Our advice to all our clients is to move forward as soon as possible with their investments.
Our advice continues to be to run into the world’s slowest meat grinder as quickly as possible!! For your health!
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Housing Bill to be legally challenged by real estate owners:
“The Lisbon Association of Owners (ALP) will contact the competent entities to request the review of the constitutionality of the legislative package More Housing, in order to allow the Constitutional Court to assess the diploma, as “it should have already happened”, advances to DN / Dinheiro Vivo President Luís Menezes Leitão.”
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The Assembly will discuss “Mais Habitação” on Thursday 21st September, following the veto by the President.
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Love how they never miss a chance to encourage people to “move as quickly as possible”. I have been telling friends the opposite!
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Will discuss? Looks more like vote and confirm on Sep, 21. So if nobody will submit it to constitutional court (not sure what happens in that case), it will be in force roughly on October, 2-3. Hopefully opposition parties will do this play with the Constitutional court. It requires only 23 deputies, not sure why they did not gather it yet.
I am under the impression that if Parliament overrides the President’s veto then the President has 8 days to approve it rather than the 20 days noted in the IAS article.
Yes, and he has no options at that point, so perhaps he doesn’t bother waiting the eight days
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Imagine writing an article about the changes to the ARI, with so little understanding about the changes to the ARI…
Ok folks, so a fresh letter now been sent to all the Deputados on the Housing committee (24 of them), asking to revise the draft and remove the retroactive ‘converstion to enterpreneur’ clauses.
Hoping this would take some positive effect ahead of their debate (on Sep 21st?)…
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Good job. My sense, though, is that PS is determined to pass the bill entirely unchanged, so that the President must then promulgate it.
If PS wants to water down / clarify the D2 stuff, they have the opportunity to do that in Regulations, perhaps with language about a presumption of entrepreneurial status for specified classes of investments.
Hi, what is meant by retroactive convertion to entrepreneur type. I thought all retroactive clauses have been removed already.
No! They are still there, namely clauses 5 of Article 42 and 4,5 of Article 43.
This is a “known issue” that have been discussed in this thread.
If these clauses stay and go into force, there is some hope that:
a) SEF would ignore them somehow, or
b) There will be further regulations issued/amended that would either cancel or ‘enable’ the conversion.
However, if neither of that happens, we will face further disruption/delays on top of existing situation, as SEF will not be able to execute the conversion even if they wanted to.
But what I’m doing here is the last ditch attempt to remove them from the law before it comes into force.
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Yep. Just to add, for the benefit of new readers, that this applies only to ARIs backed by real estate investments or large capital transfers. Those who invested in equity/VC funds are unaffected.
Lots of discussion on these issues in this thread around 20th July.
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Will the new law be effective at the same date of President’s approval or the Parliament’s overriding? I wonder a date should be set to implement the new law, instead of all happen in a sudden.
Unless those Equity/VC funds are largely invested in real estate, right? As I understand it’s not just large real estate development projects, but also equity/VC funds who are invested in real estate.