The Portuguese Government announced on March 30, 2023 the end of the Golden Visa Portugal Program as a special investment regime
The Portuguese Prime Minister, António Costa, in the Council of Ministers and within the scope of the Mais Habitação package of measures, announced that in Portugal, “there is no justification for having a special regime for golden visas”. The government official also mentioned that since 2012 – the date on which this Program was launched – and so far, 11,758 Residence Permits for Investment (ARI) have been issued in Portugal, of which 89% were for reasons of property acquisition.
It should be remembered that this proposed legislation will have to be submitted to the vote of the Portuguese Parliament and subsequently approved by the President of the Republic until it effectively enters into force.
What changes?
Foreigners who want to invest in Portugal and consequently obtain a residence permit must comply with the requirements of the general law applicable to any citizen of foreign nationality who wants to live in Portugal (Law No. 23/2007 of July 4) In investment situations, the legislation assumes that a certified Portuguese body or institution validates the added value of the scientific, economic or cultural project.
How do renewals work?
- The renewal of the Residence Permit in Portugal will be identical for any citizen of foreign nationality.
What happens to the processes that have already been filed?
- The processes that have been filed and are under consideration will be processed in accordance with general legislation; in the case of investment, they will have to be validated by a certified Portuguese institution or body.
The Golden Visa Portugal Program was created in October 2012 to attract foreign investment in the country. In 2023 alone, between January 1st and February 28th and according to official data from the Foreigners and Borders Service, the investment raised through this Program surpassed the barrier of 55.2 million euros.
The end of the Golden Visa Program as it exists was announced on February 16, 2023 and the final measures would be announced on March 16. However, the Portuguese Government extended the public consultation period to all proposals for the Mais Habitação measures, which included both the issue of Golden Visas and leases.
