As the Golden Visa Program evolves, trust ORM to be your unwavering ally in achieving your residency goals in Portugal.
Update as of 1 April 2024: The recent changes to the Portuguese Nationality Law have been officially published on 5 March 2024 and are now in effect as of 1 April 2024.
These revisions mark a significant milestone in the ongoing evolution of Portugal's legal framework, particularly in the realm of residency requirements for obtaining Portuguese nationality.
The timely publication and implementation of these amendments demonstrate the government's commitment to ensuring a transparent and efficient process for individuals seeking Portuguese nationality.
For further guidance and assistance navigating these changes, please don't hesitate to reach out to ORM at joaquin@orm.com.pt.
Update as of 29 February 2024: The Portuguese parliament has recently approved crucial changes to the Nationality Law, addressing the waiting period required for Portuguese nationality applications.
Previously, the initiation of the five-year period for nationality application was tied to the issuance of the initial residency permit, leading to challenges associated with processing delays.
Under the new legislative development, the 5-year period for nationality application will begin upon the submission of the temporary residency permit application, streamlining the pathway to Portuguese nationality for Golden Visa applicants. This proactive change ensures fairness and clarity in the process.
The implementation of these amendments is anticipated upon publication in the official gazette within the next 30 days.
For personalized guidance and support through these changes, please feel free to contact ORM at joaquin@orm.com.pt.
Update as of 2 February 2024: As Portugal's Golden Visa Program undergoes recent adjustments, ORM is here to shed light on the diverse investment pathways that persist despite shifts in the real estate option. Portugal continues to offer compelling alternatives, such as job creation and investing in funds not related to real estate. At ORM, we are ever-ready to stand by your side during this evolution. Whether you're exploring current options or need tailored guidance for your Golden Visa journey, simply send us a message at joaquin@orm.com.pt. Our team will ensure your experience is smooth, providing the support you need in this evolving landscape. Trust ORM to be your dedicated partner in realizing your residency goals in Portugal.
Update as of 15 December 2023: Through this dynamic year of adjustments, ORM remains steadfast in its commitment to facilitating seamless Golden Visa applications. Our team, equipped with extensive knowledge and experience, continues to guide investors through the intricacies of the process.
Whether you're navigating the final stages of the existing program or preparing for the revamped Golden Visa landscape, ORM is here to provide personalized guidance tailored to your unique needs. Contact us at joaquin@orm.com.pt to ensure you make the most informed decisions for your Golden Visa journey.
Update as of 7 October 2023: The Mais Habitação bill has been implemented which introduced various measures to address Portugal's housing challenges. Notably, the bill includes modifications to the Golden Visa program, eliminating the real estate pathway as a feasible investment option.
Despite the shift away from real estate investments, the Portuguese Golden Visa Program stands strong. Discover the remaining investment alternatives outlined below:
Creating a minimum of 10 jobs.
Transferring capital equal to or exceeding €500,000 into research activities conducted by national scientific and technological institutions.
Transferring capital equal to or exceeding €250,000 for investment or support in artistic production or preservation of national cultural heritage through various entities.
Transferring capital equal to or exceeding €500,000 for acquiring shares in non-real estate collective investment entities incorporated in Portugal.
Transferring capital equal to or exceeding €500,000 for establishing a commercial company in Portugal, coupled with creating five permanent jobs, or reinforcing the social capital of an existing Portuguese company with the creation of at least five permanent jobs or maintaining ten job positions for a minimum of three years.
Our team is fully prepared to offer comprehensive support to ensure a seamless application process. Contact us at joaquin@orm.com.pt for personalized guidance tailored to your needs. Stay tuned for further updates as the Golden Visa Program progresses in its latest developments.
Update as of 21 August 2023: President Marcelo Rebelo de Sousa of Portugal has declined approval for the government's "Mais Habitação" (more housing bill), and instead sent it back to Parliament for revisions, citing concerns related to its political aspects rather than technical or constitutional matters. Consequently, the bill's passage will be delayed by at least a month, resulting in the continuation of the existing structure of Portugal's golden visa program until then.
In a letter to Parliament, the President has outlined eight specific risks and criticisms associated with the bill, while notably omitting any reference to the golden visa initiative. He did not identify any elements within the bill that could be deemed unconstitutional.
Upon the resumption of Parliamentary sessions in mid-September, another vote on the bill will be conducted. Following Parliament's definitive endorsement, the updated regulations for the golden visa program as of July 19 will come into effect.
It is essential for individuals contemplating an investment in the Portuguese Golden Visa Program to take immediate steps and initiate the process to take advantage of the current regulations. Taking swift action will allow investors to begin and finalize their application procedure prior to the changes in the Golden Visa program coming into play.
Our team is fully ready to provide extensive assistance to ensure a smooth application experience. For personalized assistance tailored to your specific requirements, please reach out to us at joaquin@orm.com.pt.
Update as of 19 July 2023: The Assembly of the Republic has voted on the final wording of the Golden Visa legislation following the Government proposal and a legislative process that started on February 16th.
In contrast to the statements made by several sources in recent months, the Portuguese Golden Visa program will not be discontinued. Rather, the new legislation intends to revamp the program by imposing limitations on specific investment categories, especially those pertaining to real estate.
Based on the approved final wording, the following points stand out:
The Golden Visa program will continue with 5 different options for investment.
Creating a minimum of 10 jobs.
Transferring capital equal to or exceeding €500,000 into research activities conducted by national scientific and technological institutions.
Transferring capital equal to or exceeding €250,000 for investment or support in artistic production or preservation of national cultural heritage through various entities.
Transferring capital equal to or exceeding €500,000 for acquiring shares in non-real estate collective investment entities incorporated in Portugal.
Transferring capital equal to or exceeding €500,000 for establishing a commercial company in Portugal, coupled with creating five permanent jobs, or reinforcing the social capital of an existing Portuguese company with the creation of at least five permanent jobs or maintaining ten job positions for a minimum of three years.
Investment routes associated with real estate and capital transfer, whether conducted directly or indirectly, are no longer eligible.
SEF (Foreigners and Borders Service) will assess all pending applications based on the laws in force at the time of their submission. The minimum stay requirement to retain residence permits will continue to be an average of 7 days per year.
The renewal process for residence permits will follow the original regulations, and family reunions will be ensured with the same conditions as primary applications.
The amendments will take effect immediately upon their final publication in the official journal, without any grace period.
The Portuguese Golden Visa program will continue under the proposed law, but there will be an increase in the entry point for all remaining categories. To maintain the benefits of the existing regime and the current price point, it is crucial for anyone considering investing in the Portugal golden visa to take prompt action and proceed as soon as possible. Acting promptly will enable investors to commence and complete their application process before the changes in the Golden Visa program take effect. Our team is fully prepared to offer comprehensive support to ensure a seamless application process. Contact us at joaquin@orm.com.pt for personalized guidance tailored to your needs.
Update as of 19 June 2023: After being presented in February and receiving general approval in the Assembly of the Republic on May 19, the "Mais Habitação" (more housing bill) is now set to enter the next phase of discussion and voting. The bill will be reviewed by the housing working group within the parliamentary committee on economy, public works, planning, and housing.
Last Friday, June 16, marked the deadline for political parties with parliamentary seats to propose amendments to the two government bills currently under consideration. Alongside "Mais Habitação," there is also a proposed law aiming to simplify urban planning licensing. The specialized voting on these bills and the proposed amendments is scheduled to begin on June 22 (the date may be subject to change) and is expected to continue until the middle of the following month.
On July 12, the final version of the bills, incorporating the approved amendments, will be voted on in the specialized parliamentary committee. Subsequently, the plenary will hold the final vote on July 19.
Once the bills receive the necessary approvals, they will proceed to be signed into law by the President of the Republic and published in the official gazette, Diário da República. Consequently, it is anticipated that the laws will be officially published and come into effect during the month of August.
Additionally, it is crucial to highlight that this legislative process represents the last opportunity to apply for a golden visa under the current regulations. If you are considering applying for a golden visa, now is the time to take action. We strongly advise you to initiate the application process and reach out to our company promptly. Our team of experts will guide you through the requirements and ensure a smooth and efficient application. Don't miss out on this chance to secure your golden visa; act swiftly to seize this opportunity. You can book a free consultation with us to discuss your options and get started.
Update as of 25 May 2023: Based on the latest information from our trusted legal partners and developers, the Golden Visa Program is expected to end around the end of July, with a 50/50 chance of it being extended until the end of the year. If you are considering applying for the program, it is crucial to act promptly to take advantage of this opportunity. Our team is ready to provide comprehensive assistance to ensure a smooth application process. Reach out to our experts for personalized guidance.
May 11, 2023: The Portuguese Government announced on 16 February that it would end the Golden Visa Program while the Council of Ministers met to present the final proposal on 30 March.
The final wording of the "More Housing" bill was published on 14 April and is scheduled to be debated in Parliament on May 19. It is important to note these changes from the initial proposal:
No retroactivity. The original proposal included a cut-off date for the program starting on February 16th which would have voided all applications submitted after this date. However, all applications submitted since February 16 are protected and the program will remain open for new applications until new legislation is published. These applications will remain valid and will be processed under the current regime.
Conversion to D2 visas. The bill will convert initial Golden visas to D2 visas, but holders of these Golden-to-D2 visas will not be subject to the 183-day annual presence requirement that ordinarily applies to the D2 visa class. The 7-day presence requirement for the first year and 14-day presence requirement during the subsequent years will remain in place for Golden-to-D2 visa holders. The final proposal also guarantees that family reunification requests associated with Golden Visa are also duly protected.
Cultural investments are still available. Cultural investments will be considered for investment-based residence permits. The government is proposing to allow investment-based residence permits for individuals who invest in support of artistic production and the recovery or maintenance of cultural heritage.
Moreover, the final text provides that the golden visa program will end on the day the law takes effect with no grace period. The law will only enter into force once published in the official gazette. Before publication, the bill has to go through parliamentary discussion, committee review, voting in the Parliament, President ratification, and validation by the Constitutional Court. According to our current estimates, the law has the potential to come into effect in as little as 45 days.
We recommend that investors considering the Golden Visa Program invest now. Don’t miss your last chance for dual citizenship! If you have any further questions or need assistance with the Golden Visa application process, please contact us at joaquin@orm.com.pt.
