After months of speculation and anticipation on 19 July the Portuguese Parliament approved the ”More Housing” bill which is set to change but not end, the Golden Visa programme. Initially, the draft bill suggested the programme would close in its entirety, but the approved bill will see the Golden Visa programme continue. However it will eliminate the real estate investment route. The other five investment options will remain including investment funds and job creation avenues. This will see the minimum investment option rise to €500,000.
The terms of the programme and minimum stay requirements for citizenship will remain the same and investors that have submitted their application before the change will benefit under the terms when they submitted their application. There is no retroactive effect and the right of renewal, family reunification and permanent residency applications are all safeguarded.
The current real estate investment route starts at €280,000 and this remains open until the President of the Republic signs off on this bill. There is no official date for this but we expect August/September 2023. When it happens there is no grace period planned.
La Vida expects to be able to offer a choice of fund routes for our clients at €500,000 minimum investment by the start of October. In the meantime, we urge any investors that would like to take advantage of the lower-cost real estate route to act quickly while such investments remain available. It is possible to complete the purchase and submit your application in a matter of weeks. To initiate the process, a legal fee deposit of just €500 is required. Contact our team to discuss your options.