Thanks. One question. After translating the Article 43-45 with chatgpt, I see below. But I don’t see anywhere where it explicitly mentions VC funds and leaves out investment funds. Could you pls point me to it. TIA
I’m using link https://www.parlamento.pt/ActividadeParlamentar/Paginas/DetalheIniciativa.aspx?BID=152805
Article 43
Repealing provision regarding residence permits for investment
Paragraph d) of number 1 and numbers 2 to 4 of Article 3, Article 90-A, and paragraph r) of number 1 of Article 122 of Law number 23/2007, of July 4th, in its current wording, are repealed.
Article 44
Residence permits for investment activity
1 - New applications for residence permits for investment activity, provided for in Article 90-A of Law number 23/2007, of July 4th, are not accepted from the date of entry into force of this law.
2 - The provisions of the previous number do not affect the possibility of renewing residence permits for investment activity when these permits have been granted under the applicable legal regime until the date of entry into force of this law.
3 - The provisions of the previous number also apply to the granting or renewal of residence permits for family reunification provided for in Article 98 of Law number 23/2007, of July 4th.
4 - The provisions of number 2 also apply to holders of residence permits for investment activity and their family members who meet the requirements provided for in Article 80 of Law number 23/2007, of July 4th, in its current wording, and intend to apply for the granting of a residence permit for permanent investment activity, with the exception of what is provided for in paragraph b) of number 2 and numbers 3 and 4 of Article 85 of the same law.
5 - In the cases provided for in the previous numbers, the renewal determines the conversion of the residence permit into a residence permit for immigrant entrepreneurs, under the terms of number 4 of Article 89 of Law number 23/2007, of July 4th, in its current wording, and its holders must comply with a minimum stay period of seven consecutive or non-consecutive days in the first year, and fourteen consecutive or non-consecutive days in subsequent two-year periods.
Article 45
Pending applications for residence permits for investment activity
1 - The applications for granting and renewal of residence permits for investment activity requested under the provisions of numbers 1 and 2 of Article 90-A of Law number 23/2007, of July 4th, which are awaiting a decision by the competent authorities on the date of entry into force of this law, remain valid.
2 - The provisions of the previous number also apply to applications that are pending prior control procedures at the Municipalities on the date of entry into force of this law.
3 - The provisions of number 5 of Article 44 apply, with the necessary adaptations, to the aforementioned applications.
4 - For the purposes of the provisions of the previous number, the competent authorities must verify the adequacy of the investment to its respective entrepreneurial project.
5 - The following entities are competent to verify the adequacy of the investment to its respective entrepreneurial project, depending on the matter:
a) The Portuguese Trade and Investment Agency (AICEP);
b) The Development Bank;
c) The Agency for Competitiveness and Innovation;
d) The National Innovation Agency (ANI);
e) The Office for Cultural Strategy, Planning, and Evaluation (GEPAC);
f) Others deemed appropriate in accordance with the matter.
