President's Veto Slow Down Changes to Portugal's Golden Visa

Marcelo Rebelo de Sousa, the President of the Portuguese Republic, recently rejected the "Mais Habitação" ("More Housing") bill proposed by the government. This decision stems from political considerations rather than technical or constitutional concerns. Consequently, the bill will require amendments in Parliament before it can be enacted, a process that is likely to take at least another month. As a result, Portugal’s Golden Visa programme will remain unchanged until then.

Within his letter to Parliament, the President outlined eight specific risks and criticisms of the bill, none of which included the Golden Visa programme. While the President had the option to refer the bill to the Constitutional Court for review, he found no constitutional concerns within any part of the bill.

Once Parliament reconvenes in mid-September, a second vote on the bill will likely occur, confirming it without significant alterations. Subsequently, the President will be obliged to approve it. Following final approval from Parliament, the new rules for Portugal’s Golden Visa programme will come into effect. The remaining options for eligible Golden Visa investments are as follows:

• Capital transfers of at least €500,000.00 for the acquisition of non-real estate collective investment assets, incorporated under Portuguese law, with a minimum maturity of five years and at least 60% of the investment dedicated to commercial companies domiciled in Portugal.
• Creation of 10 or more jobs*.
• Capital transfer of €500,000.00 or more for the establishment of a Portuguese company combined with the creation of five permanent jobs, or investment in an existing company combined with the creation of five permanent jobs or maintenance of ten jobs, for a minimum duration of three years.
• Transfer of capital equal to or greater than €500,000.00 for investment in research activities carried out by public or private scientific research institutions engaged in the national scientific or technological system*.
• Capital transfer equal to or greater than €250,000.00 for investment in artistic production or support for the arts, for the restoration or renovation of national heritage, through local and central authorities, public institutions, or eligible private organisations*.

*The minimum investment amount is reduced by 20% for investments in low-density areas.

Under no circumstances can investments be made directly or indirectly in real estate.

Applicants interested in obtaining a Portuguese Golden Visa through the old rules, such as real estate investment, must submit their applications prior to the anticipated September implementation of the new law.

If further clarification is required, please do not hesitate to reach out to us.