The "Mais Habitação" (More Housing) Program, introduced by the Portuguese Government to intervene in the housing market, has been in discussion for six months now. During this period, one of the most contentious aspects of the program has been the proposal to terminate gold visas, leading to protests within the market.

After months of public discussion on the topic, the Portuguese Parliament recently decided to maintain active the Golden Visa program. However, all real estate investment options, whether direct or indirect, are eliminated from the new law. 

If you are an investor here’s what you need to know 

The proposal ensures the continuity of the Golden Visa program, offering five different investment options with a minimum starting investment of 200 thousand euros. Importantly, there is no retroactive effect, and rights such as renewal, family reunification, and permanent residency applications will be safeguarded under the new legislation.

There are five options for investment under the Golden Visa program which are:

• Creation of at least 10 jobs
• Capital transfer of at least 500 thousand euros for research activities in the national scientific and technological system
• Capital transfer of at least 250 thousand euros to support artistic production or the maintenance of national cultural heritage
• Transfer of at least 500 thousand euros to acquire shares in non-real estate collective investment entities incorporated under Portuguese law
• Transfer of at least 500 thousand euros to incorporate a commercial company in Portugal with the creation or maintenance of permanent jobs
• Those with pending applications should carefully evaluate their situations and stay informed with experienced professionals to navigate the process successfully.

When will this law come into effect?

The legislation will come into force on the day following its publication in the official journal Diário da República. However, after the approval of the “Mais Habitação" (More Housing) Program in the Portuguese Parliament, the President of the Republic has made the decision to veto, stating that no new immediate measures were envisaged to address the distress of many families in the face of the burden of increases in interest rates and, in numerous situations, in rents. 

This means that the "Mais Habitação" (More Housing) Program returns to the Portuguese Parliament for a new revision and approval. The exact date when the new law will take effect is uncertain at this stage.

🚀 For those who are interested, there is a window of at least two months remaining to apply for the golden visa through a real estate investment.

While the new Golden Visa legislation proposal may not be perfect, it demonstrates a receptiveness to market suggestions and offers the necessary security for investors considering Portugal as their country of investment and second residency. Also, according to the Berkshire Hathaway Home Services European Market Report for summer 2023, the changes that were made for Golden Visas did not deter foreign investors, especially Americans.

The truth is that Portugal has become one of the favourite destinations for foreign investors and there are still many reasons that attract real estate investors to the country, such as being one of the most peaceful countries in the world, its excellent quality of life, climate, healthcare, and hospitality.