According to a new draft law released by the Portuguese Government, the Golden Visa programme in Portugal will continue to accept new applications until the final legal diploma is published, which is expected to be at least 60 days from now.
The proposal outlines several key points, including that the new law will not have a retroactive effect, and that new applications or renewals filed before the new legislation is published will still be accepted. Furthermore, pending applications and future renewals will be converted into a regular residence permit for Entrepreneurs (D2), with no minimum stay requirement apart from the 7-day requirement of the Golden Visa programme.
It will still be possible for applicants to invest in artistic production, recovery, or maintenance of cultural heritage in Portugal, and residence permits will continue to be granted until the programme is terminated, which will happen once the law is discussed and voted on by the Portuguese Parliament, validated by the President of the Republic, and published.
This represents a significant departure from the government’s previous stance and indicates a willingness to respond to market pressures and suggestions. Given the current wording of the proposal, it is strongly recommended that eligible investors take swift action to take advantage of the regime since no transitional period has been specified.
We expect that discussions regarding the proposal will not begin until at least May 10th, and based on our understanding of the legislative process, we estimate that it will take a minimum of 45 days for a decision to be made, subject to potential delays and amendments by political parties. We will keep our clients and partners informed of any significant developments and are available to offer support and clarifications.
