The Portuguese government announced a series of housing-related measures on February 16.

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As part of this endeavor, the Portuguese Prime Minister stated that the measures include modifications to the Golden Visa program.

The Portuguese Parliament took an unexpected turn on June 20, 2023, when it proposed an amendment to its “More Housing” bill that will have a significant impact on the Golden Visa program. It is crucial to observe that the Golden Visa program will not be terminated. The modification is not a total termination, but it does specify the end of certain investment options. Click here to jump to the most recent updates.

Golden Visa – A Golden Opportunity for Investors 2023

In this article, we will explain the termination procedure for Portugal’s Golden Visa program and its implications for investors.

Some important facts:

Current applications and renewals are not affected by the new law retroactively.

Until the new law is published, applications and renewals will be accepted in accordance with the current regulations.

Pending applications and future renewals will transition to the D2 Entrepreneur’s Permit, which has a 7-day annual residency requirement reduction.
New applications for residency permits relating to investments, support for artistic production, or the preservation and restoration of cultural heritage will continue to be accepted.
Once the law is approved by Parliament (after two levels of debate), validated by the President of the Republic, and published, the program will be modified.
By Securing Your Investment, You Can Get Through the Transition Period
So, do you wish to register for a Portuguese Golden Visa prior to the implementation of the modifications?

We’ve been here before, back in 2021, before the most recent significant Golden Visa changes went into effect on January 1, 2022. We were able to successfully secure hundreds of Golden Visa applications in 2021 before the changes took effect.

Existing and former applicants will be affected.

Applicants from the past or present can rest assured that any changes made to the Portuguese Golden Visa program will not affect their applications. Individuals who have completed or begun their investments do not need to worry about any retroactive effects resulting from prospective program modifications.

The Verdict Based on Current Information
The Alteration —

In a surprising development, the Government Party has proposed an amendment to the bill titled “More Housing.” The twist will result in substantial adjustments to the Golden Visa Program, but rest assured that the program will continue. However, the conclusion of certain investment routes is a fact.

The End of Investment Opportunities —

According to the proposed modifications, three primary investment avenues will no longer be viable. The following are the particulars:

Capital transfers in excess of €1.5 million will no longer be permitted.
The purchase of property valued at €500,000 or more will be prohibited.
No longer will it be permissible to invest at least €350,000 in the rehabilitation of real estate properties that are at least 30 years old.
Opportunities for Investment That Remain —

While some doors are being closed, others are being opened. Continuing with new and revised investment options, the residency program will continue:

Investing in Venture Capital Funds: Making capital transfers of at least €500,000 for participation units in venture capital funds.
Job Creation: Creating a minimum of 10 positions
Research Funding: Spending at least €500,000 on research activities conducted by public or private scientific research institutions.
Investments of €250,000 or more in support of artistic production, restoration, or preservation of national cultural heritage
Commercial Company Investment: Capital transfers of at least €500,000 intended for the incorporation of a commercial company with a national headquarters or the increase of the share capital of an existing company, and the creation of at least five permanent employment.
Looking Ahead —

This new, more nuanced approach to the Golden Visa Program is expected to encourage more diverse forms of investment while maintaining the program’s attractiveness.

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