As the Golden Visa program in Portugal is nearing its end after more than ten years of running, it will remain active until at least mid-June, and potentially early July for submission of applications. On April 14th, the Government released the new law proposal. It states, unambiguously, that Golden Visa applications submitted now and until the new law is enacted remain valid and are processed under the current regime (no retroactive effects), including the minimum stay requirements of one week a year, on average.
“On the date on which this law enters into force, any pending applications for the residence permit for investment shall remain valid. For the permit renewals, applicants shall comply with a minimum stay, continuous or not, of seven days during the initial year and fourteen days during the subsequent two-year periods.”
— Government Law Proposal, p.70
The Government confirmed that applications submitted now and until the new law is enacted are valid — so we have around one month. Last minute golden visa applications may be filed until end of mid-June giving a slight window of opportunity for golden visa investors who do not want to miss out on the EU citizenship opportunity. Previously it was announced Portugal will NOT be accepting new applications filed after Feb 26, according to the Draft law “Mais Habitacio” proposed by government before finally ending the golden visa program in Portugal.
“Applications for the granting of residence permit for investment activity submitted under the provisions of paragraphs 1 and 2 of Article 90-A of Law 23/2007, of 4 July, awaiting decision on the date on which this law enters into force, shall remain valid”
— Government Law Proposal
The draft law will be voted by parliament in Portugal by end of may and a final closing date will be announced once the law is published in official gazette of Portugal. Portugal is dealing with a housing crisis (rising costs) and has made it important consider the needs of its citizens first by ending the golden investment route.
The ending of GV program in Portugal will go through the following legal process:
- Initial Discussion: General discussion of the law proposal in the Parliament plenary session
- Committee Review: Relevant committees examine the proposal and hear from experts and stakeholders
- Parliament Voting: Parliament can propose amendments and the proposed law is debated and voted upon
- President Ratification: The President can ratify, veto or send the proposal back to Parliament for further review
- Constitutional Court Validation: The President or other parties can request a constitutional assessment
- Official Publishing: The new law is enacted five days after its official publication in the Government Official Gazette
Fast Track Application (Last Minute Investors)
We offer Last minute “fast track” Golden visa application in 280k euro fully refundable hotel investment shares in four or five star hotels. Investors own fractional share and receive 4-6% expected yield and half of capital appreciation. Our Fast Track Application process allows you to submit your GV application in less than two weeks (applying NIF tax number, bank account opening and preparation of documents). The expected processing times may stretch 10-12 months once the application is launched under the limited window of opportunity.
- Reduced €280,000 Golden visa Investment (fractional share)
- Deluxe Palace Hotel Project will convert existing historical palace and property into Deluxe Hotel with 50 apartment rooms
- Prime Urban location
- 4-6% Yield
- Exit After 5 years (fully refundable)
- Refurbishment starting 2023
- Hotel operation starting 2025
- Limited Availability (only 10 slots)
- EU citizenship after 6 years
- IMT Tax (covered by developer)
- VAT (covered by developer)
- EU Citizenship after 6 years.
Don’t miss out on the last EU citizenship opportunity. Please contact us for more information