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What is the progress of the proposal that disqualifies properties in costal municipalities for the Portugal's Golden Visa program?

Has the proposal been approved? Can investors still use properties in Lisbon and Porto for the purpose of a Golden Visa?


Answers
  • Lamares, Capela & Associados, Sociedade de Advogados, SP, Rl
    May 05, 2020

    The proposal was approved. This proposal defines the terms under which the Government may revise the Golden Visa Programme. According to that proposal, the Government may, during 2020, limit the possibility of real estate investment to the interior territories and the Autonomous Regions of Madeira and the Azores. However, the Government already told that this is not a priority, and, for that reason, this change will not occur in 2020, but only in 2021. We don't know yet. In relation to other possible types of investment, they may also undergo changes, for example, by increasing the minimum value of investments. The possible changes will only have an impact on the processes initiated after the approval of the changes to the new regime. However, the change will not harm the processes already started. The rules for the renewal of proceedings initiated under the current regime, both for principal applicants and for family members remain after the entry of the new regime.

  • NEXT/Gali Macedo & Associados
    May 05, 2020

    At this point, the Portuguese Government still needs to propose and make the final wording to include and change the Law 23/2007, of July 4, as amended (Portuguese Aliens Act). However, taking into account what the Secretary of State released, those changes, if approved, will only be applied in 2021 and just to the new applicants. Our opinion is that, due to the present global crisis, those changes will never occur in the near future. Anyhow, to avoid such eventual changes, the investor should apply as soon as possible.

  • N-Advogados
    May 05, 2020

    There aren’t any changes to the proposal you refer to.