Portuguese Parliament Approves Final Version of New Golden Visa Legislation On July 19, 2023, the Portuguese Parliament voted on the final version of the new Portuguese Golden Visa legislation, paving the way for significant changes to the program.
Clarity for Existing Holders of Golden Visas and Pending Applications The new legislation provides clarity for investors who already have Golden Visas or have pending applications. Pending applications will be converted into Entrepreneur Permits (D2 Visas), while the minimum stay requirements and validity period of the new residency permits will remain unchanged.
Portuguese Citizenship Still Accessible for Golden Visa Holders Five years of legal residency under the D2 Visa will still grant investors the right to apply for Portuguese citizenship, offering long-term benefits for those who meet the requirements.
President to Decide on Ratifying the Legislation The new law is now in the hands of the President, who has 20 days to decide whether to ratify it or return it to Parliament for amendments. While the exact implementation date is uncertain, it is expected to happen soon after the President’s approval.
New Opportunities for Future Investors The new legislation brings fresh opportunities for future investors seeking the Golden Visa. Several investment options qualify for the program, including creating ten jobs, making capital transfers for research activities or supporting artistic productions reflecting the national cultural heritage.
Specific Criteria for Golden Visa Eligibility To qualify for the Golden Visa, investors can choose from various investment options, such as acquiring shares in a non-real estate collective investment entity or incorporating a commercial company with headquarters in Portugal. The criteria demand specific capital transfer amounts and job creation obligations.
Portuguese Government to Amend Regulations While the new legislation provides some clarity for investors, the Portuguese Government needs to amend the regulations to explain how the law will be applied in practice. Investors are advised to seek specialist advice for their specific circumstances.