Act quickly: Portuguese Golden Visa via property purchase in jeopardy
Professional advice on Portugal's Golden Visa programme from AIPP member, Global Citizen Solutions
The “Mais Habitação” Bill, intended to address the housing issue in Portugal and includes the end of the real estate investment path within the Golden Visa program, has encountered a pivotal juncture with the Portuguese President, Marcelo Rebelo, wielding his constitutional authority to veto the Bill. The Portuguese Parliament meets from today to discuss keeping or discarding the option to allow a property purchase to qualify for its Golden Visa programme.
Other ways of qualifying for the Golden Visa programme will persist, however. You can check these out by contacting Global Citizen Solutions directly via this link. For broader advice on buying property in Portugal, please download one of the free AIPO guides on our website.
Joana Mendonça, Head of Legal at Global Citizen Solutions explains:
The “Mais Habitação” Bill is headed back to Parliament for a reevaluation, taking into the account the points raised by the President. There remains a possibility for the Parliament to overturn this veto through a fresh voting process, however.
Given the President’s expressed reservations about the current state of the Bill, there’s a real chance that Parliament is in for a renewed round of debates. The Socialist Party may choose to put the Bill up for another vote without any alterations, relying on a simple majority to push it through. However, considering the President’s concerns, it’s prudent to expect a discussion before any final decisions are made.
The timeline for potential real estate investments under the Golden Visa program is tough to pinpoint. That said, it is reasonable to assume investors might have until the end of September to explore real estate avenues within the Golden Visa framework.
I want to underscore an important point: should the revamped Golden Visa legislation ultimately pass, with real estate investment options being removed, the program itself will persist. This ensures opportunities for investment continue with avenues for investment including:
- Committing €500,000 to collective investment structures, encompassing funds and other non-real estate-related entities
- Engaging in the share capital of existing companies, coupled with the creation of jobs and a minimum investment of €500,000
- Participating in donations and other forms of patronage within artistic and scientific domains
For further information, please contact myself or a member of the team here at Global Citizen Solutions