The Golden Portugal

The Partner on Your Journey in Portugal

Timeline on Portugal Golden Visa + Submit Your Application in One Month

The government had their first meeting on the Mais Habitação (More Housing) bill, on May 19th.  

The Assembly of the Republic generally approved, during the meeting, the More Housing bill.  The legislative package launched by the Government to respond to the housing crisis now goes to the specialised parliamentary committee, along with the other bills that were presented by the opposition, where they will be discussed over the next few weeks.

Parliament Discussion on Portugal Golden Visa

On May 30th, PAIIR (PORTUGUESE ASSOCIATION OF IMMIGRATION, INVESTMENT AND RELOCATION) presented at the hearing of the 6th Parliamentary Commission, to present a solution that would protect the current approved investors, the pending applications and the ones in the finishing line to be submitted.  The conclusions are as follows:

  • The Socialist Party (Government) reiterated again that it does not intend to foresee any kind of retroactivity
  • Among other aspects, PAIIR highlighted ideas on how the Golden Visa can positively support the economy and housing of Portugal:
    • The difference between touristic properties & habitation properties, where touristic properties may eventually ease the pressure on the demand of airbnb, which in turn can be released for long term housing
    • The need for rehabilitation of habitation properties where Golden Visa can take part to fund
    • The value of the program for the islands and interior regions for the development of the local economy
    • The potential of the program in solving the current housing problems, for example, by financing the creation of affordable housing, either directly or through investment funds, as well as funding for the development in various business or housing sectors

The following points was also emphasised:

  • The risk of Portugal’s external image and loss of attractiveness if the legislative process does not understand the complexity of the situations in question
  • The need to establish a transitional period to present reliable and independent studies on the impact of the program, to safeguard investors and entrepreneurs, corporate individuals (on the supply and demand side), as well as to accommodate the delay and difficulties with the apostille and legalization of foreign documents
  • The trending changes in the diversification of the origin of investors and the investment options (apart from the acquisition of residential real estate), have not yet been reflected by the official statistics up to now

By June 16th, PAIIR will send a concrete proposal to the Commission and collect more information to start the discussion on the specialty.

The hearing was a positive one, with all parliamentary groups showed interest in the topic and openness to listen to the suggestions made. 

The Portugal Golden Visa timeline ahead 

  1. Amendments to the legislative proposal can be submitted by political parties until 16 June 2023
  2. Submitted proposals will be discussed and voted at the level of the parliamentary committee. 
  3. After the proposals are voted (approved or rejected), the committee should prepare the final text
  4. The final text will then be sent to the plenary for the final voting before summer break.  It is expected that the final diploma will be voted and approved between mid to end July.
  5. After the final text is approved, it will be converted into a Parliament decree and be sent to the President for promulgation (this can take some days in the processing)
  6. Within 20 days of receipt of the decree, the President of the Republic must either promulgate it or send it for the Constitutional Court.  Expert’s comment is that it is likely to be sent to the Constitutional Court given the complexity of the bill to ensure the constitutional and legal legitimacy of the decree
  7. The Constitutional Court has up to 30 days to produce its judgement 
  8. If the decree does not breach the Constitution, then the President can either promulgate it or use the right of political veto 
  9. Once the decree is promulgated, the President returns it to the Parliament which will then coordinate to publish it in our official journal (“Diário da República”).

Until step 9,  everyone who submits an application will be accepted under the current laws.

The Golden Portugal team will continue to work with PAIIR on this topic, sharing developments as soon as possible.

We are now more hopeful than before that the Golden Visa may take a positive turn.  However, we still advise client to take this opportunity to submit their application before end of July.  You still have time to grab the last chance before the end of Portugal Golden Visa – the best option for an European passport in the market for clients that want the flexibility of not needing to reside in Portugal full time.

Fast Track Your Submission – How to Get Your Application Submitted in One Month

To help speed up the process, especially for clients in the preliminary stage (ie. without a bank account), we work with developers that can use the direct transfer method to make the investment – meaning clients can transfer the funds directly to the developer’s account to speed up the process, without the need to wait for their bank account to be opened. 

What you need to know is that only certain developers/ certain projects has this direct transfer method in placed.  The most important point when you consider to use this method is to make sure that the bank will issue a declaration letter for the Golden Visa purpose, same as the declaration you would get if you use your own Portuguese bank account to make the investment.  In this case, the bank of the developer would be issuing the declaration letter.  The developer should be able to show your lawyer a sample of the declaration letter to be issued.

Points to keep in mind when you decide to go through the direct transfer method

  • First to confirm the chosen project is eligible for direct transfer 
  • Note some KYC will need to be done  
  • To ensure that money comes from account of the main investor
  • There are some restrictions for certain nationalities and origin of funds, please always ask confirmation the developer and your lawyer before moving ahead.  

Note: The direct transfer method for the projects below has been reviewed by several lawyers that we usually work with.  But always seek your lawyer’s advice before making your own decision.

NEW PROJECTS ELIGIBLE FOR THE DIRECT TRANSFER METHOD

No need to wait for your Portuguese bank account to be opened

| The Golden Portugal

350k Lisbon Palace – BUY BACK + RETURN

A palace hotel in Lisbon Downtown in the best location.

Low entry cost – 6.5% IMT & VAT paid by developer

3% guaranteed return per year

Buy back – 100% of your investment returned

Low cost – No maintenance and condominium costs.

Owner’s usage – 7 nights owner’s usage per year.

READ MORE

280k Hard Rock 5-star Resort – LOWEST ENTRY WITH BUY BACK 

You can now own a piece of the first Hard Rock Hotel in Portugal.  Situated in Portimao with one of the most beautiful beach in Portugal and an oceanview.  

| The Golden Portugal

Low entry cost – 6.5% IMT & VAT paid by developer

Buy back – 100% of your investment returned

Low cost – No maintenance and condominium costs.

Owner’s usage – 7 nights owner’s usage per year.

| The Golden Portugal

Free-hold residence at the Hard Rock Hotel will also be available, starting from 400k.  Coming Soon, Stay Tune.

READ MORE

| The Golden Portugal
| The Golden Portugal

280k Wyndham Garden – BUY BACK + RETURN

A 4-star Wyndham Garden hotel in Sabugal Guarda.

30K Upfront return 

Low entry cost – 6.5% IMT & VAT paid by developer

Buy back – 100% of your investment returned

Low cost – No maintenance and condominium costs.

Owner’s usage – 7 nights owner’s usage per year.

READ MORE

280K Low Density  Apartments & Lofts – LOW DENSITY RESIDENTIAL

Located in the heart of Grândola, a charming town in the coastal Alentejo region known for its natural beauty, just 20 minutes from the famous Melides beach.

| The Golden Portugal

Freehold

Guaranteed return of 3% for the first 5 years

Fully managed

READ MORE

| The Golden Portugal

SOLD OUT

Investors have been flooding in during the past couple of months to take advantage of the Portugal Golden Visa before its ends.  

  • 280K Grandola I – SOLD OUT
  • 280K Vilamoura – SOLD OUT
  • 280K Alcacer Wyndham hotel buy back – SOLD OUT
  • 280K Oceanview hotel buy back – SOLD OUT
  • 350K Lisbon Skyview Hilton hotel buy back – SOLD OUT
  • 350K Lisbon Riverside hotel buy back – SOLD OUT
  • 350K Porto LAPA II hotel buy back – SOLD OUT
  • 350K Lisbon Estafania Serviced Apartment – SOLD OUT
  • 350K Porto T Hotel – SOLD OUT
  • 400K Algarve Quinta do Algarvio resort – SOLD OUT

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