The Portuguese parliament has voted to continue the golden visa program leaving aside the real estate and capital transfer routes (1.5 million in bonds, bank deposit) in the final global vote on Jul 19, 2023. The bill will now be sent to the president for signing who has the power to approve, veto or sent to Constitutional court or sent to publication to enter in force which will take about 2 weeks.
Source: Parlamento Portugal
Any New 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.
The rules governing the granting of Residence Permit for Investment activity (ARI/Golden Visa), in force from 8 October 2012 under article 90-A. The Mais habitacio bill contains provisions to close real estate investment pathways to save Portugal from housing crisis.
After the promulgated change, the following two investment options for GV will end..
- All types of direct and indirect real estate investment, including residential and commercial properties will be scrapped.
- The Capital transfer investment involving 1.5 million euro investment in bonds, securities and bank deposits will be scrapped. All other capital transfer options will be retained.
The following SIX investment options will be retained..
- Job creation – The creation of, at least, 10 job positions;
- Scientific research – 500,000 Euros for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technology system;
- Investment funds – 500,000 Euros, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalisation of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments is realized in commercial companies with head office in national territory
- Artistic support – 250 thousand Euros for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest, networked local authorities, local corporate sector organizations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage
- Commercial Societies – 500,000 Euros, or higher, for constitution of a commercial society with head office in the national territory, combined with the creation of five permanent working jobs, or for the reinforcement of the share capital of a commercial society with head office in national territory, already existing, with the creation or keeping of working jobs, with a minimum of five permanent jobs, and for a minimum period of three years;
Any GV investments cannot be used directly or indirectly for real estate.
It is important to note that In low-density territories, the minimum investment amount for options may be reduced by 20%. All Investments will be monitored and evaluated every two years,
The President of the Republic can exercise his right of veto, either because he considers that the law approved by the Assembly of the Republic contains rules that go against the Constitution (in which case he requests the opinion of the Constitutional Court), or for political reasons that should be stated in a reasoned message. If vetoed, the bill goes back to the assembly for amendments.
Upon getting the approval by President of the Republic, the Decree takes the name of Law, is sent to the Government for referendum (signature of the Prime Minister) and then sent to the National Press for publication in the 1st series of the Official Gazette.
