At long last, those who already have a golden visa or are applying for one have reason to celebrate. In a series of pronouncements spread out over the course of several months, the Portuguese government stated that it was firstly not planning to honor the physical stay criteria of current golden visa permit holders and secondly not planning to accept any new applications received after February 16th. The government has now reversed its position and will honor both sets of conditions. There is still time available to submit an application for the golden visa.
New Applicants for the Golden Visa
Following the news that was made on the 16th of February, there was a flurry of fresh applications from persons who wanted to take advantage of the golden visa before it was discontinued. Nevertheless, the government gave the impression that they would not consider any applications that were handed in after the deadline.
Now, participation in the program will continue unabated even after the new legislation has been issued. This indicates that any applications sent in during the previous several months will be considered valid, and there is still time for fresh applications to be sent in. Having said that, the hands of the clock are moving.
The golden visa program will be terminated on the same day that the law takes effect. This date is anticipated to be at least 45 days from today, April 15th, which would be the Tuesday, May 30th, according to Vanessa Rodrigues Lima and Sara Sousa Rebelo of Prime Legal.
Be sure to identify a company that is still offering money-back guarantees in the event that the golden visa is not honored; many real estate brokers and investment organizations continue to give these types of guarantees.
Current Golden Visa Permit Holders
The most significant concern for people who already have a residence permit in Portugal thanks to the golden visa was that the golden visa would be changed into the D2 and that they would be obliged to stay in Portugal for 183 days instead of just an average of seven days per year. It should come as no surprise that this was a major source of worry for those who still had jobs in other countries or who had their tax residency in another country.
However, current permit holders will not be subject to the 183-day limit and will still only be required to spend an average of 7 days per year in Portugal. The government still intends to move current permit holders from the golden visa to the D2 entrepreneur visa at some point in the future.
The Golden Visa Moving Forward in the Future
It is not yet known whether the golden visa will exist in some form in the future, whether some aspects of it will be preserved, or whether a different type of investor visa will be created.
On the other hand, it would appear that the government is still willing to consider investments in the cultural sector or investments that assist “artistic production and the recovery or maintenance of cultural heritage.”
Why Portugal ended the ‘golden visa’ that facilitated residence for foreigners
