The Portugal Government’s proposal to end new residence permits for investment in housing was approved on Jul 6, in the Parliament, with the favorable votes of PS, BE and PCP. The revocatory norm of residence permits for investment, known as golden visas , was one of the proposals contained in the Mais Habitação program, approved last Thursday, with PSD, CH and IL voting against.
Mais Habitação has already passed through the parliamentary debate and will be approved in a final global vote, in the Assembly of the Republic, on 19 July. After that, the law will be sent to by the President of the Republic and, finally, published in Government gazette.
With the entry into force of the new law, new applications for the granting of residence visas for investment activities will not be accepted, which will not affect the possibility of renewing authorizations already granted. Applications for the granting and renewal of residence permits for investment activities remain valid, including those that are “pending prior control procedures in Municipal Councils” at the date of entry into force of the law.
The Government announcement was made on February 16, at the first presentation of the Mais Habitação programme, when the Prime Minister, António Costa, announced the end of the granting of ‘gold’ visas as part of measures to combat real estate speculation.
The proposals included in the mais habitacio law are
- Restrictions on Local Accommodation;
- The end of golden visas;
- Forced leasing of vacant properties;
- The leasing of houses to private individuals and then subletting them;
- The simplification of licensing;
- Conversion of commercial properties and services into housing.