Last week morning we received the government’s final wording of the “More Housing” bill following the public discussion over the withdrawal of the golden visa program. A copy of the final draft is available upon request. You’ll be pleased to know that overall, it’s good news.
Although the final proposal is still to sunset the programme, the withdrawal will not be as harsh as first feared –
No retroactivity
The government has now confirmed that potential applicants have until the date the law physically changes, to submit their application, under the existing golden visa rules. There were rumours that applications submitted after the 16th of February would not be accepted, however this is not the case. SEF has been and continues to accept applications as normal.
No change to the minimum stay requirements
The main advantage of the Golden visa over other visa options, residency is only required for two weeks every two years, allowing investors to apply for EU citizenship after 5 years. The conversion of new and existing golden visas to the D2 (Entrepreneur) visa, was feared that the minimum stay would also be increased to the same 183-day requirement. However, the government has confirmed that this will not change.
Investors must proceed as soon as possible
There is still a legal process to ensue prior to the program being closed. In a worst-case scenario, we feel the end of May/beginning of June may be the final curtain. Our partners will continue to apply pressure for a transition period, but we need to assume there won’t be. There is also a proposal by one of the main parties for Madeira and Azores to be allowed to continue the GV. Let’s see after negotiations and the Specialised committee, what the final bill law is.
In the meantime, we must assume we have only 5 weeks to submit applications before the program finishes for good.
Fast track your application and keep fees refundable
We’re able to fast track and complete the application process within 2-4 weeks, comfortably before the program closes. In the event the program closes sooner than expected however, or you suffer any unforeseen delays, we ensure all real estate deposits and legal fees remain fully refundable.
There are still some of our recommended investment options available from 280,000 EUR. It’s nice to bring some good news to you and I hope you found this update helpful. Please don’t hesitate to ask if you have any questions. If you would like to schedule a meeting with me, you can do so here.
To arrange a meeting with Jason, click here.
