Portugal Golden Visa Reform Delayed After More Housing Bill Veto

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The Portugal Golden Visa Reform saga continues. On August 21, 2023, Portugal President Marcelo Rebelo de Sousa vetoed the pacote Mais Habitação, which translates in English to the “More Housing Bill”. The future of Residency by Investment in Portugal hinges on the success or failure of the Mais Habitação Bill. 

By vetoing the More Housing Bill, the President has provided you with an additional month to apply using real estate as the qualifying investment.

Seasoned Portugal residency experts see this as a mere bump in the road as the President’s veto will not kill the Bill. Instead, it will once again go before the Portuguese Parliament, when they reconvene in the middle of September. They will make the necessary minor changes for the Bill to pass in full, according to Portuguese lawyers.

The passing of the More Housing Bill will remove the capital transfer and real estate investment options and leave five remaining options:

1. Invest €500,000 or more in private equity or venture capital funds 
2. Create at least 10 jobs for Portuguese nationals
3. Make a scientific contribution of €500,000 or more
4. Donate at least €250,000 to artistic production or cultural heritage
5. Invest in a business and create or maintain five jobs for Portuguese citizens

As it stands, you can still follow the most popular path to a Portugal Golden Visa, by purchasing real estate, until next month.  Invest starting from €280,000 in Portuguese property and you will be able to live, work, and study in Portugal. After five years, you can claim permanent residence or citizenship but you will need to pass an A2 level language exam.

The fate of the country’s Golden Visa has dominated the last six months of Portuguese political life. The President seeks amendments to the More Housing Bill. This gives potential Portugal Golden Visa applicants an extra month to apply under the current regulations. 

Data analysis

The Portugal Golden Visa programme is a gateway for global entrepreneurs. Serviço de Estrangeiros e Fronteiras (SEF), Portugal’s immigration authority, supports this. Here is a breakdown of the nationalities of Golden Visa applicants, as per SEF statistics:

• America and Britain United: In June 2023, 47 US applicants received Golden Visas. The next highest number was 26 UK applicants.
• Chinese Dominance: Chinese nationals remain the largest group of Golden Visa applicants.
• Brazilian Participation: SEF data also highlights a growing number of applicants from Brazil.
• Diverse International Interest: SEF stats show significant interest from investors in countries like Turkey and South Africa.

Secure your European Residency

As the debate over the Portugal Golden Visa reforms continues, we encourage investors to apply before the new bill is passed. Take advantage of the continuing route to European Residency by Investment. Don’t delay and contact us today to speak with a global expert tailored to your requirements.