This is the translationsā¦
āMore than 10 years ago, the Government had to ask for international foreign aid to ensure the financing of Portugal and the Portuguese economy. They were difficult years for all Portuguese, in austerity, with more unemployment and with less disposable income.
In this context and on the initiative of the Government, a mechanism for attracting foreign investment was introduced in 2012 in the Foreigners Law, in this case investment of citizens who are nationals of third countries to the European Union, allowing them, upon compliance with certain conditions, to be holders of a residence permit in Portugal, which became known as āgold visaā.
Over the years that have passed, this mechanism has been one of the flags of economic diplomacy pursued by the Government, by the embassies of Portugal abroad and also by government agencies for attracting investment.
Quickly this residence permit aroused the interest of international investors and patrons, having helped the fact that Portugal is perceived as a stable and secure country, at the political, economic and social level.
It was not the investors who defined where to invest, nor the conditions for the granting of āgold visasā. It was the successive Governments that were modeling and improving the respective legal regime in order to attract more investors, through differentiated investment activities, depending on the amounts, typologies of investment and their location.
The result of this public policy of attracting investment is visible in the statistics released by the Foreigners and Borders Service. Between October 2012 and February 2023, 11,758 residence permits were granted to citizens from the four corners of the world, and the overall value of this investment exceeded 6,800 million Euros.
Over the years, the Foreigners and Borders Service has never met the deadlines provided for in the law for the processing of applications, leaving investors months and years waiting for a favorable response, despite the large administrative fees paid by them and their families.
On November 9, 2022, after the Prime Minister declared to consider ending the āgold visaā regime, it was publicly announced by the Minister of Economy the constitution of a commission with representatives of the ministries of Economy, Home Affairs and Foreign Affairs to assess the impact of the program, which to date has not had any activity, with no objective data on the effects that the program had on the Portuguese economy, fuel
Arrived in 2023, and as part of a broader Program (More Housing) aimed at adopting emergency measures to respond to the difficulties of access of Portuguese families to decent housing and at prices compatible with their income, investors were surprised by the abrupt decision of the Portuguese Government to put an end to the āgold visaā regime, allegedly because they contributed to real estate speculation.
The truth is that the Government does not only intend to close this instrument of attracting investment for our economy, with the purpose of protecting the access of the Portuguese to housing.
Without ever having made any impact study of this program, namely regarding its return in terms of wealth generated, jobs created, taxes collected, the Government also wants to withdraw from the approximately 12,000 investors and about 20,000 family members regrouped the residence permit assigned to them in return for the investment in Portugal, imposing on them a permanent residence obligation that was not initially enshrined.
In other words, the Governmentās proposal is not limited to preventing new investments from being made. It intends to go further, with other objectives that are nothing related to the More Housing Program and that reveal a strange prejudice against foreign citizens who must also be protected by the rule of law in force in Portugal
All these citizens are seeing the protection and security of their investments called into question with measures that are unjustified and discriminatory.
These citizens thus feel defrauded by the Portuguese State which, between 2012 and 2022, actively promoted a mechanism aimed at making investments and donations under certain conditions that are now changed, without safeguarding their constitutionally protected rights or interests.
In addition, it is the image and international reputation of Portugal that are strongly shaken. Portugal will no longer be seen as a stable country and friend of foreign investment. It will be with strong embarrassment and shame that Portugal will be perceived as an unstable country and in which the uncertainty and volatility of political agents will make investment a risky activity.
In view of the above, the undersigned appeal to the Government, in the people of the Prime Minister and the Minister of Housing, to all the Members of the Assembly of the Republic and, ultimately, to the President of the Republic, that, in relation to the āgold visaā regime and within the scope of their respective competences:
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Avoid the adoption of any measures that are retroactive, in clear violation of the Constitution of the Portuguese Republic, for offense to the principles of legal certainty and the protection of trust.
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Avoid the adoption of any measures that affect the stability of investments made in Portugal and change the assumptions in which these investors have been granted residence titles for this category, in particular contrary to the obligation legally imposed on them to maintain the investments in question for a minimum period of 5 years.
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Allow a legislative transition that protects all ongoing investments and does not affect a sector of activity that has always sought to adapt to the requirements that have been imposed at all times.
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Adopt measures that do not contribute to a massive appeal to the courts to demand from the Portuguese State fair compensation for the damages caused by the application of unconstitutional legislationā
Applied July 2022 and still waiting but hopeful.