Following the announced end of the Golden Visa programme, the future is yet uncertain. But there are possible investment options to consider.
The Portuguese Prime Minister has formally announced the end of the Golden Visa programme, for all types of investment, from the past February 16.
A draft law is now under approval by the Portuguese Parliament. Although the end of the Golden Visa program will only take effects following said approval, it is not expected to be reverted.
However, the Autonomous Region of Madeira has meanwhile declared its intention of maintaining that program active in its jurisdiction. Further information is highly expected in this respect.
As announced, all Golden Visa applications presented as of February 17 as well as future Golden Visa renewals will not be considered under this regime but will be analysed under the ‘immigrant entrepreneur’ residence permit.
Yet uncertain (or unrevealed) is the minimum period of stay in Portugal to be applied to these reconverted Golden Visa… Under the “normal” residence permits, the citizen must remain in Portugal for 6 consecutive months or 8 interpolated months within the residence permit validity period (a 2-year initial period and a 3-year renewed period). While in Golden Visa, the investor is only required to remain in national territory (generically) for 7 days per year.
Surprisingly (or maybe not), despite the declared governmental intention of ending the Golden Visa programme as of past February, the IT platform for submission of Golden Visa applications is still open and fully operational…
Despite the (seemingly irreversible) end of the Golden Visa program, there are other type of Portuguese residence permits available such as the above referred immigrant entrepreneur or the independent professional residence permits. These are directed to foreigners intending to develop an investment or a business in Portugal.
Foreign investment can (and we hope will) survive the sudden (announced) death of Golden Visa!
Photo – Getty Images
CLJ Legal 