Portugal Golden Visa 2023

On February 16, 2023, the Prime Minister of Portugal made a public statement about the future of the Portugal Golden Visa program. This announcement is part of the government’s efforts to address rising house prices in the country. While there is still uncertainty around the program’s future, here is what we know so far:

The End of Portugal Golden Visa?

The Prime Minister announced that the Portugal Golden Visa program will end. However, the measures announced are still subject to public consultation, and will only become a law once a bill to that effect is passed by the Parliament, and signed by the President of the country.
Further, there are still questions around the details, particularly for other forms of investment, such as investment into commercial properties, investment funds, capital transfer, or job creation. It is also unclear if investors who obtained the Golden Visa through such investments will be able to renew their visas. We expect more clarity after the government meets in March.

Initial Reactions to the Measures

There has been some criticism of the measures announced by the government. The Algarve Association of Hotels and Tourism Developments (AHETA) has criticized the controversial draft measures, arguing that they will “kill” the short-term rental sector without increasing the number of homes available for rent to the resident population. This suggests that there may be some reconsideration or adjustment to the plan.

Can Investors Still Apply for Portugal Golden Visa?

Investors are still able to apply for the Golden Visa during this phase. However, we may be entering the final stages for new issuances, and any new legislation coming into effect will likely have a transition period of at least three months, or potentially longer.

Is it Worth Investing in Portugal Golden Visa Now?

Investors who wish to apply for the Golden Visa may want to act now to potentially be among the last to obtain one. We are aware that Developers are willing to negotiate special conditions on investments, such as buying back the investment if the law changes and the Golden Visa application is prejudiced.

Contact us today to learn more.

Note: The views expressed are personal and should not be construed as legal advice regarding the Portugal Golden Visa program. Please use your own judgment and consult with an attorney before making an investment decision

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