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On April 14th, the Portuguese administration unveiled its definitive plan regarding the Golden Visa initiative. The announcement clarifies that the upcoming legislation will not apply retroactively, ensuring that existing Golden Visa holders remain unaffected. The annual residency requirement of 7 days will continue unchanged, and applicants who have submitted applications but are still awaiting approval will be safeguarded.
The legislative proposal underwent parliamentary review on May 19th, 2023 and received subsequent endorsement: The Portuguese Golden Visa program was officially voted for discontinuation, although the legislation still requires detailed examination and final consensus on its particulars.
This indicates that following the detailed legislative review process, which typically spans approximately 3 weeks, the proposed legislation will be forwarded to the President of the Republic, who will have a 30-day period to take one of the following actions:
Therefore, adopting a cautious strategy to protect prospective applicants, the legislation will become effective upon publication in the official gazette, which is challenging to predict precisely but could occur within 45 days if all procedures advance without complications.
The proposal further ensures that family reunification applications linked to Golden Visa will receive protection. All Golden Visa applications submitted prior to the new legislation taking effect will maintain their validity and continue to be processed according to the existing framework, without any retrospective consequences.
For those considering participation in the Golden Visa initiative, applications remain available at this time. The submission process continues to be active, and any retrospective implications will only apply after the legislation is officially published.
For additional information, please feel free to reach out to our specialists at Civigrant Interest.
