I just got this analysis from the law firm that we use.
To Our Esteemed Clients and Partners,
Following the conclusion of the Public Discussion to the preliminary draft of the Law presented under the ProgramaMais Habitação, the Government delivered to the Parliament, on April 14th 2023, the Law Proposal no. 71/XV/1.ª, which revokes the Residence Permit for Investment Activity (Golden Visa) for new applications, and changes the formalities in the respective renewal processes.
Having analysed the Law Proposal no. 71/XV/1ª, we hereby provide our valued Clients and Partners with our opinion on the main changes included in this new legislative text:
1) New Golden Visa applications will not be admitted, as from the date of entry into force of the Law Proposal no. 71/XV/1.ª,but the possibility of renewing current processes is safeguarded, for investors and their regrouped family members.
2) The access to Permanent Residence Permits and Portuguese citizenship through the
Golden Visa is also safeguarded, under the terms currently in force.
3) The renewal of Golden Visa processes will be converted into a Residence Permit for Entrepreneurial Immigrants, calledD2, but its holders will only have to comply with the minimum permanency requirement of 7 days, consecutive or not, duringthe first year, and 14 days, consecutive or not, during the subsequent two-year periods.
4) Regarding to pending Golden Visa applications, the current requests for concession and renewals waiting for the SEF´sapproval on the date of entry into force of draft Law no. 71/XV/1st, will remain valid, and will also be converted intoResidence Permits for Entrepreneurial Immigrants, called D2, but its holders will only have to comply with the minimumpermanency requirement of 7 days, consecutive or not, during the first year, and 14 days, consecutive or not, during thesubsequent two-year periods.
5) For the purposes of the abovementioned Residence Permits for Entrepreneurial Immigrants, the competent entitiesmust verify the compliance of the investments to the
respective entrepreneurial project.
6) The submission of new Residence Permits concerning investments or support to artistic production, refurbishment ormaintenance of national cultural assets, provided with a declaration issued by GEPAC (Gabinete de Estratégia Planeamento e Avaliação Culturais) before the entry into force of the Law Proposal no. 71/XV/1st, will be allowed, and will also be processed asa Residence Permits for Entrepreneurial Immigrants.
Contrary to what was released in the preliminary draft of the Law subject to Public Discussion, the actual Law Proposal no.71/XV/1.ª also confirms the revocation of the Golden Visa (as we know it) for new concessions, and the change of formalities inthe respective renewal processes, but it does not propose any retroactive effects.
It should be noted that the Law Proposal No. 71/XV/1.ª will still have to be discussed in Parliament, and then approved bythe President of the Republic, who may refer the document to the Constitutional Court, so we foresee a legislative processthat may take several months to be completed, and therefore its date of entry into force and production of effects is still very uncertain.
On the other hand, considering the legislative route and the respective formalities yet to be fulfilled, it is also expected that thecontent of the Law Proposal no. 71/XV/1.ª could be adjusted, depending on the contribution and proposals of the several playersin the process, especially given the political position of some Parties in the sense of maintaining the Golden Visa program, but in amitigated form.
In this sense, and only considering the text of the Law Proposal no. 71/XV/1.ª, we clarifiy and confirms to its Clients and Partners that the current Law that allows the access to the Golden Visa remains valid and in force, and it is stillpossible to make new investments and submit new processes, but we also recommend that these investments and the submissionof the respective processes are made on the SEF´s platform as soon as possible.