On June 19, all parties submitted their final proposal for the “Mais Habitação” (More Housing) bill. These will be discussed in the Parliament during June and July.
Latest Proposal on Golden Visa
The most interesting and notable proposal is from the Socialist Party (the party of the Prime Minister, and hold an absolute majority in the Parliament), which previously had adamantly wanted to end the Golden Visa outright and immediately. They have propose to the Golden Visa the certain categories, namely the following
- Creation of at least 10 jobs;
- Transfer of € 500,000 for scientific research activities
- Transfer of € 250.000 for artistic production or maintenance national heritage
- Transfer of € 500,000 for venture capital funds
- Transfer of € 500,000 for the creation of a local company, or investment into an existing one, with creation or maintenance of 5 jobs for a minimum of 3 years
The categories relating to direct real estate investments (ie. 280k, 350k, 400k, and 500k real estate investments) and pure capital transfer of 1.5 million euros are not in the proposal to stay.
This is phenomenal. Because, it shows the intention of the ruling party to keep the Golden Visa. The direction of the narrative, has change so much from the Prime Minister’s speech on February 16, which now is in favor to keep the Golden Visa, with some changes on the eligible categories.
It should be noted that the above is just a proposal and as such it is necessary to wait for the final approval to have confirmation on the exact terms of the new regulations.
It should also be noted that there is no certainty of the date that the final voting will take place (very likely on July 19) and much less the date when the law will become effective after it has been validated by the President and published in the official gazette. Applications under the current rules continue to be valid and will be so until the new legislation is published.
We will continue to monitor this issue and update you accordingly.
Most importantly, what does this new information implies and how does it affect you.
THE OPTIONS YOU HAVE NOW ON PORTUGAL GOLDEN VISA
1. If you were planning to invest in funds
You should be able to go ahead. And assuming the law passes accordingly to the proposal of the ruling party, the fund investment route shall maintain and you would still be able to apply even after the new law changes.
2. If you are still undecided but budget is not a concern
You can take a look at both real estate and fund options. And you should make up your mind sooner rather than later. You should still have a back up alternative opened to you with the new law. Just bear in mind that your most preferred options may not be eligible anymore.
3. If you still want to go ahead, but budget is a concern or you want preliminarilywant to invest in real estate.
You should start / continue the process immediately. Although, we still don’t know about the new laws (if real estate option will close down entirely), and if any transitional period will be given. But it doesn’t hurt to get started earlier rather than later. If you would like to invest only 280K or 350K, this may be your last chance. Because most other European Golden Visa are much higher than this threshold.
THE MOST IMPORTANT PREPARATION NOW
Last time we have mentioned the Fast Track submission, the direct transfer method. We are presenting more projects below that are available with direct transfer enable. Meaning, you do NOT need to wait until you have your bank account opened in Portugal, you are able to get your investment done within 2-3 weeks. You can take a look of the article here.
With the bank account opening issue solved, one very important issue remains. Your criminal record. That is, the no criminal record/ police check/ police clearance of the main applicant.
We advise all clients who have the intention to apply for the Portugal Golden Visa to start immediately applying for the no criminal record check. As with our experience, it is the main obstacle that remains. And it is one that we have no control of. It entirely depends on your country, and sometimes, also the Portuguese embassy that serves your country.
Many of the countries, take more than 1 month, with some taking up to 2-3 months to get the no criminal record.
DON’T let this little step hinder your immigration process, and your lifelong plan B. Do this now, and you will not regret it.
What exactly do you need?
When we talk about Golden Visa deadline, the most important is to have the main applicant’s application submitted. Family members can be submitted, even after the law changes.
For main applicant, the main document that is needed for the application, other than those related to the investment (which your consultant/ lawyer should be able to get for you once you have make the investment), is the no criminal record check.
You need to get the police check from the country where you have last lived for more than a year.
What is a no criminal record check?
It is the no criminal record/ police check/ police clearance of the main applicant. Normally issued by the police department, to state that you have not been convicted of any crime.
Please be aware that the validity of your police record is only 3 months for the GV purposes.
Do I need to get my criminal check apostilled or legalized?
Yes, the police check needs to be apostilled if your country is in the Hague Convention. If your country is not in the Hague convention, you will need to get it legalized by the Foreign Ministry and then by the Portuguese Embassy that serves your country.
Please note that this information varies depending on which country you are from. It’s best check with your consultant or lawyer.
What else do I need to prepare other than the no criminal record?
You will also need a tax ID (NIF) to start with, and eventually a bank account (even though you don’t need it at the beginning if you use the direct transfer method). These are the two fundamental items you need to start the process. The NIF take only about one week and bank account takes a few weeks.
The Golden Portugal can help you to start the application process immediately. We provide a one-stop solution of getting your NIF and bank account; provide guidance on your personal documents and investment option throughout your Golden Visa journey.
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