This action will return the legislation to Parliament, scheduled to reconvene in early September following the holiday break. Here some local experts share their views on what this means and what is to come:
Michael Maxwell of EQTY: Even with the veto in place, the governing Socialist Party (PS), which enjoys an absolute majority, has the authority to reaffirm the law in a subsequent vote. Should this happen, the President would be required to sign the legislation into law within 8 days. At the moment, it's unclear whether the PS will make any changes to the law in light of the veto. However, it's expected that there will be no substantial amendments specifically related to the Golden Visa program. Those interested should get in touch as there is perhaps a little over a month available to qualify under the old laws.
The Golden Visa scheme, a major attraction for global investors for over ten years, is set to experience its most substantial revisions to date. The option to invest in real estate will be eliminated, while the pricier €500,000 fund investment and €250,000 cultural contribution alternatives will remain available. The implementation of these changes has been postponed, likely until the end of September or even October.
For prospective investors who have not yet filed their Golden Visa applications, this delay effectively provides a limited-time chance to act. If you've been undecided about taking the investment plunge, the moment to move forward is now. You'll have a minimum of one month, perhaps even more, to wrap up all the details and submit your application.
Werner Gruner of GET Golden Visa: Those who have already applied or are current applicants can breathe easy, as any future changes to the Portuguese Golden Visa program won't affect their ongoing applications. If you've already completed or started your investments, there's no need to worry about any retroactive consequences arising from possible adjustments to the scheme. This updated, more sophisticated strategy for the Golden Visa Program aims to stimulate a wider array of investments, thereby creating new opportunities while retaining the program's attractiveness.
The end of the current laws is in sight, the new laws are equally exciting, perhaps more so with the focus moving away from Real Estate. Let local professionals guide you towards the better options and ensure that the quality of the chosen investment offers as much in terms of legacy as the programme itself.