The Portugal Golden Visa program has long been a popular option for non-EU citizens seeking residency in the country, as it grants residency to investors who meet certain criteria. Since being launched, the programme has helped boost Portugal’s economy by bringing in millions of euros in investment annually.
A ministerial meeting held on February 16th, 2023, however, is set to change things as the Portuguese government presented a package of measures to address concerns within the scope of housing policy in Portugal, including the apparent ending of the Portugal Golden Visa program.
What now?
It is important to note that as of now, nothing has changed, and the proposed change to end the Golden Visa program is currently in public consultation.
Until the law is amended by the Parliament and ratified by the President of Portugal, the current law stands. Therefore, there is no official basis for speculative accounts that Golden Visa applications that have already been submitted are frozen.
Even if a new law is passed, it cannot have retroactive effects, and the earliest it could come into effect is in mid-April. The SEF (Portuguese Immigration and Border Force) is obliged to follow the current Golden Visa legislation, and applications can still be submitted until any new law comes into effect.
Don’t miss your chance
For those interested in applying for the Portugal Golden Visa program, there is still time to do so.
In fact, following the announcement, The Portugal News also reported that Golden visa investment in Portugal was up 31% in February year-on-year, to EUR 55.2 million. In February, 130 ‘gold’ visas were issued, of which 87 were for acquiring real estate (50 for urban rehabilitation) and 43 for capital transfers. The amount raised through the purchase of properties totalled 39.3 million euros, of which 17.1 million euros related to acquisitions for urban rehabilitation, according to data from the Foreigners and Borders Service (SEF).
In February, China returned to first place — after being ‘beaten’ by the United States in January — in the list of nationalities with the highest number of ‘gold’ visas granted.
The impressive numbers underline the great demand for the Portugal Golden Visa for the extensive benefits that it providers investors.
By working with a reputable agency, applicants can obtain their personal Portuguese tax number (known as a NIF) within two days, open a bank account or escrow within two to four weeks, and work with a team of immigration and legal experts to gather all necessary documents and understand the eligible investment options. The agency will also ensure that the investment is not made until all documents and preparations are ready for a viable and successful application.
Reach out to us now, to make the most of this opportunity while you still can.
