After several months of uncertainty, the final wording of Prime Minister Antonio Costa’s “More Housing” Bill presents a more positive outlook on the fate of the Golden Visa program.
After opposition and pressure from the public and several stakeholders, the government has made concessions on the most problematic aspects of the March 30th draft; namely, retroactivity and the conversion of Golden Visas to general residence permits.
Retroactivity conceded; original residence requirements retained
Originally proposing February 16th, 2023 as the cut-off date for the program – which would have been highly unconstitutional, rendering void the multitude of applications submitted past that date – the government has decided that the program will close effectively on the date the law is published in the official journal. This means that until the law finally comes into effect, the program remains open to new applicants who can still apply for a Golden Visa under existing rules and that all applications submitted beyond February 16th will still be duly processed.
Furthermore, the final wording of the bill shows that instead of being converted to general residence permits, Golden Visas will now be converted to D2 visas, where special conditions will apply in regard to physical residence requirements. Ordinary D2 visa holders are required to be present in Portugal for 183 days per year, however, this requirement will not apply to Golden Visa holders whose visas are converted to D2 visas – they will be required to be present in the country for only 7 days per year, which was the rule under the original Golden Visa regime.
“As the government has not established a transition period at present, it is of absolute importance that interested investors proceed immediately with their applications to take advantage of the Golden Visa regime,” shares Milos Stojanovic, Chief Operating Officer of Arton Capital. “This is not only an excellent opportunity to secure your future in Portugal, but ultimately, it might be the only chance to establish residence in Europe in the long run.”
45 Days to Apply
Seeming dire from the moment the original announcement was made, the situation has now taken quite a positive turn in favour of investors, whose interests the Portuguese government is now showing a willingness to protect. During further Parliamentary debate, there is also a possibility that the government may adopt a fair transition period, allowing time for additional investors to apply. According to Stojanovic, “we expect the approval of the law to take at least 45 days from now, during which all those interested must submit their applications without delay.”
For all investors applying with us, Arton Capital is offering a 100% money-back guarantee to those who miss the deadline, or credit for any of our other bespoke residence and citizenship by investment programs.
There is no time to wait. Apply now.