Is the Portugal Golden Visa Program Ending?
Are you considering the Portugal Golden Visa program? Recent changes in the law have left investors in a state of uncertainty, but don't worry! Our article, "Golden Visa Program in Portugal: Is it the end of the line?" has got you covered. Learn about the future of the program and how to take advantage of the current situation. Read on to ensure a smooth application process and seize the opportunity while you can!
The Portugal Golden Visa program has been a popular option for investors seeking residency in Portugal and access to the European Union. However, recent changes in the law have left many investors uncertain about the future of the program. Here, we will discuss the changes to the Portugal Golden Visa program that were proposed in February 2023 and the potential impact on investors.
The Portuguese government proposed a series of measures to combat the housing crisis in the country, which included ending the Golden Visa program. However, as of March 2023, the law has not been changed, and the applications are still being accepted by the government entity responsible for the management of the Golden Visa applications (SEF). The proposed law caused confusion and speculation among investors, but it is important to understand that the law has not changed, and the applications are not frozen.
The meeting where the government proposed the changes in the law happened on February 16th, 2023. The draft of the proposal was published, and it stated that the applications submitted until the 16th of February are not affected by any change in law. However, the draft is still very rough, and it does not state what happens after the 16th of February. Therefore, investors are advised to submit their applications as soon as possible to avoid any potential issues.
The proposed law will be discussed in the Council of Ministers meeting in March 2023, and it will then be sent to the parliament for voting. The voting is expected to be complex and may take several weeks, including debates and voting in general terms and specifically article by article. After the voting, the law needs to be ratified by the President before it can be officially enforced.
It is expected that the new law will be enforced in the beginning of April 2023. The law aims to terminate all Golden Visa types, including residential investments, and will not have a grace or transition period. Therefore, investors are advised to act quickly if they wish to apply for the Golden Visa program.
Besides the proposed changes in the law, investors should also be aware of the backlog in the Golden Visa submissions, which currently takes over a year to analyze. However, the Portuguese government has taken some measures to reduce the backlog, including renewing automatically and online the applications and reinforcing staff resources.
In summary, although the future of the Portugal Golden Visa program may seem uncertain, investors should take advantage of the current situation and submit their applications as soon as possible to avoid any potential issues. As always, investors should consult with experienced professionals to navigate the changes in the law and ensure a smooth application process
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