The Portuguese Golden Visa Trilogy: More Updates from the Politics Novel and a Cliffhanger
If you read my previous article about the Portuguese Golden Visa saga, then you are probably expecting another plot twist. It is not the case here, so I will consider this copy a sort of a season three of a Netflix show or the second film of a trilogy. There are some developments, and of course, a cliffhanger, but no major twists. So, without much further ado, let’s jump right into it, — the latest update on the Golden Visa, after the Assembly of the Republic of Portugal’s meeting last week.
On a fateful 19th July, a round table of MP’s convened to pull the ultimate switcheroo on the Golden Visa regime. With a stroke of their bureaucratic pens, they decided to make real estate investment options, whether direct or indirect, vanish into thin air! Poof! Just like that, no more golden ticket into the land of sun, sea, and sardines through the power of real estate.
But it’s not all doom and gloom. You may be wondering what this means for all those folks who submitted their Foreigners and Borders Service (SEF) applications while the golden gates were still open. Well, fear not! The Portuguese have a soft spot for paperwork, and they’ve promised to evaluate those pending applications based on the good ol’ rules of the past.
There is also good news on the residence requirement. If you have your residence permit, you’ll be pleased to know that the minimum stay requirement remains at a delightful average of seven days per year. That’s right — one week of quality time in Portugal, and you’re good to go!
And what about renewals, you ask? Fear not, my fellow members of the Golden Visa ring! Renewals will follow the same rules as before. Oh, and here’s a heartwarming note for families — family reunions are still on the menu. But wait, there is more and here is the cliffhanger you were waiting for! The Golden Visa program itself will live on, and you can still invest. Just remember, real estate is out of the picture once the new law is enacted, the date of which is still uncertain (we did say there was a cliffhanger). Instead, you can diversify your portfolio with collective investment structures, existing companies, or even make donations under artistic and/or scientific domains.
Now that you know where you may stand in a few months, if you are looking to invest under the current Golden Visa Program — and by that, I mean with the real estate investment option — you must run.
What happens next?
But here’s where things get really exciting — there’s a whole chain of approval processes and potential roadblocks that could either make this law a speedy reality or turn it into a legislative marathon. It is like watching a suspenseful political drama unfold before our eyes. Will the President ratify the proposal, or will they pull out the ultimate power move and veto it? Also, deputies can request a preventive analysis by the Constitutional Court if they feel the need to add a little more spice to the mix. But the certainty is that the new law won’t take effect until the day after its official publication. So, while we eagerly wait for the official publication in the Diário da República, let’s grab some popcorn and enjoy this tale of investment in the land of sun, vinho verde, and sardines. The final movie will be coming soon, let’s just wait for the release date.
