I’m asking about the situation of those who purchased properties, signed the deeds and started the wait for pre-approvals then heard the news about the PM’s intentions to potentially end the GV Program !
If a decision is made to end the GV program, will this change apply to those who haven’t received their pre-approvals? Under the assumption that they were not yet accepted when a decision was made?
I’m also worried about SEF deliberately holding pre-approvals pending a decision.
Portugal GV risk after PM announcement for those who purchased properties but didn’t get pre-approvals
No, any change to the program (which doesn’t seem to be imminent), will not impact your already submitted application. The current rules will continue applying for your, also for future renewals, etc.
I have asked your first question to my professional advisors for my GV application, including lawyers, and I have been advised that the announcement by the PM amounts to nothing other than an intent to review the GV program and, if it is determined that it has outlived its usefulness, then legislation will have to be passed to eliminate it which will likely take a substantial amount of time like 6 months to a year. Any such legislation would more than likely contain provisions to protect those who already have purchased property and applied for the GV program given that most western governments respect property rights and those that relied on government programs in good faith.
As for your second question, SEF seems to be a bureaucracy that has its own agenda and, from articles I have read, doesn’t answer to any other Portuguese government body. But again, if there is a government sponsored program it is required to administer, the real estate and legal industries in Portugal who have charged clients and obtained a slice of this international business are not likely to remain silent on inaction that paralyzes the program.
I came late to this GV program and hope to squeeze in. When Russia attacked Ukraine and Russian oligarchs were found to have obtained European citizenship through GV programs, I knew it was just a matter of time that the EU in Brussels would bring the hammer down on these programs. But with the economy slowing in Europe and Portugal just passed a budget anticipating growth slowing down to just 1.3% in 2023 from 6.5% in 2022, Portugal may not want to choke off foreign investment anytime soon.