Portugal recently announced that it will end its Golden Visa programme for residency seekers. Picture: Supplied
The Portuguese government has provided clarity on the future of the Portugal Golden Visa residency-by-investment programme after two months of uncertainty.
On February 16, the government announced that it would terminate the visa programme after 10 years of success of the programme.
The Golden Visa programme is a unique residency-by-investment scheme where, by making an investment in Portugal, people can obtain EU residency rights. This scheme led to Portuguese citizenship for investors and their dependants and brought the national economy billions in growth.
According to Sable International’s group international director, Andrew Rissik, those who are currently on the programme, will have their Golden Visa converted to a D2 visa.
“In a critically important U-turn, the government will honour the seven days per year minimum stay requirement for all investors, meaning you will not be subject to the 183-day residency requirement for other D2 visa holders,” said Rissik.
Rissik also revealed that those who invested in good faith before the February 16 announcement, but who hadn’t yet submitted their applications, will still be able to take advantage of the programme.
“There will be no retroactivity. Instead of the programme termination date being February 16, 2023, it will now remain open until the new proposal is signed into law, if indeed it is legislated,” said Rissik.
For those still seeking to acquire residency through investment in the future, Rissik said although not yet clearly defined or legislated, it looks like there may be an opportunity to acquire residency by investing to support “artistic production and the recovery or maintenance of cultural heritage.
“If you still wish to invest in Portugal’s Golden Visa programme, you now have a very narrow window to invest and apply using the current real estate and private equity fund investment categories.
“The final words of the draft proposal, state that the Golden Visa Programme will end the day the law takes effect. That’s likely to be at least 45 days away from now, following the parliamentary process in Portugal,” said Rissik.
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