Portugal Golden Visa Changes – 2023

In a recent development, the Portuguese government has made significant changes to its Golden Visa program, addressing concerns regarding retroactivity and the 183-day presence requirement in the final wording of the housing bill. The revisions come as a relief for investors and stakeholders in the real estate industry, who had been apprehensive about the future of the program.

Initially, the proposed changes would have significantly impacted the real estate market and investors, as they included restrictions on Golden Visa investments in high-density urban areas, such as Lisbon, Porto, and coastal regions. Furthermore, the draft bill also suggested the introduction of a 183-day minimum presence requirement for Golden Visa holders.

However, in response to concerns raised by industry experts and investors, the government has revised the bill to address these issues. The final version of the housing bill now confirms that the changes to the Golden Visa program will not be applied retroactively. This means that existing investors who had made real estate investments before the new rules came into effect will not be affected by the restrictions.

Additionally, the government has also removed the 183-day presence requirement from the bill, offering more flexibility to Golden Visa holders. This decision comes as a significant relief for investors, as the initial proposal would have required them to spend a considerable amount of time in Portugal, potentially affecting their businesses or personal lives in their home countries.

These revisions demonstrate the Portuguese government’s commitment to maintaining the attractiveness of the Golden Visa program while also addressing concerns related to over-tourism and housing affordability in popular urban areas. The updated housing bill aims to strike a balance between promoting foreign investment and ensuring the sustainable development of Portugal’s real estate market.

The Portuguese Golden Visa program has been a significant contributor to the country’s economic growth, attracting thousands of investors and injecting billions of euros into the economy since its launch in 2012. With these revisions, the government aims to maintain the program’s competitiveness on the global stage while ensuring that it continues to benefit the country and its citizens in the long run.