IMPORTANT UPDATES: Portugal Golden Visa Program is STILL ALIVE

Last weekend, after two months of uncertainty, the Portuguese government finally announced a new draft law with positive news for the Golden Visa investors.

Following the pressure from the industry professionals, developers, lawyers, real estate associations, golden visa consulting firms like DRP Advisers; several public petitions, the government released a new amended draft law.

WHAT ARE THE MOST IMPORTANT NEWS?

1. No retroactivity. Originally the government has proposed to close the program from the 16th of February when they announced the cancellation. However, the law will not be retroactive. It will only be in force after the law is published in the official journal.
2. Pending applications or applications to be submitted until the enter into force of the new law are safe. DRP perspective is that we will have around at least 10 more weeks ahead of us. So, any client pending can be safely onboarded.
3. Existing GV applicants are also safe. Pending applications and future renewals will be converted to the D2 Entrepreneurs Permit, while honoring the 7 day per year stay requirement as before.
4. Conversion to D2 Visa. The Government is no longer requiring a permanent stay requirement (183 days). Although the law allows for conversion to a D2 residence permit. This permit will have the same flexibility as the Golden Visa permit. This is essential because not living in Portugal and not becoming tax resident was the key element for most of the clients.
5. Portuguese Citizenship. Golden Visa & D2 residence permit also entitles applicants to apply for Portuguese citizenship after 5 years.
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The Proposal will now be discussed in the Parliament, in two readings at the Plenary Session and also detailed work at the parliamentary committee will be made. Our estimation is that the new law will not be in force before the end of June.

DRP recommendation:

Applicants should proceed as soon as possible.

The Portugal Golden Visa program, also known as the residence permit for investment activity, is a residency by investment scheme designed for non-EU citizens. It is the fastest program to obtain EU residence permit through investment activity in Europe and to get EU Family citizenship after 5 years only without obligation to reside in Portugal. The Golden Visa program has been a significant source of foreign investment in Portugal since its introduction in 2012, with the majority of applicants coming from USA, China, Brazil, and South Africa.

About DRP Advisers

As one of the leading advisor companies in this field with a team of lawyers, real estate experts, and bankers, DRP Advisers is here to guide you through the investment and application process. Our local knowledge and expertise can ensure that you can take advantage of this opportunity to secure a residency permit in Portugal under the current terms of the program.

We are proud to offer a rich portfolio of real estate properties that qualify for the Golden Visa requirements. Our team of real estate experts can guide you through the selection and purchase process, ensuring that your investment meets all the necessary criteria.

This means that now is the perfect time to apply for the program with zero risk. However, time is of the essence and we urge you to act quickly and take advantage of this opportunity while it still exists.

Don't miss out on this life-changing opportunity to secure a residency permit in Portugal under the current terms of the program. DRP Advisers is here to help you navigate the investment and application process, whether you're a business owner, an investor, or an individual looking for sound advice.

Don't miss out on this life-changing opportunity - contact us today to get started!