Currently, the Portugal government is accepting Golden Visa applications for a brief period of time before terminating the programme. The Golden Visa programme will end when the law goes into effect, likely within the next 45 days. No new applications will be accepted after this date.
Preeya Malik, licenced attorney and managing director at Step Global, a leading UAE immigration consultancy that assists individuals in acquiring a second residency or citizenship through investment programmes, says her firm has seen an increase in requests since the February announcement by the Portugal Prime Minister that the programme would be discontinued permanently.
As there is an administrative procedure to complete prior to the actual application submission, the timeline is strict, and we advise interested parties to begin as soon as possible to complete the following steps: Collect civil documents and compile the Golden Visa application; open a bank account in Portugal; choose an investment property; and lastly submit the application, all before the law becomes official," she added.
Since no official date for the end of the Golden Visa programme has been announced and 45 days is an educated estimate by experienced lawyers and immigration experts based in Portugal, the sooner an investor begins the application process, the greater the likelihood that their application will be submitted by the deadline.
What are the most recent Golden Visa updates?
After two months of uncertainty regarding the implications of the government's ambiguous February announcement for current and prospective Golden Visa applicants, the most recent announcement made on April 16 has provided investors with clarity and assurance.
The new law will not apply retroactively to those who have already obtained the Golden Visa or submitted an application, allowing them to continue with the same expectations as when they initially submitted their application. In addition, the minimum stay requirements in Portugal of seven days in the first year of residency and 14 days in the subsequent periods of two years of residency (renewals) will remain the same, which is good news for foreign buyers who were not planning to establish permanent residence in Portugal right away. The announcement concluded by assuring developers, solicitors and prospective investors that any applications submitted prior to the law's signing will be accepted and processed without any adverse effects.