In a surprising development, Portugal’s ruling Socialist Party (PS) has submitted an amendment to the controversial housing bill currently under discussion in the country’s Parliament. Contrary to prior intentions to end the Golden Visa program entirely, the governing party now seeks to only eliminate two of the program’s investment options – real estate investments (of all types) and the capital transfer bank deposit option.
The Retained Investment Options
The government’s proposed amendment aims to retain the following investment options:
- Creation of at least 10 jobs
- Scientific research contribution (EUR 500,000)
- Cultural heritage/artistic production (EUR 250,000)
- Venture capital/Investment funds (EUR 500,000)
- Business investment that creates or maintains at least five jobs
The amendment comes as a surprising about-face from the PS, the very party behind the original More Housing bill which initially sought to abolish the program in its entirety, including retroactive effect on already-approved investors – a point that was widely criticized and deemed unconstitutional.
As the PS holds an absolute majority of seats in Parliament, it is highly likely that these amendments will be reflected in the final law. Additionally, the proposal includes the retention of a 20% discount for investments in low-density territories.
What’s Next?
The industry now anticipates a discussion period before Parliament votes on the bill’s final wording on July 19th. On that date, according to Vanessa Rodrigues Lima of the Portuguese Association of Immigration, Investment, and Relocation (PAIIR), “the industry will know for sure what the program’s future is.”
A Hurried Proposal?
Some experts have commented that the proposal appears to have been hastily compiled, evidenced by several spelling errors and inconsistencies in the proposed changes. The suddenness and apparent rushed nature of the proposal, however, should not detract from its significance.
Although the proposal doesn’t stipulate any transition period, it is likely that the new law will come into effect in early August.
Navigating the Changes with Key Gains Immigration
At Key Gains Immigration, we’re here to help you navigate these unexpected changes to Portugal’s Golden Visa program. As your trusted partners, we remain committed to providing the most up-to-date and accurate information, enabling you to make informed decisions about your global mobility aspirations.
Stay tuned to our blog for more updates on this evolving situation.