August 8, 2023
The beginning of 2023 started with the Portuguese Prime Minister Antonio Costa announcing details of the Mais Habitacao (More Housing Bill), which included the announcement of the closure of the Portuguese Golden Visa. The bill was then passed on to parliament.
After considerable deliberations & public discussions with constituents & stakeholders, and a public outcry against closing down the program, the government finally, on 19 July 2023, submitted a draft proposal to amend the Housing Bill to maintain the Golden Visa, among other changes. It will go to the President’s Office where we expect it to be passed again without any further rejections or amendments.
The new draft keeps the Golden Visa alive, but only under 5 investment options:
- The job creation (10 jobs) category
- Scientific contribution (€500,000)
- Cultural heritage and artistic contribution (€250,000)
- Investment and VC funds (€500,000)
- A business investment that creates at least five jobs
The real estate option has been scrapped entirely. For the fund’s option (the most popular one of the remaining categories), an applicant must invest in a fund that has its major investments in other assets in addition to residential real estate. Funds that invest in commercial real estate are still eligible.
The pathway to Portuguese citizenship remains unchanged, and investors still only need to spend 7 days a year for five continuous years to qualify.
The Portuguese Golden Visa’s fast track to citizenship was one of the reasons the program was so popular, as it was one of the easiest ways to obtain EU citizenship. By keeping this vital factor of the program intact the government ensures the demand will continue to grow.
The More Housing Bill has undoubtedly made a splash, but the end result means that the Portuguese Golden Visa is here to stay in a new form and its pathway to citizenship remains unaffected.
Contact us at Migratesmart to know which investment option is best for you, and also to explore the other residency options in Portugal.