The “More Housing” bill was officially published on October 7, 2023, marking a significant shift in the Portugal Golden Visa landscape. This legislation brings several changes to the program, including the termination of real estate investment and the 1.5 millions capital transfer options, and in additions adjustments in fund eligibility criteria.
Our preparations for this groundbreaking transformation go back to when the bill was first proposed. As we had previously mentioned in our newsletters, we were prepared for the new legislation. While the President had veto and voiced concerns about the bills on numerous occasions. The law have to come thru after a reconfirm, this is how the Portuguese legislative system operates.
We assure our clients that the new law will not have a retroactive impact, as our constitution prevents such changes.
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Celebrating Our Clients’ Trust & Meeting Tight Deadlines
We would like to extend our gratitude to our clients who trusted us during this period of transition. We’re proud to announce that we successfully submitted all our clients’ applications before the deadline, just as we did in 2021.
Allow us to share two client stories that sespite starting from scratch with no NIF, bank account, or lawyer, these clients successfully submitted their applications in less than 2 weeks.
One client joined us on September 17. During this process, the client was rushing to get her funds transferred from the US to Portugal, and her bank in the US stated that it could take up to 10 days for international transfer. We also learnt that because it was a direct transfer to the developer and not to the client’s personal account, going thru a broker was not recommended from the bank on a KYC perspective. Luckily, the wire from the client’s bank account to the developer only took 2 days instead of 10 days. Her application was submitted on September 27.
Another client onboarded with us for her Golden Visa journey on September 17. Facing internet banking limitations, the client was fully committed to make it work no matter how. She flew to Australia from China on September 20, to make the fund transfer in person. She managed to make the fund transfer on September 21, and her application was successfully submitted by September 26.
Every day, we acquire invaluable insights while collaborating with diverse clients. We hold these experiences dear and firmly believe they can be harnessed to benefit all our clients in the days to come.
The Power of Relationships and Trusting Your Golden Visa Journey
Our ability to navigate these tight timelines can be attributed to the invaluable relationships we’ve cultivated with developers, lawyers, and banks. These partnerships empower us to ensure the swift processing of essential documents and requirements, even during high-demand periods.
Here are two areas where we successfully navigated to expedite our clients’ applications:
1. Streamlining NIF Acquisition: In the face of an unexpected and extensive delay in obtaining the NIF (tax ID), a process that typically takes 1-2 days extended to a frustrating 3 weeks. Recognizing the delays and the urgency, we took a proactive approach. Our legal partner went to the financas department in person, to get our clients’ NIFs on the spot.
2. Swift Declaration Letters: We are well aware that certain banks have been sluggish in providing the necessary declaration letters, a crucial document for the application process, in recent months. With our commitment to have the application handed in swiftly, our dedicated developers and lawyers ensured that these essential documents were obtained on the same day as the deed or CPCV was signed.
Your Golden Visa journey is crucial, and choosing the right partner can make all the difference. It is the relationships we have cultivated over time that truly set us apart.
It could mean the distinction between meeting deadlines or facing delays.
We’re here for you whenever you’re ready to begin your Golden Visa journey.
The Future of Portugal’s Golden Visa Program
With the changes in the Portugal Golden Visa program, particularly the shift away from real estate investments, we’re entering a new era.
Historically, real estate investments were the preferred choice for Portugal’s Golden Visa program. However, with changes in regulations, there will inevitably be a shift towards investment funds.
We are no stranger to investment fund. In fact, more than 90% of our clients invested thru funds in 2021 (with a reverse in 2022, where around 90% of our clients invested in real estate).
Back in 2021, significant changes were on the horizon for Portugal’s Golden Visa regulations, scheduled to take effect on January 1, 2022. These changes included raising the investment threshold for funds from 350k to 500k and the exclusion of residential properties in specific regions of Portugal from eligibility.
During this transitional period, the majority of our clients expressed a strong preference for the fund route. Their reasons were clear – this pathway offered streamlined and faster procedures while they are rushing to get their application in. And the minimum threshold was to be increase to 500k.
From a pure investment perspective, fund investments carried several distinct advantages, including favorable aspects related to tax, fees, and portfolio diversification.
Take a look into our post 2 years ago on the comparison between real estate and fund route: The Biggest Advantage of Investing in Fund for Your Golden Visa. Although the minimum threshold had increased, the fundamentals are still the same. (we are working on a new article to summary the fund investment routes in the current situation, stay in tune).
Exploring New Fund Opportunities
We have identified numerous fund opportunities that are eligible for the Golden Visa under the new regulation, including those in solar energy, AI, biotech, international schools, agriculture, pre-seed companies, and more. We are actively updating our offerings to accommodate these new investment avenues and look forward to sharing these opportunities with you soon.
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