I’m in the process of selecting property but in order to transfer funds from my home country, which has restrictions on outbound foreign country transfers, it would take up to 60 days. Would I make it in time to apply for the golden visa? What happens if the result is negative on March 24 but I already started the process?
At this time it isn't possible to answer your question. The truth is that nobody knows. At the moment, we just have a proposal to end the Golden Visa, so we don’t know exactly the accuracy and the terms of this ending until we have a published law. Until this happens, Portuguese law stands.
Currently, there is no date defined for the new law to enter into force, as the wording is not yet approved. However, to anticipate any risk, it is advisable to proceed with promissory agreements or purchase and sale subject to conditions or with step out clauses associated with the law amendments and potential retroactive effects.
The law is under discussion till the end of the month of March 2023, so till then, we do not know. Presently, SEF still accepts the submission of the processes. Technically, the law to be approved can (but it is not normal) retroact before the date of approval.
The GV program is under review and it is not yet determined when the changes will come into force (if there will be a transition period and which exact period it will be). Bear in mind that what will be considered is the date the GV application is submitted.
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