TLDR: the new regulations (17 Jan 2024) look good, preserve the status quo for renewals for existing investors, and also for applications and renewals for those with pending processes.
IANAL of course. My annotations (in bold) of the new regulations to the Aliens Act as per the translation uploaded by Chris above. Go to page 48 of the translation, Article 5 “Transitional rule”.
5 - Renewals of residence permits for investment activities defined in points i), iii) and iv) (i.e. capital transfer, real estate, real estate rehabilitation) of paragraph 1 d) of article 3 of Law no. 23/2007, of 4 July, as amended prior to the entry into force of Law no. 56/2023, of 6 October (“Mais Habitacao”, which revoked the above 3 categories), granted under the legal regime applicable until the date of entry into force of said law, (i.e. old renewal rules apply) The residence permit regime for immigrant entrepreneurs provided for in Regulatory Decree No. 84/2007, of 5 November, in its current wording, applies mutatis mutandis. (mutatis mutandis doing some heavy lifting here, see below)
6 - The provisions of the preceding paragraph shall apply to citizens holding a residence permit for the investment activities referred to therein and their family members, who comply with the requirements provided for in article 80 of Law no. 23/2007, of 4 July, as amended, and who apply for the granting of a residence permit for permanent investment activity. (“golden PR” continues to be accessible to people who invested in now-revoked categories)
7 - The situations provided for in the preceding paragraph shall not apply to the provisions of paragraph 2(b) and paragraphs 3 and 4 of article 85 of Law no. 23/2007, of 4 July, as amended (these 3 provisions define cancellation norms for regular PR due to prolonged absence; here we’re reaffirming that “golden PR” is not subject to the same rules)
8 - The provisions of paragraph 5 shall also apply to applications for the granting and renewal of residence permits for the investment activities referred to therein, which are pending before the competent authorities on the date of entry into force of Law no. 56/2023 of 6 October. (applications in the now-revoked categories pending as of 7 Oct will be honoured according to the old rules)
For reference, the relevant article from the decree covering immigrant entrepreneurs:
Article 31: Residence visa for carrying out independent professional activity or for entrepreneurial immigrants
1 - The application for a residence visa to carry out independent professional activity, included in the list of professions in force for identifying IRS taxpayers, is accompanied by:
a) Articles of association or contract or written proposal for a service provision contract;
b) When applicable, declaration issued by the competent entity to verify the requirements for exercising a profession that, in Portugal, is subject to special qualifications.2 - The application for a residence visa for entrepreneurial immigrants who intend to invest in Portugal or have already done so is accompanied by:
a) Declaration that you have carried out or intend to carry out an investment operation in Portugal, indicating its nature, value and duration; It is
b) Proof that you carried out investment operations; or
c) Proof that you have financial resources available in Portugal, including those obtained from a financial institution in Portugal, and the intention to carry out an investment operation in Portuguese territory, duly described and identified.3 - The application for a residence visa provided for in the previous paragraph will be assessed taking into account, in particular, the economic, social, scientific, technological, or cultural relevance of the investment.
IMHO the only way this is going to be consistent with the above transitional rules is if “mutatis mutandis” means 1 is ignored, 2 checks proof of investment, presence, etc. by the old GV rules, 3 is ignored. I expect the only practical difference is that the new card will say “Act. Profissional Independente” instead of “AR Investimento”.