Whether or not the Portuguese government dramatically alters the wait for a passport, I believe recent developments will cause new applicants to shy away from investments in closed-end funds for fixed periods of time.
With an open-end fund, you can always sell your investment and walk away if the terms become disadvantageous. It would be awful to be locked into a 7 year term if you no longer pursue the GV. Furthermore, some of the real estate projects might not receive sufficient funding from new investors to complete construction, leaving existing investors in a lurch (depending on the contract terms).
The current debate might be enough to permanently scare investors from anything with a fixed term.