The ruling Socialist Party of Portugal has presented a proposal to amend the hotly debated housing bill, which is currently being discussed in parliament, as reported by Investment Migration Insider.
In contrast to their previous stance, the party no longer wants to terminate the Golden Visa program completely, but instead aims to eliminate only two investment options: Real estate investments of any kind and the option of transferring capital by bank deposit.
Explore more: Portugal Takes Steps to Ease Housing Crisis: Golden Visas to Be Scrapped, Airbnb Rentals to Be Restricted
The proposed changes seek to retain multiple investment options for interested individuals.
Under the revised proposal, the following investment opportunities would remain:
- Creation of at least 10 jobs
- Scientific research contribution (EUR 500,000)
- Cultural heritage/artistic production (EUR 250,000)
- Venture capital/Investment funds (EUR 500,000)
- Business investment that creates or maintains at least five jobs
This development comes as a surprise, as it was the same governing party that originally introduced the More Housing bill, which sought to end the Golden Visa program entirely.
The proposed retroactive effect on already-approved admitted investors was heavily criticized as unconstitutional, and the government later changed its stance.
Madalena Monteiro, a renowned Golden Visa specialist at Magwind, was quoted by Investment Migration Insider as saying, "Considering that the Socialist Party has an absolute majority of seats in parliament, these proposals are practically certain to be reflected in the law."
Monteiro also highlighted that the proposal also ensures the maintenance of the 20% discount for investments in areas with low population density.
Vanessa Rodrigues Lima, a representatives of the Portuguese Association of Immigration, Investment, and Relocation (PAIIR), a private sector group that has actively influenced the Golden Visa policy, also commented on the proposed changes.
She emphasized that a discussion period will precede the final parliamentary vote on the bill's wording, scheduled for July 19.
“On that date,” Lima said, “the industry will know for sure what the program’s future is.”
Both Lima and Monteiro pointed out certain aspects of the proposal that seemed rushed and inconsistent.
The presence of spelling errors and discrepancies within the proposed changes led Monteiro to comment, "The Socialist Party’s proposal keeps the conversion to D2 [Entrepreneur] visas, but I don’t think that was intentional.”
“It wouldn’t make sense considering the spirit of the changes,” she added.
The proposal doesn't mention a specific transition period, suggesting that the new law will likely go into effect in early August, without a prolonged adaptation phase.
These developments have renewed interest and anticipation in the industry as all stakeholders eagerly await the final decision on the future of the Portuguese Golden Visa program.
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