1. Investments of a real estate nature and capital investment through deposits and similar instruments will not be eligible for the Golden Visa.
2. However, the government proposes to maintain the following investment options:
a. Job Creation options
b. Scientific and cultural investments
c. Venture capital funds
The final vote on the proposal is expected to be scheduled in the coming days, with indications pointing towards 19 July as the likely date.
In essence, the current understanding suggests that the Golden Visa program will be retained, albeit without real estate and investments in instruments like deposits. As of now, there is no indications of a grace period.
As for the processes submitted before the entry into force of the new law, everything seems pacified, and applicants and family members will enjoy all the conditions of the Golden Visa as were in force on the date of submission.
Patricia Casaburi, managing director at Global Citizen Solutions, said: "It pleases me to see the recent revision of the More Housing bill proposal regarding the Portuguese Golden Visa program. Initially targeting its abolition, the updated proposal bill indicates the program's preservation, albeit with modifications.
"Notably, real estate and certain investment instruments like deposits will no longer be eligible. Instead, the government proposes to prioritize investment in job creation, scientific research, cultural endeavours, and venture capital funds.
"This decision not only acknowledges the program's substantial value but also highlights the untapped potential of this program, further amplifying the remarkable economic benefits it continues to bring to Portugal."
