As President vetoed the “Mais Habitação” proposal, Portugal Golden Visa Is Not Yet Over

Portuguese President vetoed the “Mais Habitação” proposal, leaving around one month for choosing Portugal golden visa’s real estate option.

Latest Developments:

On August 21st, Portuguese President Marcelo Rebelo de Sousa vetoed the Mais Habitação proposal. Despite the proposal having been approved by the Portuguese Parliament on July 19th, the reason for this veto was that the President considering that it “confirms” the “risks” of “unrealism in the projected results”. Marcelo detailed eight risks and criticisms of the proposal in the letter on the government website, without mentioning the Golden Residence Visa. Ultimately, the President requested further deliberation and voting by the Parliament.

– “For me personally, the rejection doesn’t come as a surprise, at least in its plenitude, and it is undoubtedly a political play, with a pinching message to the government, but nonetheless still in a way to please both the left and right parties to some extension and discard him of any responsibility, while all the noise is in the air. The truth is that by saying that he doesn’t agree with parts of the law diploma and doing the veto, he sends the law back for amendments by the Parliament, thus theoretically promoting further dialogue on discussing the law, with particular focus on the concerns raised by him and partially by the opposition, even if in practical terms the effect is null. It’s the President’s belief that the law diploma won’t solve the housing problems in Portugal, as many more think,” says Francisco Vale, general manager in Portugal of Globevisa Group, whom provided a very detailed sharing of his thoughts. 

“Addressing the Golden Visa, the law changes are just a part of the diploma, with some adjustments already made since the discussion first started in February, and as of now no reasons were found by the President for the rejection on this matter,” he adds.

– “With the presidential veto of the “Mais Habitação” legal package, through which the Government aims to provide the Portuguese population more accessible conditions to property rental and purchase, the President of the Republic has shown reservations about the adequacy of such legal package to this intent. This means the President invites, through the veto, the Parliament to further discuss the measures and to try and improve them. But it is in any case a mere suggestion, and the Socialist Party, that has a majority in Parliament, has already announce it won’t take, having therefore the intention to approve the law again precisely as it is,” explains Filipe Eusébio, the partner from one of the biggest law firms called Ana Bruno & Associados in Portugal with deep collaboration with Globevisa Group.

Policy Forecast: – “The practical effect of the veto (other than showing that the President disagrees with the political position of the Socialist Party regarding this matter) will therefore be that the law will go back to Parliament and the Socialist majority will approve it during the month of September 2023, meaning there will be at least weeks delay to the entering into force of this legal package. The President of the Republic won’t be able to veto the law again,” says Filipe Eusébio.

– “At the end of September, early October, I think it’s more than reasonable to believe so. Everybody knows beforehand that the government has the option to and will re-submit the law diploma “as it is”, making small or even no adjustments whatsoever and getting it passed. In this second voting, the socialist party still has the full majority of the votes in the national parliament and as so the president doesn’t have the veto option again. With the parliament resuming work in middle September, the law will be voted again quickly, with the unfortunate outcome we already know, in my humble opinion,” explains Francisco Vale.

It is known that the Portuguese Parliament will resume its work in mid-September and will hold a new vote on this proposal. The proposal is expected to be resubmitted to the President for review by the end of September, possibly leading to legislative approval by the end of September. In other words, the Portuguese property investment immigration program may cease to exist by then.

Action Plan: – “I always like to put myself in the client’s shoes, understanding them, their needs and presenting them with the global picture to advise them properly.Four weeks can be enough to secure the lowest threshold of real estate option and, but ultimately, it’s the client’s decision. It really depends on their profile and risk they’re willing to take, but if they want, move fast,” advices from Francisco Vale.

For global applicants wanna apply for the Portuguese Golden Residence Visa through real estate option, there is approximately one month from now until the formal legislative process for the proposal concludes at the end of September. During this one-month period, it’s the last opportunity to obtain Portuguese residency through property investment.

– “As the changes to the Golden Visa law are part of this legal package, it means the program will remain open throughout this period as it is today, allowing consequently real estate related investments to be eligible for granting the Golden Visa,“explains Filipe Eusébio.

– “Investors who are interested must finalize the investment as soon as possible, so that they can be covered by the rules still in force,” says Daniela Sousa, in-house lawyer in Portugal of Globevisa Group. “Anyone wishing to invest in Portugal through the real estate sector is in a race against time and the sooner the better,” adds by Lisa Silva，in-house lawyer in Portugal of Globevisa Group.

First and foremost, all Globevisa projects guarantee the refund of the deposit for clients who could not submit their application under current policy. While ensuring timely submission for applicants, we also provide secure withdrawal plans for their funds. To seize the last opportunity for Portuguese real estate option, Globevisa advises applicants to select a property for investment immediately and sign contracts as soon as possible. We will make every effort to secure the last submission opportunity for applicants. We may stop accepting new applicants at any time based on the latest policies, so if you are interested, please contact your Globevisa consultant immediately.