PT doesnāt care individual investors I guess. They want cooperations with big international companies, but maybe individuals who bring 100k to the country arenāt their main interest.
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With all the circus going on, makes me rethink if I should pay the 5000+ Euros for the resident card since I already gave my biometrics and waiting for final apporval or just abandon this pursuit altogether. And consider the already paid 15000 Euro expenses with this whole GV process written off.
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If youāve submitted, itās not clear thereās any impact as yet
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In Alfama, the LG has it that if you sell your A/L property, then the A/L is automatically lost and the new owner has to go onto a waiting list to get a new one ā¦
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I would think, the more standing you have when the new rules are actually made law, the better. You have come this far, step across the finish line!
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I think the gamble is worth it, so I plan to if no new information comes to light.
Though as it stands, I expect clarification within a few months. Lots of angry people with money to hire lawyers right now to get things cleared up once any new law passes (if it does)
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The changes havenāt come into effect yet, so wondering if some of the posters wouldnāt actually wait to see what the actual law will end up being before selling up or abandoning their applications? Remember what happened yesterday was a press conference - these announcements are yet to be turned into law.
At best what has been gleaned is that investors in residential housing will be required to either live in their housing or offer the housing for long term let for renewals - all good steps to ease the housing crisis.
The consensus from the lawyers seems to be that existing applicants in the system are fine (their applications will not be terminated).
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I would caution everyone against rushing to quick judgements and speculations. Understand that Portugal has a typical affordable housing shortage, and even more - understand that Portuguese politicians need votes. The current governing party is socialist, hence they must respond to popular demands. And so, wait for the final law to be drafted, discussed, voted, and even then - implemented. Chances are better then ever that there will be a cut-off date sometime in the future rather than immediate cessation.
It is important to remember that Portugal has come under much pressure from the E.U. to terminate its āback-door-to-Europeā Golden Visa programme already for few years; however, no real steps had been taken to completely eliminate it. The programme is just too profitable to ignore.
Finally, Portugal is not a lawless country and has generally respected its prior commitments. It is unlikely that your existing cases would be abruptly terminated. In fact, if you are truly serious about investing into GV programme, the time to act would be now, before any changes to the subsequent terms would be introduced.
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Iām going to stay onboard, but with a large dose of skepticism and with both eyes open.
Chances are better then ever that there will be a cut-off date sometime in the future rather than immediate cessation.
Industry experts and immigration lawyers previously assured that existing applicants, or at the very least, existing permit holders will be grandfathered in. The recent announcement has cast a lot of doubt on this, and made me skeptical of those with a financial incentive to keep people onboard.
Concerningly, it looks like there are discussions of adding restrictions for real estate renewals, as well as trying to match the other non-real-estate categories to other visas with āoverlapsā. This may even render renewals for non-real-estate non-viable for funds (e.g. if thereās a new job creation requirement).
much pressure from E.U. to terminate its āback-door-to-Europe ā Golden Visa programme already for few years; however, no real steps had been taken to completely eliminate it.
The Russian war and the pandemic asset/house price boom appear to have changed the game.
The same can be said of many golden visa programs like Ireland and Bulgaria, both of which have long histories and ended within a year after the start of the Russian war.
Finally, Portugal is not a lawless country and has generally respected its prior commitments.
This is the only thing Iām counting on. However, this is a nice wake up call given the long (7+ years) journey this is. If this is what we can expect from a relatively liberal, rational government, Iām concerned about the rise of right wing populist parties in the recent/next election.
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Regardless of what actually happens, even talking about changing the rules on people who have already invested opens a wide, long-term trust deficit.
The PM talked of not killing the tourism industry golden goose, in the context of limiting A/L licenses. But I fear heās done just that, and in a much wider context than A/L or ARI.
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I put my trust in this peaceful country with a humane and reasonable government in hope of a better second half of life. The long delay of approval and now this had really saddened me. Still I have hope for PT to be as responsible as Ireland to guarantee the position for existing applications and a grace period of 3 months for people who are far in the process.
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While I do think they will / should grandfather in, I find it highly insulting to all of us to even mention the idea of changing the terms after the fact (even though it doesnāt affect me personally). It is amazing that for all the passion and money we got lured to put in, that we get slapped in the face and never ever got any āVIPā treatment. Feels like bottom of the stack instead.
Itās like in movies where we got seduced and married someone, transferred all the wealth to that person but at the end got kicked out of our own houses.
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The lawyers are a joke. My lot sent a mail saying that your process is ongoing so nothing will be affected. BS, but the AL proposal has hit a lot of opposition incl from the mayor of Lisbon.
Therefore, the only bit which will pass is the GV bit ācos we donāt vote.
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All owners affected
It is not just returns - you will likely havevto be physically present to claim tax residence.
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Iām sorry but the Portuguese government canāt just do that!
If they want to scrap the program thatās OK its their right. But to change the rules of renewals and force the currently in the GV pipeline to ārearrangeā their investments and properties is, if not unconstitutional, downright cruel and myopic. It has the same energy of āi have altered the deal pray i donāt alter it any furtherā.
If the government wants to just be over of GV program and stop even the renewals, then they should give us our part of the deal, expedite the time needed for naturalization or PR. two years seems fair given that the first card validity is two years.
They donāt even need to change anything in the law. Act No. 37/81 Article 6 of the nationality law states that the Government may waiver the residency period requirement to people who have done service to the Portuguese state. I would argue that we brought great economic boom and capital to the country in a time Portugal needed it the most, and if they want to throw us under the bus now then those investments were actually a service to the Portuguese state.
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They can do whatever they want, and right now they donāt want us anymore.
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Yes for new applications they can do whatever they want, but they already made a deal with the current ones
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Letās all be rational and let it play out. Portugal , like many countries, is dealing with a housing crisis and needs to foremost consider the needs of its citizens.
Of course it must also respect the conditions and arrangements it has made with others and therefore must allow those with golden visas to continue those.
Portugal should listen to the voices of many who chose Portugal as a place to settle or retire. Only because they have saved money their voice should not be disregarded because many of these people can do great things to benefit the country in the future. Some may be speculators but most are not . Most just want a better future.
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I am right about to apply for my Golden Visa. I have already made the real estate investment and I am now just waiting for my non-criminal record to be issued and apostilled.
I am still able to apply correct? Since these new changes have not been made into law yet.
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