Good news for anyone still contemplating Portugal’s Golden Visa, by means of property investment:

Portugal’s President yesterday vetoed the “Mais Habitação” (more housing bill), which means investors have an additional month to continue with the Golden Visa programme, with opportunities starting at €280,000.

As we’ve flagged for some time, once the bill is eventually approved, the property component of the Golden Visa program, which currently allows investments from as low as €280,000, will be discontinued. The Golden Visa programme will continue but new investment routes will primarily involve funds and job creation, with investments beginning from €500,000.

The Portuguese Parliament is now in summer recess so the bill will not be reconsidered until sometime mid-September. Options at that stage include the government deciding to make further adjustments to the bill before sending back to the President, or the government can confirm the bill independently with a majority vote, thereby obliging the President to accept it.

Whichever way it goes, the proposed changes to the Golden Visa programme, will still proceed but will be temporarily delayed. We believe it’s highly unlikely the law will change before the end of September, so investors have a final window to apply to the programme via the existing parameters.

Once the bill is eventually approved, the real estate component of the Golden Visa program, allowing investments from as low as €280,000, will be discontinued. Instead, new investment routes, primarily involving funds and job creation, will begin from €500,000.

In summary:

• The President has rejected the More Housing Bill.
• Parliament will review the bill in mid-September, meaning that proposed changes are delayed for now.
• Once the bill is introduced, property investment for as low as €280,000, will no longer be an option, with investment size eventually increasing to €500,000.
• Investors have an extended window of c.1 month to look at an investment under the current Golen Visa investment terms.
• We are ready to advise you on next steps and guide you through the process.

Source: Property Smith