By now, those interested in the Portugal Golden Visa must be well aware that the Portuguese Government has passed a bill to close the programme with retrospective effect from 16th February 2023. However, the Bill has not yet been passed into a law, and needs to pass through a couple more hoops at the least. There is NO concrete information on WHEN that may happen :-(.
1. 𝙄𝙨 𝙞𝙩 𝙨𝙩𝙞𝙡𝙡 𝙤𝙥𝙚𝙣? 𝘾𝙖𝙣 𝙤𝙣𝙚 𝙖𝙥𝙥𝙡𝙮?
Technically, yes. The existing (familiar) Golden Visa law prevails as of now. And SEF (the department responsible for immigration processing) is still accepting applications.
2. 𝙄𝙨 𝙞𝙩 𝙖𝙙𝙫𝙞𝙨𝙖𝙗𝙡𝙚 𝙩𝙤 𝙖𝙥𝙥𝙡𝙮 𝙣𝙤𝙬?
In our opinion, only in the following circumstances:
i. You are already most way through the process, have already made your investment (or a bulk of it), OR
ii. You simply MUST have the Portuguese Golden Visa (for whatever reason) and do not want to miss the bus, AND
iii. You can make a "reversible" investment with zero/minimal loss - for instance
a. buying a reasonably priced property in a liquid location
b. agreeing on a full refund with the seller/VC fund in case the application is not rejected
c. opting for the €1.5mn Capital Transfer in your own account (BEST OPTION)
It would ALWAYS be more advisable to have a clear and complete picture of the new rules and their timing before you apply, but that MAY mean missing the opportunity, or getting caught in a rush leading to sub-optimal investment choices.
3. 𝙒𝙝𝙖𝙩 𝙖𝙧𝙚 𝙩𝙝𝙚 𝙧𝙞𝙨𝙠𝙨 𝙤𝙛 𝙖𝙥𝙥𝙡𝙮𝙞𝙣𝙜 𝙣𝙤𝙬?
i) The law passed does not allow acceptance of your application (for reasons of cut-off date, asset class changes etc). In this case, if you have made your investment wisely as above, you only risk losing the processing fees (~€600 per person) and any legal and administrative costs you have incurred.
ii) Your application is accepted but some rules are changed which do not suit you (for instance, minimum stay needed for renewal, asset classes permitted, renewal conditions etc). In such a case, again, you have the option of withdrawing/not following through with your application, and if you have invested wisely, you only risk losing the processing fees (~€600 per person) and any legal and administrative costs you have incurred.
Of course, in addition, the time, effort and stress invested in the process is a sunk cost.
Please feel free to reach us on ola(AT)goldenhomesportugal(DOT)com if you wish to discuss the situation in greater detail.
But more importantly, please DO NOT take any action without consulting a reputed immigration lawyer in Portugal.