The Portuguese national assembly has voted and approved the 81/XV GV legislation (second one) without making any major reforms on Sep 21, 2023 and will be sent to President of the Republic for the approval. The President will have a week to approve the legislation. The President can again veto or accept the bill. Earlier the President has returned the first bill citing unconstitutional and has recommended changes.
It is now or never for golden visa clients to invest 280,000€ or 350,000€ in the portugal real estate, because we anticipate closing of real estate will happen in first week of October until the “Mais habitacio” law finally approved and published in the Dario Republica Gazette. The entire GV application process will take 2-3 weeks to submit the application before the law changes.
You have to remember the following even with the new law published.
- The Portugal Golden visa program will not close and will be running.
- The minimum investment will be increased to 500,000 euros.
- Only real estate investment will be scrapped. All other investments will remain open.
- No changes with minimum residence requirements.
- EU and EEE nationals are not eligible for the ARI/Golden Visa scheme.
In a nutshell, The important benefits of Portuguese GV scheme are
- Living and working in Portugal, on condition that they stay in Portugal for a period of 7 or more days, in the first year, and 14 or more days, in the subsequent years;
- Apply for permanent residence (pursuant to the Aliens Act – Act number 23/2007 of 4 July)
- Applying for Portuguese citizenship, by naturalization, provided all other requirements set out by the Nationality Act
Please contact us for more information.