good news
Portugal's ruling party, the Socialist Party (PS), has decided to cancel the termination of the Portuguese Golden Visa program!
NO.01
Keep Portugal Golden Visa
Portugal's ruling party, the Socialist Party (PS), submitted a proposal on June 20, 2023, to amend housing measures currently under discussion in the Portuguese Parliament.
That is, the ruling party decided to stop the action to terminate the Portuguese Golden Visa program and only cancel the two investment methods in the program:
▲Category 1 "1.5 million euro capital transfer/bank deposit";
▲Categories 3 and 4 "350,000 Euros to renovate properties & 500,000 Euros to purchase properties".
Portugal's parliament is expected to hold a second vote on July 12 on the "housing legislation plan" that contains detailed regulations for Portugal's golden visa scheme. Its final vote is scheduled for July 19, and the new bill is expected to take effect in December.
NO.02
Keep 5 ways to invest
According to the proposal, the Portuguese government currently seeks to retain the following 5 investment options:
Option 2: Create 10 jobs
Option 5: Donation for scientific research (€500,000)
Option 6: Cultural heritage/artistic creation (€250,000)
Option 7: Venture capital/fund investment (€500,000)
Option 8: Business investment that creates or sustains at least 5 jobs
This proposed amendment is very surprising! Because it was submitted by the ruling party that originally enacted the More Housing Proposal (Mais Habita??o), which originally aimed to end the Golden Visa program in its entirety, even with retroactive effect for investors who had already been approved.
But this was widely criticized as unconstitutional, so the government softened its attitude and revised the relevant rules on the closure of golden visas.
NO.03
Shutdown event timeline
This reform can be traced back to the Portuguese Ministerial Conference on February 16, 2023. Prime Minister Costa announced a package plan to alleviate housing pressure, mainly including:
Increasing the supply of residential property, simplifying the permitting process, increasing the number of rental properties, combating speculation and protecting families, among others, will end the golden visa policy.
1. The meeting clearly shut down the golden visa project, and the detailed rules for the implementation of all plans will be discussed within the next month.
2. Public discussion, received a large number of objections and reports.
3. On May 19, 2023, the ruling party in the Portuguese Parliament unanimously passed the proposal of the PS Socialist Party.
However, this meeting is only the first stage, and the details of other bills need to be discussed for the second time, and the time is to be determined.
4. On June 20, 2023, relevant departments announced that the Portuguese Parliament's "housing legislation plan" (including golden visa rules) is expected to conduct a second vote on the detailed proposals on July 12, and the final vote on July 19.
NO.04
soaring demand
The news that the Portuguese Golden Visa program is about to be shut down has caused a strong market reaction.
Many willing foreign investors are eager to invest and obtain status before the end of the old policy, so the market is hot and the demand is soaring!
Among them, real estate investment has become the main way for them to obtain Portuguese status, as follows:
In April, a total of 116 main applicants and 167 dependent applicants were approved for the Portuguese Golden Visa. The total number of people approved is 283, with a total investment of about 63.27 million euros.
Among all the approved clients, 83 clients were obtained through house purchase and migration, with an investment amounting to 51.01 million euros.
Among them, 37.644 million euros of funds flowed into 500,000 euros of house purchase and relocation projects; 13.366 million euros of funds flowed into 350,000 euros of old house renovation projects.
In May, a total of 180 main applicants and 208 dependent applicants were approved for the Portuguese Golden Visa. The total number of people approved is 388, with a total investment of about 83.03 million euros.
Among all the approved clients, 110 clients were obtained through house purchase and migration, with an investment amounting to 56.76 million euros.
Among them, about 65% of the funds flowed into 500,000 euro house purchase and relocation projects, and about 35% of the funds flowed into old house renovation projects.
As of the end of May, the Portuguese Immigration Bureau has approved 682 applications for this project. According to the current trend, the demand is getting bigger and bigger!
At present, the Portuguese house purchase and immigration project is still in the final application period. Before the bill is officially promulgated, investors still have the opportunity to submit applications.
For those who want to invest and obtain residency in Portugal, now is the time to act! If you are interested in this, please contact Xingyunhai International
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