Portuguese Government Addresses Housing Crisis with Golden Visa Changes

In a pivotal move to tackle the escalating housing crisis in the country, the Portuguese government announced some initiatives on February 16, 2023. One of the major highlights of these measures is the amendment to the much-famed Portugal Golden Visa program, as confirmed by the Portuguese Prime Minister. Currently, Portugal is a part of the list of countries that offer citizenship by investment. For those unaware, the Portugal Golden Visa is one of Europe’s most popular residency-by-investment programs. It allows non-European Union nationals to obtain a temporary residence permit in Portugal by making certain investments in the country. The program was launched in 2012 to stimulate the Portuguese economy and has since attracted many investors.

Fast forward to July 19, 2023, the Parliament of Portugal gave a nod to the finalized version of the Golden Visa legislation. The bill currently sits on the President’s desk, awaiting a final decision. As the month of August nears its end, the nation remains in suspense, with the President yet to clarify whether he will give his endorsement or exercise a veto.

Should these proposed amendments come into effect, the Portugal Golden Visa by investment will witness a significant overhaul in its options. Notably, potential investors will no longer have the privilege of attaining the Portugal Golden Visa by investment in real estate.

However, there’s some relief for those concerned about the transitional phase. The new law won’t affect current applications or renewals. Also, until the new law is fully in place, applications will still be handled using the old rules.

In a welcome shift for many, pending applications and subsequent renewals will be channeled into the D2 Entrepreneur’s Permit. This revamped structure would necessitate a remarkably reduced residency stipulation, demanding only 7 days of stay per year. The upcoming direction of the Golden Visa program hinges on the President’s pending decision, set to be announced in the official journal.

For those planning to move to the picturesque nation of Portugal, this might be the opportune moment. We, at FRR Immigration, urge individuals to capitalize on the existing Golden Visa privileges before potential alterations take root. An amendment to the program could affect how Portugal sits in the list of countries that offer citizenship by investment.

Act now to make the most of this golden opportunity.