Portugal backs down on Golden Visa rules
Apr 19, 2023
After two months of uncertainty, the market can finally breathe a sigh of relief. The Portuguese government has relented on several decisive points regarding the proposed changes to the Golden Visa. The new bill, if passed, will still terminate the golden visa program but it will not be as harsh as previously suggested.
Originally the government had proposed a cut-off date of February 16th. All applications submitted after this date would have been voided. Now, the program will remain open for new applications till new legislation is published. This is great news for prospective applicants as they have certainly now that applications will be open till the new laws have been officially announced. The government will retain the seven-days-a-year regime for visa holders and not increase it to 183 days per annum requirement.
It is recommended that applicants proceed ‘as soon as possible’ because the golden visa program will end on the day the law takes effect. Ms. Sara Sousa Rebolo of Prime Legal, on of Lisbon’s premier golden visa specialists has sent a letter to its clients and partners that the new law is likely to be at least 45 days away. New applicants will need to rush to get their Portugal golden visa but those that have recently applied and were nervously waiting on news can now rest easy as they are in the clear. This is welcome news for all involved.
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