Hold Your Horses: Portuguese Golden Visa Not Ratified into Law Yet
There is strong public opposition to the Portuguese government's proposal to discontinue the Golden Visa (GV) program. However, it is important to keep in mind that nothing has yet been written into law and these proposals while approved by the government, have not yet been ratified at this time.
The policy package unveiled on February 16th included potential cancellation of the GV program, as well as adjustments to AL licenses, rental legislation, and taxes. These measures aim to address the country's housing issue. It's important to note that the GV program will still be governed by existing law and will face stiff opposition in the assembly , and none of the suggested amendments will impact other immigration programs such as D7, D2, or Digital Nomad.
Currently, after the governments announcement on Thursday 30th March, There is a risk that the GV program may change in the near to medium term, but these recommendations must first be accepted by the Assembly and then forwarded to the President of the Republic. To maintain the flow of immigrants and foreign investment into Portugal, the government has also kept the door open for introducing additional legal options.
Keely Capel, the managing broker for Private Luxury Collection, and her staff will keep a careful eye on the issue to stay informed of any new developments. They will update their clients as necessary. They advise anyone thinking about dealing with the Golden Visa to keep in mind that things could change at any time, so it might be advisable to close any dealings as quickly as possible.
Despite uncertainties surrounding the GV program, the local real estate market is still booming, with demand outstripping availability. Portugal has had success with the Golden Visa scheme, which has attracted significant investment to the country. Although the initiative has little impact on the industry they specialize in, Private Luxury Collection acknowledges it as one of the major attractions of Portugal.
In conclusion, it is essential to seek guidance from industry experts and make decisions based on the current legal framework. Clients of Private Luxury Collection can rest assured that they will be kept up to date on any market developments and opportunities.
As a service to our clients, we are pleased to offer a translated version of the "Mais Habitação" proposal outlined by the Portuguese government. This proposal includes the possible termination of the Golden Visa program, along with other measures to address the national housing crisis. If you are interested in downloading a translated copy of the proposal, please contact us, and we will be happy to provide it to you. Stay informed and up-to-date on the latest developments regarding the Golden Visa program and related issues by checking back with us frequently.