Portugal’s Golden Visa termination is still to be confirmed
The Portuguese government recently unveiled a set of measures designed to tackle the country's housing crisis, with the announcement coming on February 16th.
According to the Portuguese Prime Minister, the measures announced include modifications to the Golden Visa programme, with hints that it may be discontinued for new applicants and renewed for existing visa holders only under specific conditions.
After a week of this announcement and at the moment we publish our post, there is a prevailing sense of astonishment and ambiguity caused by the conflicting and factually inaccurate statements regarding the topic. It is essential to examine the objective data closely and approach any new information with circumspection.
Given that Portugal tends to avoid abrupt and disruptive measures, it is advisable to wait for the final approval of the proposed changes to the Golden Visa program before taking any action. The most recent change to the program was announced in December 2020 and only implemented on 1st January 2022, with the Government providing investors with an adequate grace period before implementing the new rules. As such, investors should weigh the potential risks of uncertainty while making decisions based on the current law in order to benefit from legal protection.
For those applicants who have already reached an advanced stage in the process, it may be advisable to submit their application as soon as possible, while those who are still negotiating may want to extend their negotiations to ensure they have all the necessary information before proceeding.
As we previously mentioned back in November 2022, our team will remain vigilant and closely monitor the situation, providing regular updates to clients and partners as new developments arise.
