Those who made investments in 2022 did so under a newly renovated ARI investment program that specifically encouraged real estate investments in the country’s interior. Investors either bought real estate in less economically advantageous interior regions or met significantly higher fund minimums. They did so in good faith and, at least until November of 2022, with no warning that the government might fail to deliver on the visas promised upon investment.
It is now two years later and, apart from several resourced enough to have sued and lucky enough to have won, none of us have even reached pre-approval.
The promises of no retroactivity were purely formalistic—our applications were simply shelved with no indication they will ever be processed.
This is worse than disgraceful. It is fraudulent.
I understand that every class of GV Applicants has faced its burdens, but as a member of the Class of ‘22, I think we have been uniquely defrauded.
Are there any others in this boat who would be interested in organizing some kind of collective or class action? (Which apparently does now exist in Portugal.)
Small quibble: Every GV applicant should be “resourced enough” to sue. If you can’t come up with another grand, perhaps spending 100% of your money on a visa was a mistake.
Otherwise, I agree that the PT government should uphold its end of the deal!
For me, it isn’t about the couple grand in money. If there is a collective fund to sue the government, I will definitely chip in!
I can’t take out a lot of time from my work for this. Just doing the paperwork for the application was a nightmare. More than the cash, it’s about the value of my time. And given my experience with Portuguese lawyers and the legal system, I know for a fact that this can’t be some pay a lawyer and let it be on auto pilot kinda thing.
I fully share the sentiment. The Portuguese government gladly welcomed investors’ money, but they are not holding up their end of the bargain.
I am considering suing directly. I imagine a class action lawsuit would have more weight behind it, but I imagine it would be a very lengthy and complex process.
Folks, there is no such thing as a “class action” in PT, but there is nothing wrong with finding a good lawyer to take on multiple cases using the same argument multiple times using the same argument for a lowered fee. I’ve got my GV via lawsuit and would suggest talking with lawyers already successful on such a front.
Hello,
I want to make sure I understand:
You are stating that Portugal has processed all the applications from 2022 that were NOT real estate, but separately set aside the real estate applications presented online and purposely decided NOT to process those specific applications- because they changed the law in mid to late 2023? May I ask where did you obtain this detailed information?
Richard, not sure where you got that from. My point is that all ‘22 applicants invested under a newly renovated 2022 ARI program (RE investments in the interior, funds meeting much higher minimums). We generally made more expensive investments and/or less liquid real estate investments in less desirable areas. To my understanding, ALL of our applications have been shelved except for those who have brought and won litigation. Non-litigation processing has been stalled at December of ‘21 for more than a year.
I am still not following-
I think all applications are generally delayed, not just real estate.
So I am confused in the basis for a class action.
Happy to message privately if it’s easier.
We made a commercial real estate end of 2022- but given nearly half a million backlog from the combined effects of new agency, the holding during government changes, and all the new applicants due to the war, I don’t think any GV visas are being given priority over those having urgent needs?
I haven’t said anything about certain categories of investments being prioritized over others.
My argument is that those of us who invested in ‘22 did so under a newly renovated ARI program and so in good faith that we were making the investments the government wanted us to make, and generally met either much higher investment amounts if in funds or invested in more depressed interior regions if in residential real estate.
At the end of ‘22, with these investments booked, the government essentially ended ARI processing by throwing the whole program into confusion and unnecessarily creating a “new” agency and then (apparently) deciding to put all ARIs on the back-burner.
So the basis for a claim is that the government extended a new offer with renovated terms in January of ‘22, we met those terms, and then the government pulled the rug out from under us having already received their side of the benefit.