Plans are still in place to abolish the Golden Visa programme in Portugal, as first announced by Prime Minister António Costa earlier in the year, but the final laws have not been approved, which means that there is still time to apply.
On 25 August the President of Portugal vetoed the More Housing plans, which included the end of golden visas along with a raft of other measures, which the government aims to use to ease the housing crisis in Portugal which is particularly affecting low income families and those in highly populated areas such as Lisbon and the Algarve.
The veto of the President does not mean that the new measures will not come into force, rather it has simply delayed them. This has meant however that some extra time has been added to the clock for those looking to take advantage of the golden visa in Portugal.
According to a report by International Living: “The current system allows applicants who purchase a residential property valued at €280,000 or more to gain a five-year residency visa. That in turn allows the visa holder free travel rights within the European Union”.
Any applications for a golden visa in Portugal which are submitted before the new laws come in to force are going to be eligible for the programme, as long as they meet the necessary criteria.
According to International Living there are two crucial steps that need to be taken by anyone looking for a golden visa in Portugal. Firstly, “An application must have been filed with the Portuguese immigration agency. That doesn’t mean that all the supporting application need to have been submitted. That can continue even after the bill is passed, as long as the process was in motion beforehand”.
The second important step is: “A residential property transaction must have reached the stage where money has changed hands. The final deed of transfer need not have taken place, as long as the purchasers funds have been transferred to the seller’s escrow or other account pending finalization of the transfer”.