The clock is ticking for those considering Portugal’s Golden Visa program.
With only one month left before the program is set to end, investors are grappling with confusion and speculation regarding the program’s future.
Several articles have surfaced recently, stirring up rumors about the Golden Visa’s future. Investors may be wondering if submissions are frozen, whether there’s still time to apply, and what steps they need to take to apply.
In this article, we’ll separate fact from fiction and provide you with essential information to help navigate the last month of the Golden Visa program.
The Law is the Law
On February 16th, the Portuguese government proposed a change to the law that would end the Golden Visa program. However, this proposal is not yet law. Only Parliament can vote to change a law, and only the President can ratify it. Until then, the law remains in effect.
Some Articles are Speculative
Some media outlets have stated that an unnamed staff member from the Ministry of Housing had informally suggested that GV applications submitted now are frozen. However, there is no official basis for this speculation. The government must follow the law, regardless of what an anonymous staff member says or does.
The GV Law Hasn’t Changed
The earliest the new law can take effect is mid-April. According to the Portuguese Constitution, a new law cannot be applied retroactively. Therefore, the Portuguese Immigration and Borders Service (SEF) is obligated to follow the current Golden Visa law, and online submissions are still being accepted.
What Are the Most Recent Official Updates?
On March 10th, the government announced that it would extend the public discussion period on the Golden Visa program until March 24th.
What Will Happen Now?
The public discussion will continue until March 24th. On March 30th, the new draft of the law will be discussed by the government in the Council of Ministers. The final draft of the new law proposal will then be voted on by Parliament, and if approved, sent to the President for ratification.
What Is the Process?
The Golden Visa application process starts with obtaining a Tax ID in Portugal, which takes 3-4 days. After that, you can open a bank account, which takes only 1-3 weeks (or one week for US citizens) with our bank.
What Documents Do I Need?
The documents needed for the entire process are outlined below, with those required to be legalized highlighted. Your attorney will guide you through the investment and application process.
Can I Still Make It?
This is the last chance to apply for the Golden Visa program. We have a fast-track application process with our bank and partner law firms, which can help you apply before the new law takes effect.
Final Thoughts
The Golden Visa program may be coming to an end, but there is still time to apply. Separating fact from fiction is crucial when making investment decisions, and we hope this article has provided you with the necessary information to make an informed choice about the Golden Visa program.
Exodium | E2 visa, EB5, Residency, Citizenship by Investment