The Portugal Golden Visa may be coming to an end. The announcement by the Portuguese government came at a ministerial meeting on 16 February, where they presented a package of measures in response to the growing concerns around the national housing policy in Portugal. As part of this much wider package of proposed measures to reform Portugal’s housing market, the intention to apparently end the Portugal Golden was presented.
The End of An Era
The Portuguese Golden Visa was launched in 2012 to boost the economy against the backdrop of a financial recession, and over more than a ten-year period, the program has delivered in terms of pumping much-needed foreign investment into the country.
The announcement on 16 February marks the beginning of a phase of consultation and implementation. The next steps are the following:
- There will be a public consultation between 16 February and 6 March. During this time, stakeholders will provide feedback on the proposals.
- The government reconvenes on 16 March and presents a draft of the proposal bill, which will be sent to parliament for discussion. Detailed terms of the new bill will be issued at this stage.
- Next, all parties and specialized commissions will assess the bill from a political and legal perspective. The bill will then either be approved immediately or amended.
- The proposal will be sent back to the President, who may request further guidance from the Constitutional Court, which may potentially take a longer amount of time. Ratification by the President and formal publishing can take at least ten days should he decide to send it to the Constitutional Court. Only when all these procedures have been completed can the proposed law be sent for publication and, therefore, entered into force.
The Future of the Portugal Golden Visa
The ending of the Golden Visa will likely take quite some time, and it’s expected that a transitional period will be needed to implement such a complex law. As a reference point, the changes to the Golden Visa program implemented in 2021 took over a year to come into play.
What are my options?
While the Portugal Golden Visa may be coming to an end, there is still time to apply for the program, but you should start the process now – time really is of the essence in this case.
All Golden Visa applications that are submitted before the new legislation comes into effect will be exempt from new legislation, so subsequent changes to the program will not affect them.
Another excellent visa option to consider is the D7 Visa – also known as the Passive Income Visa or Retirement Visa. Through the D7 Visa, you’ll be able to live in Portugal, provided you can present proof that you can sustain yourself in the country and have a recognized stable income, such as from movable property, real estate, intellectual property, pensions, or financial investments.
And finally, the Digital Nomad Visa, launched in October 2022, is the perfect route to living in Portugal and working remotely. With an array of top coworking spaces, landscapes to discover, affordable quality of life, and a beautiful climate, what could be better than settling in Portugal to live and work – who knows, perhaps you’ll end up staying!
So, while the Portugal Golden Visa is ending, there are still plenty of options on the table. You’ll simply need to decide which route is the best one for you. A high quality of life, top education and health care services, and – of course – an incredible climate await.
Article written by Global Citizen Solutions