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posted 1 year ago
By Joana Mendonça, Head of Legal at Global Citizen Solutions
The Assembly of the Republic of Portugal convened on 19 July and gave its approval to the final version of the Mais Habitação bill, which includes significant changes to the Golden Visa regime. Notably, all real estate investment options, whether direct or indirect, will be eliminated under the new law.
The key implications of this legislation are as follows:
Despite the changes, the Golden Visa program itself will continue to exist. The types of eligible investments are as follows:
1. €500,000 in collective investment structures, namely funds and others not directly or indirectly related to real estate
2. Setting up or entering the share capital of existing companies, alongside the creation of jobs and a minimum investment of €500,000
3. Donations and other types of liberalities under artistic and/or scientific domains
Next Steps:
Following this, the text will be sent to the President of the Republic. The President then has 20 days to ratify the proposal, leading to its final publication. Alternatively, the President can exercise a political veto, which the Assembly can override after 15 days. If the veto is surpassed, the President has eight days to enact the law. The text may also be sent to the Constitutional Court, where a pronouncement could take up to 25 additional days, possibly leading to amendments or reassessment.
If requested by one-fifth of the deputies (46 out of 230), a preventive analysis by the Constitutional Court is possible. After all the necessary steps are completed, the final proposal is sent to the Diário da República for official publication, taking effect on the day following publication.
Such procedures can either take place fairly quickly or suffer from various obstacles that delay the outcome of this proposal, making it impossible to accurately anticipate the exact deadline for each of them to take place. We will be able to monitor the progress of such a legislative process and advise all interested parties.
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