On 14 April 14 2023, the Portuguese Government published the new Proposed Law No. 71/XV/1st. This draft legislation includes proposals to revoke the Golden Visa scheme.
From the draft, the following two main themes emerge:
(A) the new law will not adversely impact processes currently in place;
(B) new applications can be submitted until the law is approved.
Material points in the draft law are:
(1) No retractive effect: Contrary to what was previously presented, cases will be admitted if they are filed until the new law comes into effect;
(2) Conversion into a D2 visa and maintenance of the minimum stay requirement in Portugal:
Pending applications and future renewals will be converted into the D2 program (Entrepreneurs Permit);
(3) But the conversion will be without the obligation of a mandatory stay in Portugal of 180 days a year which is ordinarily required for D2 visa;
(4) Proposed a special program whereby the requirement of a minimum stay in Portugal of only 14 days during the validity of the residence permit (i.e. 2 years) is maintained.
(5) Possibility of new applications: New applications for residence permits relating to Investments or support for artistic production, recovery or maintenance of cultural heritage are admitted.
(6) End of the program: The program as currently designed will end with the entry into force of the new law.
(7) The draft bill still has to be approved by Parliament and the President of the Republic, and will not go into effect in the next 45 to 60 days.
(8) Also, it should be noted that although it is proposed that this program as designed will come to an end, there will be no changes in other programs such as D7, D2, D3 etc.
