This week there is good news for people who want to use Portugal’s famous Golden Visa to become a citizen of the European Union. Portuguese President Marcelo Rebelo de Sousa rejected the proposed legislative reform and referred it back to parliament for further review. This means that potential applicants still have time to meet the requirements of the program’s current guidelines.
According to Jason Morgan, director of sales and marketing for Mercan Group, an immigration investment advisory organization, the legislation is expected to be discussed again in September or October.
told Morgan TPG: “The president’s veto can go a long way in making the Portuguese Golden Visa program very relevant in recent weeks. The President’s expression of the concerns made public by the vast majority of political and economic stakeholders confirms the cooperative stance our group has taken throughout this process.
In terms of timelines, a realistic scenario is for the government to use the first session of parliament after the summer recess – September 15 – as the date for the re-approval of the bill, after which it will be sent back to the president for approval and publication. Even if this date – September 15 – is indeed the chosen date, under current litigation procedures it is doubtful whether the bill will enter into force before the end of September or, most likely, the beginning of October.”
The typical processing time for a file with our partners is now about a week, giving investors plenty of time to participate in the Portuguese investment program before an entry price increase takes effect, he added.
What is a golden visa
Currently, a few countries have programs known as “gold visas” that allow real estate investors to become EU citizens.
For example, the minimum investment to become a resident of Portugal is 280,000 euros, or $296,317. One of the requirements is that you stay in the country as much as possible 14 days a year. However, this criterion changes during the five-year investment period.
What happens now
The plan has been sent to the president, whose veto this week will allow possible revisions and a new review before being resubmitted in the fall.
The program underwent changes in 2022, but this last notification may indicate that the program (or parts of it) could still disappear forever.
Before the legislation changes, a number of procedures must be completed, some of which have already taken place. On March 16, 2023, the one-month feedback period ended. A meeting was then held to prepare the final proposal. Parliament then had the opportunity to vote on it.
New candidates can be affected by program changes, but not by current changes. Therefore, if you are considering acquiring dual nationality, now is the ideal time to do so.
