The final iteration of the “More Housing” Bill, which retained Portugal’s Golden Visa program and outlined updated investment terms, has been returned to the Parliament for revision.
40 Days to Apply Under Current Terms
Earlier in July, the Parliament had approved and sent the final draft of the “More Housing” Bill to the President for promulgation. This was expected to lead to either of the following outcomes: direct ratification, return for revision, or request for evaluation from a Constitutional Court. Today, the President has returned the Bill to the Parliament, stating that its measures do not provide effective immediate relief to the country’s housing crisis.
Until the law becomes effective, Golden Visa applications under current rules remain open – this still includes the option to qualify through real estate investments, which starts at an affordable €280,000. Therefore, interested investors should proceed with their applications swiftly and take advantage of this opportunity while it lasts.
What Did the Government Propose?
Originally thought to be terminated in its entirety, the Portuguese government had surprisingly decided to retain the hugely popular Golden Visa program and had opted instead to build on its success. The final wording of the “More Housing” Bill revealed, among other measures, a restructuring of the program to exclude the real estate option while redirecting investments into other strategic areas. The Bill proposed the following qualifying options:
• Capital transfer of a minimum of €250,000 for investment in the arts or the reconstruction or refurbishment of national heritage projects
• Capital transfer of a minimum of €500,000 for research activities
• Capital transfer of a minimum of €500,000 for the acquisition of specified shares
• Capital transfer of a minimum of €500,000 for the incorporation of a company in Portugal that creates 5 permanent jobs or investment in an existing company with the creation of 5 permanent jobs or maintenance of at least 10 jobs
What Happens Now?
The Parliament may now revise the Bill and send it back to the President for ratification. However, if the majority in Parliament agrees, the government could enforce the law as is, in which case the President will need to accept it – this, at present, appears to be the most likely outcome. Based on conservative estimates, any further developments are not expected until late September.
Get your Golden Visa, today.