Important: Changes in Golden Visa

In the international news, it has been widely discussed that the Portuguese Parliament has approved an authorization to amend the Golden Visa Program legislation. Although this authorization has been approved, nothing has changed so far, and the Portuguese Golden Visa is definitely not canceled. What are the changes in the Portuguese Golden Visa? Golden visa application through property investment will be excluded from the greater areas of Lisbon and Oporto. Property investment will only be accepted in the interior local communities (which of them still to be determined), low-density areas and in the autonomous regions of Azores and Madeira. Considering that the approved provision expressly foresees property investment to the inland areas, it is expected that also the coastline areas, such as the Algarve, Setubal, all Atlantic coast and even Coimbra will also be restricted.

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When will the new regime enter into force?

This change was included in the State Budget Legislative Proposal for 2020 which was discussed in the Portuguese Parliament in the month of January and beginning of February. It was already approved on February 4, 2020. However, the Government will approve the decree- law during the year of 2020, but it will only enter into force on January 1, 2021.

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Will this affect those already holding Golden Visa?

No. The decree-law to be approved by the Portuguese Government will not have retroactive effect. The said decree-law will only be valid after being approved and approved and published in the State’s official gazette

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After entering into force will it be possible to renew the residence permit?

Yes. All the holders of residence permits (main applicants and family members) will be able to submit their renewal applications, even if their investments are located in cities like Lisbon, Porto, etc.

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Will this affect those we have submitted their applications and have not received the approval?

No. The decree-law to be approved by the Portuguese Government will not have retroactive effect. All applications pending will be governed by the regulation in force until the new decree-law is enacted.

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Will this affect the possibility to apply for the Portuguese citizenship?

No. The decree-law to be approved by the Portuguese Government will only change the Foreigners Act. No change will be made in the Portuguese Citizenship Act, so all criteria to apply for the Portuguese citizenship will remain valid.

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Get your last chance to invest in Lisbon or other big cities in Portugal, as from the investment point, they are the most attractive, profitable and safe areas for investors.

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