Portugal's parliament has approved changes to the Golden Visa Program, specifically regarding real estate investments. The More Housing Bill, which was passed, marks the end of real estate investments through the Golden Visa Program for amounts starting at €280,000 or more. However, it's important to note that the opportunity to renew existing authorizations will not be affected by this change.
In July, the Portuguese government initiated modifications to the Golden Visa Program, which included abolishing new residence permits for real estate investments and the option to transfer at least €1.5 million into a Portuguese bank account. However, the bill required the approval of the country's President, Marcelo Rebelo de Sousa, who had a 20-day window to make a decision.
Last month, President Sousa rejected the proposal, which meant that it needed to be reconsidered in Parliament. However, the bill has now passed without any alterations.
Under the revised legislation, requests for the granting and renewal of residence permits for investment activities will continue to be accepted. This applies to both new applications and those pending prior control procedures in municipal councils when the law becomes effective.
Furthermore, residence permits for family reunification are not subject to the adoption limitation imposed by the changes.
Despite these adjustments, Portugal's Golden Visa scheme remains active, allowing foreign investors to obtain residency by meeting specified conditions and making financial investments in the country.
Despite ongoing changes to the program, Portugal continues to issue a substantial number of Golden Visas. In August, Portuguese authorities granted a total of 64 Golden Visas, with 42 of them being for real estate acquisitions.
During the same month, the Residency by Investment Scheme, also known as the Golden Visa Program, brought over €32.8 million to Portugal. However, this figure represents a 12.5% decrease compared to August 2022. Nevertheless, for the period from January to August this year, the scheme brought in a total of €493 million to Portugal, marking a 24% increase compared to the same period in the previous year.
The More Housing Program, which includes these changes to the Golden Visa Program, was introduced by the government as part of its efforts to address housing challenges and regulate the real estate market in Portugal.
By fLEXI tEAM