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Breaking News – Portuguese President Veto The Latest ‘More Housing’ Bill

After a 6 months legislative process on habitation measures, Portuguese President of the Republic rejected the diploma and sent it back for amendments by the Parliament.  This gives at least one more month of window for Golden Visa Investors to apply under the current law, which still includes real estate options.

 

What did the President veto and what was his comments?

The President vetoed the whole ‘More Housing’ bill on Monday August 21.  The ‘More Housing’ includes measures aim to increase more housing for the local population, including forced rental, restrictions on putting properties for short term rental (eg. airbnb).  In his letter addressed to the government, he commented and gave ideas on some of the above issues.  

He didn’t specific mention anything on golden visa.  But he rejected the bill as a whole.

Please find the notice here (in Portuguese)

https://www.presidencia.pt/atualidade/toda-a-atualidade/2023/08/presidente-da-republica-promulga-dois-decretos-da-assembleia-da-republica-e-veta-um-terceiro-decreto/

What does this veto means to the Golden Visa laws?

It is very important to note that the veto doesn’t mean the the termination on some investment options (eg. real estate route) of the Golden Visa will not happen anymore.  

It merely means that the president is asking the Parliament to rethink and discuss some of the issues he mentioned to make the bill more effective in solving the housing problems on hand.  

And the fact that he didn’t mention anything on Golden Visa, it is anticipated that when the government resubmit again the new bill, the proposed changes that was previously submitted will be maintained.

What is the timeline and the process for resubmission?

The Parliament resumes work in the middle of September, it is anticipated that they will not make much changes on the bill. 

The Parliament can reconfirm the current bill, by means of simply voting again the same bill (with no change or little changes), and pass it again by absolute majority – and at this point, the President shall be obliged to approved it and promulgate within 8 days.  This is what is widely anticipated and mentioned by the Socialist Party.

Please note that since the Socialist Party holds the majority seats in the Parliament, they alone can reconfirm the decree with absolute majority.

What does this means for Golden Visa legislation? 

Again, it is anticipated that the previous proposed changes on Golden Visa will maintain in the new bill.  The veto only postpone the new law publishing date  as there are procedures to go thru to vote on the bill again and get it approved.

We do not anticipate to see another round of indepth discussions on the ‘More Housing’ bill as a whole.  And when the bill is reconfirmed, the President is not able to veto again, he is obliged to pass the bill.  

What does this means for Golden Visa Investors? 

The biggest implication for investors that haven’t applied and still want to go ahead with the real estate investment, the veto of the President gives a window of one month or so for investors to complete their application before the new law is published.  

Summary

  • The termination of real estate investment option (along with all the other proposed changes on Golden Visa) shall remain.
  • Now the timeline for the publishing of the new law will be postponed by around one month, we anticipate it to be in October.
  • The biggest opportunities for Golden Visa investors is that they can go ahead with real estate invest and have their application submitted before the new law is published.  One month is more than enough for submit the application with ease.  

This Is Your Last Chance

This is really the last chance for clients that still want to apply for the Golden Visa thru real estate investment but haven’t done so yet.

For those who have been procrastinating, we believe this is the absolute last chance, there is no more wait and see.

  • Ever since the first speech from the Prime Minister in February this year, we have seen many clients that made the jump to go ahead, and those who wanted to wait and see what will happen.  Those who have decided to go ahead have long submitted their applications.
  • And then again in May when it was announced that there will be no retroactive issue, there were those who have hurried up to complete their investment for the application of the Golden Visa, and those who have waited. 
  • And then again in July when the bill was voted, we had clients that made the decision to go ahead immediately, and those who have decided to wait.

We have clients that have only met us in the first week of August and then subsequently decided to go ahead with the investment and application, without a NIF, a bank account.  These clients have completed their application submission last week, and a couple more have completed their investment and will submit application this week. 

In the 6 months between February until now, there have been many second chances for clients to make the decision to go ahead.  And many have grabbed those opportunities. 

If you want to get the Portuguese Golden Visa thru the real estate route, with only 280,000 euros or 350,000 euros.  You have to do it now.

The door will closed in one to two months.  After that, the option remaining is the 500,000 euros fund.  

We have helped over 400 families on their Golden Visa applications, with clients from all over the world.

Book an initial consultation with us now to know how you can beat the timeline to submit your Golden Visa with a property investment in one week!

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