To avoid confusion, the deadline is for real estate purchases, capital transfer of 1.5M euros and real estate funds GV applications.
The other options are still available.
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Thanks for answering me! It does much release my worrying if delayed submission of my family members’ application is not a matter. However, is there any guideline of SEF that expressively states this situation? Thanks again!
RF is protected explicitly in the new law which come into force on Saturday.
You may read the article 42 if interested.
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Yes, great clarification! Many funds, donations etc will still be available.
The law has been published today as expected:
https://diariodarepublica.pt/dr/detalhe/lei/56-2023-222477692
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What I still don’t understand:
- First, they say that it will not hinder renewals and
- For investment into deposits and real estate, there should be conversion according paragraph 4 article 89, where it says clearly that there should be entrepreneurial project.
1 and 2 contradicts each other. How it could not hinder, if you need to create entrepreneurial project which you did not plan to do?
What they have to do if convert at all, than convert into most logical replacement - D7, with granting same 7/14 days. Or best just to keep renewal according to original requirements how they plan to do with NHR
Yes, it is inconsistent and unnecessary, and this point has been discussed in detail in this forum. It appears to be the result of poor drafting, a remnant left over from the first draft where the GV was to be abolished in its entirety. Some folks here have even sent letters to the members of parliament pointing this out, in the hope that it will be corrected before the final publication. Unfortunately, it hasn’t been fixed.
Hopefully when they sit down to render the law into detailed regulations to be implemented by the relevant agencies, something will be done to patch it up to preserve the intent of no retrospective changes for people seeking renewals.
Yep, I know, and it was a rhetorical question, and it seems to me impossible, because this inconsistency 1) in two close paragraphs, not in some different parts of law and 2) does not seem possible to resolve by regulations, except saying that new requirement to create entrepreneurial project does not hinder renewal: create and renew, go ahead
Where were the eyes of all those GV lawyers who said, oh, yes, we are comfortable with the way how the law was modified from the first variant. Well, of course, it does not stop new clients, it is all they care for
I am pessimistic, you know
If it helps, I’m personally more relaxed about renewals. I think we have to examine the phrase:
“Nos casos previstos nos números anteriores, a renovação determina a conversão da autorização de residência numa autorização de residência para imigrantes empreendedores”
My read is that “determina” here implies an automatic process - that by renewing, you are deemed to meet the requirements of the entrepreneurial visa without further examination. But I accept opinion on this will differ.
What worries me more is the language in Article 43 about the various entities that are supposed to be validating real estate investments. We’ll have to see how the regulations clear that up.
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Thank you for your advices. I do very interested to read the new law and have tried very hard to use google translate to turn it to my language, but still not very understand. I have no choice but only have to believe and be optimistic. Anyway, thanks again for your instant replies! 
What an unmitigated disaster. Life savings + mom’s retirement swallowed whole by a country we were told—over and over and over—was democratic, followed the rule of law, and wanted us there. Ha! Portugal turns out to be governed by feckless, capricious politicians who care about nothing but their own SHORT TERM political futures. Real lives thrown away like rotting meat to serve a populist anger that they’ve intentionally fomented and misdirected to the very people who put all our love and hope and resources there for a mutually beneficial future. Rug pull after rug pull after rug pull. Spectacularly cruel.
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You are right, behind every “millionaire” investor there is a story of savings, work and sacrifice
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I would not be that pessimistic.
Even if we imagine they somehow demand “entrepreneurial project” - I don’t think it would be that difficult to “comply” with by the people who frequent this forum.
Well, it would be for us. Impossible, actually.
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Agree. I do not want to do any fictitious “entrepreneurial project”.
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I agree with what you are saying. But what can we as a group do? We trusted what was being sold by the Portuguese government at the time of their need. That our life savings are very safe in a law abiding country. No fear of the rug being pulled from under our feet. That Portugal is not like a banana republic. So we trusted and helped them while we were helping ourselves move to a better place. While lamenting and venting is important to keep our sanity, we should also pull together so we are not treated as a group without a voice. It will be good to get some ideas on how we can be heard and take action to ensure that we are not refused our rights after spending our life savings and having paid our due share of taxes in Portugal. Any legal recourse that can be shared like a class action suit (it may not exist in Portugal) or similar legal avenues that we can take as a group so we are taken more seriously will be appreciated.
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I totally agree. We need to organize.
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Does any one know the application and renewal consequences for the ones going through the fund route?
Non-real estate investment funds are entirely unaffected, and carry on just as before. You can just ignore the whole of the last eight months.
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