The Portugal Golden Visa program has long been a well-liked choice for non-EU nationals looking for residency in the nation. The program has been a boom for Portugal’s economy, bringing in millions of euros in investment each year and granting residency to investors who meet specific requirements.

The Portuguese government did, however, provide a set of actions in response to numerous issues within the context of Portugal’s housing policy following a cabinet meeting that took place on February 16, 2023. The decision to ostensibly stop the Portugal Golden Visa program was grafted into this framework.

Let’s examine the Portugal Golden Visa’s termination in more detail, what to anticipate after the announcement, and what it means for present and potential investors.

9th March 2023 Updates

On March 9, the Portuguese government declared that the decision about prospective modifications to the Golden Visa will no longer be made and revealed on March 16. The public comment period has been extended to March 24.

The government’s decision-making has been delayed until the following 30 March because it is expecting the Association of Municipalities’ view, which won’t be available until the 21st of March. The announcement of its plans to submit a proposal to Parliament and its details should come by this time.

This postponement is encouraging since it indicates that this issue will be given more consideration, possibly as a consequence of pressure from stakeholders.

What happens following the announcement that the Portuguese Golden Visa will end?

Following this “public comment” period, the Council of Ministers will reconvene and vote to approve the package of changes on March 24, 2023.

The Golden Visa scheme cannot be legally changed by the Portuguese government. It is up to the Assembly of the Republic to approve any suggested amendments. To do so, they will need to receive a proposal outlining the measures for voting.

The process for ending the Portuguese Golden Visa is explained in the following paragraphs.

The process to abolish the Portuguese Golden Visa include a one-month public hearing, as was previously mentioned. On March 24 after that, a proposal will be delivered to Parliament. This was postponed from March 16 to March 21 while the administration waits for the Association of Municipalities to provide its opinion. Decision-making by the government has been put off until the following 30 March. It should take between 15 and 20 days for this to be approved.
One of three outcomes will be the President’s response:
Accept the proposal
Return it to Parliament so that it can be modified.
You should ask the Constitutional Court to review it.

Due to their majority, the governing party can pass the legislation. Having stated that, other parties are free to suggest different language during open hearings. The ultimate text of the relevant statute may change as a result of these ideas.

Is there a deadline for the Portugal Golden Visa ending?

When the changes will go into effect and what exactly the final law revisions will be like have not yet been announced. Yet, it’s anticipated that the Golden Visa’s current legal framework will not change for at least the next 45 days.

There is a significant chance that the Golden Visa will be completely eliminated in the short- to medium-term, but there is still wiggle area for the residence program to continue in some capacity.

The key lesson here is that you still have time to apply for a Portugal Golden Visa. Time is of the essence if you are interested in applying, so we suggest that you start your application right away.