In this manner, explained the PM, “we end up with a general regime, and everyone will be treated according to the general law without jeopardizing legal security.”įoreign investors still welcome if they can demonstrate added value in “economic, scientific, or cultural” fieldsĪn accompanying written summary also clarified that the bill still proposed to stop the granting of new golden visas as of February 16th (which would make the law retroactive in its effects, a key point of contention raised by the bill’s opponents, who maintain such a provision would be unconstitutional). And, therefore, the processes that are pending today will be examined in accordance with the general law and with the certification of AICEP, Banco de Fomento, IAPMEI, the National Innovation Agency, or of the Ministry of Culture as to their economic, scientific, or cultural added value.” “With respect to the applications pending examination, these will still be processed in accordance with the general law which envisions the granting of residence permits for business investment purposes, or for cultural or scientific research activities. The most salient observation from the above statement is that the special conditions for renewal of real estate-based golden visas (the property having to be rented out or used as a primary residence) are conspicuously absent, indicating the government is prepared to concede on this point. “With respect to the visas already granted and their renewals,” continued Costa during yesterday’s press conference, “what we have decided, to give security to all those who hold them, is that these residence permits – at the moment of renewal, and presuming they meet the criteria currently foreseen for their renewal – will be converted into normal residence permits, just like those of any other foreigner residing in our country.” appears to yield on conditional renewal for real estate-based golden visa holders Briefly put, they would not get what they paid for. In other words, if the government gets its way (which is far from certain), golden visa investors who have applied and been approved on the basis of needing to spend only a limited amount of time in Portugal to get permanent status would instead need to remain in Portugal for the majority of the year over five years to get permanent residency. “While the PM assured listeners that Portugal has an ample immigration law with several options for foreigners who want to apply for residence permits, all those options foreseen under the general regime require a physical presence in the country for most of the year,” added Pinheiro. Treatment under “the general law”, in this context, explains golden visa specialist Pedro Catão Pinheiro of Next Lawyers Gali Macedo & Associados, will have the practical effect of eliminating the reduced physical presence requirements golden visa holders currently enjoy (physical presence of only 35 days over five years) and instead subject golden visa holders to the same 183-day physical presence requirement that applies to ordinary residence permit holders. “Therefore,” said the PM, “while the granting of this type of residence permits should still be allowed under the general law, nothing about them justifies special treatment.” No more “special treatment” for GV holders: 183-day physical presence requirement like everyone else
The António Costa administration has approved but not yet published the final wording of the bill.ĭuring the press conference, the Prime Minister began by pointing out that among the nearly 12,000 golden visas approved since the program opened in 2012, some nine out of ten pertained to real estate investments and that only 22 investors had qualified under the job creation route. As expected, the Portuguese government yesterday delivered its final draft of the controversial “More Housing” Bill, which directly impacts the country’s golden visa program, following an extended public hearing period.
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