Are you a non-EU citizen seeking residency in Portugal? If so, you may have heard of the popular Portugal Golden Visa program. This residency by investment program has been a huge economic boost for the country, bringing in millions of euros in investment every year.
However, recent developments suggest that this program may be coming to an end. In this article, we’ll dive into the details of the potential Portugal Golden Visa ending and what it means for investors.
What’s the Gist?
- Portugal may end “Golden Visa” residency by investment scheme to combat the housing crisis
- News of “Portugal Golden Visa program ending” prompts rush of applications from investors
- Portugal still welcomes remote workers and entrepreneurs with D7 and Digital Nomad visas
- Other investment and remote work options are still available in Portugal despite “Golden Visa” program potentially ending
Yes, this is ‘Big news’! The Portugal Golden Visa program is potentially coming to an end.
The government announced this on February 16, 2023, however, neither the details nor the timeline is known yet. The government will not seek public scrutiny to hear different perspectives from stakeholders affected by the program’s potential closure.
This marks the start of an important phase, as the government considers the positive and negative impact of this decision on various industries.
The Next Steps after the Portugal Golden Visa ending announcement
Now that the Portugal Golden Visa program is potentially ending, what’s next? Here’s what you can expect:
- Council of Ministers will meet on March 16, 2023 to approve the final version of the package of measures.
- The measures will most likely follow two different paths:
- Part of the bill will be immediately approved and will follow the path of a legal diploma approved by the Government.
- Another part of the bill will be submitted to the Parliament for discussion, as with all provisions regarding the entry and exit of foreigners in Portugal.
- In the days following the March 16th communication, the text of the Government’s bill will be known, and the discussion of the true content and scope of the measures will begin.
- The bill will follow the traditional path of being voted on generically and discussed in specialized commissions.
- The relevant social partners will be consulted through requests for an opinion, and major or minor amendment proposals will be presented by various parties with a parliamentary seat.
- In the end, a vote will be taken on the final version of the text by the General Assembly.
- This process may take some time, but it’s important to remember that the legislative processes taking place in the Assembly of the Republic are highly transparent. This allows for stakeholders to adjust expectations and act accordingly. As we wait for further developments, it’s essential to maintain serenity and discernment.
Deadline for Applying for Portugal Golden Visa before it Ends
Are you considering applying for the Portugal Golden Visa before the program potentially ends? Here’s what you need to know about the deadline:
- The final version of the text will need to be approved and sent to the President of the Republic.
- The President can then choose to send it for publication or send it back to the Assembly for review or to the Constitutional Court to assess its conformity with the Constitution.
- Only after all these procedures have been completed can the proposed law be sent for publication and be put into force.
- The law may determine different periods of the so-called vacatio legis for each of its matters, meaning the different measures resulting from the law can start to be applied at different times.
- The exact deadline for applying for the Portugal Golden Visa before the program ends is still uncertain.
- We advise investors to submit their applications within the next 60 days (by 21 April 2023), as it is likely that there will be a transition period further extending the deadline.
- However, more information on the deadline will be available following the announcement on March 16th.
To ensure your application is submitted on time, it’s essential to work with a team of experts who can help you navigate the process.
Future of Portugal Golden Visa
The future of Portugal’s Golden Visa program is uncertain, but one thing is clear: the legislative processes taking place in the Assembly of the Republic are transparent. This means stakeholders can follow progress and discussions, helping them adjust expectations and act accordingly.
We understand how uncertain news like this can generate anxiety, but it’s essential to stay calm and take a discerning approach. The Get Golden Visa team is committed to analyzing each client’s position within their investment cycle, so they can proceed with their application and benefit from the current legislation still in force.
While there may be changes coming, we’ll stay on top of them, and we’re here to help you navigate the landscape. Any decisions made can be analyzed and questioned from a political or legal perspective, and we’ll make sure to approach everything with consistency and seriousness. So if you’re interested in investing in Portugal, let us help you make sense of the future of the Golden Visa program and any alternative options that may arise.
Portugal Golden Visa Alternatives
Looking for Alternatives to Portugal Golden Visa?
If you’re seeking residency in Portugal but don’t want to invest in property, there are still options for you to consider. Check out the alternatives below.
In Portugal:
- D7 Visa: For individuals who can show regular passive income.
- Digital Nomad Visa: For remote workers who work digitally.
Outside of Portugal:
- Spain and Greece offer similar programs to Portugal’s Golden Visa.
- Each program has its own set of rules and regulations, so it’s important to do your research or consult a professional to determine which program best suits your needs.
While Portugal may be ending its Golden Visa program, you still have options available to you. Explore the alternatives and find the best fit for your needs.
Final reflections
As Portugal announces its intention to end the Golden Visa program, it’s clear that the country is undergoing a major shift in its immigration policies. However, it’s important to note that there are still alternatives for investors who wish to relocate to Portugal or remote workers looking to make a change. While the Golden Visa program has been an essential contributor to Portugal’s economy, it’s now time to explore other opportunities.
As the legislation goes through the necessary procedures, we remain committed to providing guidance and support to ensure a smooth transition for our readers. Nonetheless, it is rather apparent that the Portuguese government is making a significant mistake by closing the program, and this move may have economic and reputational repercussions for the country in the long term.
Contact Get Golden Visa at [email protected] for assistance with your Portugal Golden Visa application.
Make sure to check out our guide on the details of the program.
Questions You May Be Asking:
Q: Is the Portugal Golden Visa program really ending?
A: Yes, the Portuguese Government announced on February 16, 2023, that the Portugal Golden Visa program is coming to an end.
Q: When will the Portugal Golden Visa program officially end?
A: We don’t have an official date yet. The law needs to go through a few procedures first, and it’s possible that different parts of the law will go into effect at different times.
Q: Can I still apply for the Portugal Golden Visa?
A: Yes, you can still apply for it, but it’s recommended to do so within the next 60 days (by April 21, 2023). However, there might be a transition period that extends the deadline, and more information will be available after the announcement on March 16, 2023.
Q: What if you are already in the process of getting a Portugal Golden Visa?
A: The new measures will only apply to new applications. Any applications that have already been submitted, even if they haven’t been pre-approved, are not affected by the new changes.
Q: What will happen to the existing Golden Visa holders?
A: If the law passes after the final draft is presented on March 16th and Parliament votes on it, current Golden Visa holders will need to use their property for personal use or rent it out long-term to renew their visa.
Q: Will there be a new program to replace the Portugal Golden Visa program?
A: It hasn’t been clarified if a new investment program will be put in place to replace the Portugal Golden Visa program. More information will be available after the announcement on March 16th.
Q: What can be done today in terms of your Portugal Golden Visa application?
A: Contact the team at Get Golden Visa to get help with your application process. The team can start gathering the necessary documents needed for obtaining your NIF and opening your bank account in Portugal.
