The President of Portugal's Veto on the Golden Visa Program: A September Deadline to Apply Under Current Law for Real Estate Investment Opportunities

Introduction

In recent weeks, Portugal's Golden Visa program has become a topic of heated discussion. A majority parliamentary approval for a housing bill in Portugal was met with a veto by the Portuguese president on August 21. This decision will lead to further debate in parliament and extend the finalization of the bill, impacting the golden visa program's real estate investment option.

The veto isn't based on any constitutional non-compliance but rather on the president's disagreement with certain measures of the bill. The move merely extends the process of finalizing the bill and offers golden visa investors a transitional period to continue pursuing their investments under real estate terms.

In this post, we will explore the implications of this veto, the expected future of the golden visa program, and how moviinn can assist applicants in making the most of the current investment options before changes take effect.

The Current Scenario

The President's Veto

The president's decision to veto the housing bill, known as the Mais Habitação or More Housing bill, has led to an extended timeline for the finalization of the law. The veto isn't grounded in any legal or constitutional issues, but rather reflects the president's discontentment with certain aspects of the bill, primarily related to tourism accommodation and compelled lease.

The veto doesn't necessarily mean that the bill won't eventually be passed; rather, it delays it. It is expected that the new bill could take up to an additional five weeks to pass, giving golden visa investors this time to pursue the visa under current real estate investment terms.

The Future of the Bill

When the Parliament returns from its summer recess in September 2023, they will likely vote again on the bill without any significant alterations. It is expected that the bill will be approved once more, given the legislative majority held by the ruling party. At this point, the president will have no choice but to accept the bill.

Implications for the Golden Visa Program

Changes in September

With the anticipated approval of the bill in September, the golden visa program's real estate investment option will be off the table. However, this doesn't spell the end for potential investors. Various other routes will remain accessible.

Alternative Investment Options

The bill's approval will pave the way for new opportunities, such as investments that create at least ten jobs, a €500,000 contribution to research activities, or a €250,000 contribution to artistic or cultural projects. These amounts can be reduced by 20% when made in low-density territories.

Moreover, investors can consider more business-focused options like €500,000 acquisitions of shares in non-real-estate ventures or similar investments in a commercial company with headquarters in Portugal, combined with the creation of five permanent jobs.

How moviinn Can Assist You in Time for Your Real Estate Investment Application Under the Current Golden Visa Program

If you're considering applying for Portugal's golden visa, time is of the essence. The end of September marks the transition into new investment opportunities. While these are attractive in their own right, current real estate options may be more aligned with your goals.

moviinn is here to guide you through the application process. With our expert support, we'll help you fill out your Golden Visa application before the end of September to ensure you can take advantage of the current real estate investment options. Our team understands the complexities of the program and can assist you in navigating the landscape to make the most informed investment decisions.

Conclusion

The pending changes to Portugal's golden visa program present both challenges and opportunities. While the real estate route's phase-out may seem limiting, it opens doors to diverse and lucrative investment possibilities.

As the legislative landscape evolves, moviinn is committed to providing tailored support to help you maximize the current investment options and guide you through the transition into the new era of the golden visa program in Portugal.

Don't miss this time-sensitive opportunity. Reach out to moviinn today and let us assist you in securing your golden visa under the current real estate investment terms before they change in September. Book a call with us now.