There’s some bleak humour in voting on a consequential reform … and THEN asking lawyers to check the wording.
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In all likelihood the members of the parliament didn’t think too much about the impact of the new law on Golden Visa investors, as our numbers are very small compared to the supposedly millions of aliens who are trying to obtain a legal status in Portugal.
To me the most obvious solution is to offer GV investors a 5-year path to citizenship regardless of what the rule is for everyone else. Many GV countries offer fast track to citizenship for investors in order to attract capital to the country. Why can’t Portugal do the same?
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Suddenly every single company in the GV space, and the government as well will suddenly pivot to the following line:
“The GV program was never truly a path to citizenship. It only offered the possibility of citizenship. Therefore the GV program remains unchanged and an attractive option for all of our investors. These changes to the law don’t affect the GV program at all. We encourage applicants to apply as soon as possible.”
The entire GV community will get swept up in collective amnesia and pretend as if this was the case all along.
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Were you copy and pasting from this snake oil salesman by chance? 
Paul Stannard, founder and CEO of Portugal Pathways, explained:
…“Meanwhile, none of the other benefits of the Golden Visa are being altered. The programme continues to be hugely popular for a number of key reasons – and none of those are changing should the proposals eventually become law.
“All those applying will obtain a Golden Visa residency card – renewable every two years - which provides them with unfettered access to the 29 countries in the European Schengen region.
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100%!
Especially with advertisement from the government agencies which are still soliciting investors saying it is a path to citizenship.
E.g. AICEP which originally developed the program together with SEF:
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I thought about it a lot in the past couple of days. I invested under the promise of security and stability. If this law passes, I would likely withdraw my funds. Ten years is a long commitment, especially when I have no assurance that future changes won’t make the situation even more uncertain. This isn’t just about money; it’s about trust. Golden Visa investors placed faith in this system and contributed to the economy. Changing the rules after we have already committed is unfair and distressing. It feels like we are being punished for believing in this country’s vision and opportunity.
And they continue to insist that the residency law is separate from the citizenship law. Yet that is not how this program was originally presented. It now feels misleading, as if the rules are shifting after people have already committed their investments in good faith. It leaves investors feeling trapped rather than supported, despite doing everything by the book and trusting the legal process.
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could anyone please archive this page? thanks
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Here are some other pieces of evidence that I have already posted at the WhatsApp group, where the government clearly linked GV with citizenship:
In addition to the AICEP mentioned above:
#2: Various websites of Embassy of Portugal in different countries advertise investment as a path to citizenship, e.g.
https://toronto.consuladoportugal.mne.gov.pt/en/consular-matters/visa/gold-residence-visa
There are more, I didn’t go deeper.
Sessions in the Parliament
The lawmakers themselves had multiple documented hearings in the parliament, where they openly stated GV is a path to citizenship, or claimed that they are actually selling citizenship. This is a strong point, which makes it obvious that the program’s implicit and understood function was to serve as a necessary prelude to citizenship. This was not merely an investor’s interpretation or a marketing slogan; it was the formal understanding of the lawmakers themselves.
#3: Parliamentary document reviewing a proposed law concerning the state budget for 2020:
In GV context: “Naturally, it is not of little importance that this temporary residence permit, as it is designed, generally ends up serving as a prelude to permanent residence and subsequently to Portuguese nationality (upon fulfillment of the requirements of the Nationality Law, approved by Law No. 37/81 of October 3).”
#4: Parliament debates in 2019:
“Mr. José Manuel Pureza (BE): — Mr. President, Ladies and Gentlemen Deputies: A country that takes itself seriously does not sell citizenship rights. That is what we are debating here today: is it or is it not acceptable for Portugal to sell citizenship rights in exchange for €500,000 tied up in real estate? We can pretend that this is not what’s at stake, but in fact, that is exactly what’s at stake.”
#5: Projecto de Lei N.º 109/XV/1.ª by PS claims that Golden Visa is a path to citizenship
“The residence authorization granted is temporary, but may become permanent after five consecutive years of renewal in the country. At the end of this period, the holder is entitled to permanent residence and may apply for Portuguese nationality by naturalization (under the terms of Law No. 37/81, of October 3, in its current wording, which approves the Nationality Law).
…
Those who live and work in Portugal, whether investors or not, should be able to legalize their situation and obtain residence authorization. The criterion for access to residence authorization, and through this route to the acquisition of nationality via naturalization, cannot be that of having money and for this reason being able to use this mechanism to enter and circulate freely in the Schengen area.”
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Okay this one is a good smoking gun because it says citizenship after 6 years. Archives:
https://archive.is/ckUqY
https://web.archive.org/web/20240526210504/https://banguecoque.embaixadaportugal.mne.gov.pt/pt/a-embaixada/noticias/ari-regime-especial-de-vistos-para-investidores-estrangeiros-em-portugal
The other ones all say you can apply for citizenship according to the current law … which doesn’t help our case, because they can change the current law to be 10 years, or require physical presence, and say “see you can still apply according to the current law”.
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Excellent work, thank you! I will add all of this to my personal case archive when I get home.
Best of luck to all of us, or may justice prevail in other words.
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Good article:
Portugal’s Citizenship Gamble and the Price Future Generations May Pay - The Portugal News Portugal’s Citizenship Gamble and the Price Future Generations May Pay - The Portugal News
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Good article. Hopefully it reaches president desk on time…
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This as well:
"By extending the waiting period to ten years, the country moves closer to the European average, but at a cost – it risks undermining investor confidence and reducing the appeal of residency-by-investment routes like the Golden Visa.
The coming months will show whether this reform marks a new era of tighter control – or whether Portugal, faced with mounting pressure from its expat community, decides to soften the blow."
Let’s keep the pressure on 
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This article misses the point in one key way. I used to think that the backlog was due to inefficient bureaucracy and understaffing.
I was quite shocked to see António Leitão Amaro state that the visas were intentionally held up. And, proving his point, AIMA released thousands of biometrics appointments the day after the vote.
How the government can argue that they were in good faith trying to meet their end of the agreement? How can Portugal convince anyone after this that the government will attempt honor any agreement made with them? This concern extends beyond just people seeking residency or citizenship, but to anyone looking to do business in or with Portugal.
Like many of you, I’m supposed to fly out to Lisbon for my biometrics appointment. I’m a little worried that Portugal will fail to deliver my residency card after collecting my substantial application fees. Before Sr. Amaro’s explanation, I would have thought this a silly concern; of course it will take a while as does everything in Portugal, they’re doing the best they can with the resources available to them. Now? My confidence is shaken.
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Good point about AIMA. It’s just layers of broken promises and missed opportunities with this government.
FWIW, while the biometrics took forever, we did get our card a few months after.
It’s just layers of broken promises
To me, it’s more than that; it’s why the promises were broken. I’d thought that it was just inefficiency. I’m quite shocked and upset to learn that it was intentional.
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This was shared in a WhatsApp group. I’m not sure how accurate it is, but it may help estimate the timeline for the process of the new law.
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I’m confused. I thought the law took effect when it was published, yet this table seems to indicate it is published before it goes to the President.