Final Boarding Call for Portugal Golden Visa Property Investment (Globevisa Refund Guarantee incl.)
On July 19th, the Portuguese Parliament held a final vote on the “Mais Habitação” law and approved the proposal. This vote signifies the government’s determination to make adjustments to the Golden Visa program, and as a result, the era of Portuguese real estate investment immigration is coming to an end. As an RCBI company with global reach, Globevisa has launched a refund policy to guarantee the interests of our clients while addressing this radical change in the Portuguese Golden Visa.
1. Details of the new bill regarding Golden Visa Residency: – The proposal does not have a retroactive period, so applications submitted before the official effective date will still be valid. – The Golden Visa Program will not be entirely terminated, but the scope of investment categories will be limited, reducing the original 8 investment categories to 5, with specific adjustments as follows: Termination: €1.5 million deposit, €500,000 property purchase, €350,000/€280,000 property renovation. Retention: Creation of 10 job opportunities, €500,000 investment in technology institutions, €250,000/€200,000 investment in cultural projects, €500,000 investment in funds or €500,000 company establishment. – Rights to visa renewal, family reunification, and subsequent permanent residency will be guaranteed. – The residency requirement will remain unchanged, requiring one week of immigration monitoring per year.
2. Effective date of the new bill: After the recent vote, there has been no official announcement regarding when the government will implement the new law. Local Portuguese lawyers speculate on the execution time. According to Portuguese law, the bill will be submitted to the President of the Republic for approval, and there are three possible scenarios for implementation: – Direct approval, with immediate effect. – Rejection, requiring the proposal to be sent back to the Parliament for revisions. – No opinion given, requesting the Constitutional Court to assess the proposal.
3. Globevisa’s Action Plan: At present, it is uncertain how long will take the President to make the final decision on the bill. Therefore, this is the last opportunity for global investors to obtain Portuguese residency through property investment.
– For investors who have already signed contracts: Globevisa is deeply concerned about the progress of each client. It is now necessary for applicants to transfer the remaining investment funds to the developer’s bank account as soon as possible. Once all investments are confirmed, our legal team will work tirelessly to conduct the final review and submission, ensuring that applicants submit their applications to the immigration office before the policy changes.
– For investors still considering: 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. Considering past experiences with the enactment of similar laws, the final execution date of the new law is unpredictable and may take months. To seize the last opportunity for Portuguese real estate investment immigration, 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. Since the introduction of the Portuguese Golden Visa in 2012, it has been favored by numerous investors, and Globevisa was one of the first organizations to operate the program.
We have successfully helped over 1,700 families obtain Portuguese residency. After the policy changes, Globevisa will continue to provide follow-up services such as visa renewal and permanent residency for those who have already obtained residency. Our Lisbon office will continue to offer local support services such as registration and card renewal for post-sale clients.
Currently, the Globevisa document processing team and Portuguese legal team have canceled all vacations and are fully committed to expediting submissions, making every effort to help Globevisa’s clients catch up with the Portuguese property investment immigration policy!