Europe Date: 20 July, 2023
As expected on July 19th 2023, the Portuguese Parliament voted to pass the Mais Habitação Bill (More Housing Bill). This article will show how the new More Housing Bill affects the Portugal Golden Visa.
The key features of the More Housing Bill are that:
The amendments will come into force on the day following their publication in the official journal with no grace period.
The remaining five investment options are:
There will be no immediate impact. Portuguese authorities will continue to process existing applications. Until this new law comes into effect, you can still take advantage of the real-estate option.
The President of the Republic receives the approved Housing Bill. There are three possible outcomes from him doing so. They are as follows:
The President has 20 days to make a decision. However, he could make his decision before this time.
If he ratifies the bill, it will not come into effect until the middle or end of September. This reflects the complexity of the bill and the fact summer holidays have started.
If he rejects or requests a second opinion, the new law will come in a lot later.
The Golden Visa is not closing. It is being amended to remove the option to investment in real estate and the capital transfer option There is still alternative investment options noted above. However, the investment level will be EUR 500,000, as opposed to the current real estate minimum of EUR 280,000. Your Client Advisor can explore this at a later date, as required.
If you have already started the process and submitted your application:
There is nothing you need to do as your application will be locked in and you will be considered under the laws in place at the time of your submission.
If you have started your application but not yet submitted:
We have a very small window to submit your application before we have a decision from the President and to ensure your application is considered under the current legislation. Please speak to your Latitude Client Advisor ASAP to review your file and see what you need to be able to submit.
If you have not yet started the process
It would not be realistic to advise that you could prepare a file for submission in 10 days, although it is possible and you would need to have access to all of the necessary documents.
If not, we should wait for 10-20 days to see what the decision from the President will be. If he does not ratify the bill and it either goes back to Parliament or the Constitutional Court, there will be a longer period where we would have enough time to prepare and submit an application.
Date: 20 July, 2023
Posted in: Europe