David Lesperance, founder and principal of international tax and immigration adviser Lesperance Associates said in a LinkedIn comment today (21 February) that "as confirmed by various Portuguese legal advisors, under Portuguese law all that has occurred is that the government has signalled that they would like to close the residential real estate path to Portuguese residence". 

He said: "The residential Golden Visa program is not closed but MIGHT close after proposed legislation is put forth; public and parliamentary debate on those proposals; such proposals pass parliament and are signed into law; and the approved implementation date arrives.

"Until ALL of that occurs, anyone who has submitted a full application will have their application processed under the current rules. This is exactly the same situation as the changes that came into law on Jan. 1 2022."

Lesperance further said: "The bottom-line is that anyone who is interested in Portuguese residence should gather all the information available and make a decision quickly. If the decision is to proceed then you should do so immediately as it takes some time to get all the pieces (eg. open bank account and gather documentation) in place. 

"Remember that the last step in the application process is to make the investment. If this pathway closes before this occurs, then you still have the money in your account. All you have lost is the time and fees to get you to that point."

Update 

John D. Hanafin, founder and CEO of UAE-based Huriya Private, set out more details in an update briefing note to clients about the timetable following the prime minister's speech on 16 February.    

"The next step will be a public discussion in which all relevant stakeholders will be invited to give their feedback. The discussion will take place during the next month. Following the discussion, a new Meeting of the Council of Ministries will take place, where it is expected that a final proposal will be drafted to be presented to the Parliament.

"Once the final draft if ready, the proposal will be sent to the Parliament, where it will be voted in the general session of the Parliament. After that, and if approved, the proposal will be discussed by a separate commission, which will purpose the final draft. The final version will then come back to the Parliament for general approval.

"The final step of the proposal, and if approved by the Parliament, will be sent to the President of the Republic. After the reception of the petition one of three realities can happen:

  • direct ratification and in this case, the proposal will become into force set forth in the proposal. Regarding this topic, it is possible that a transition period may be agreed.
  • the President of the Republic does not accept the proposal as it is, and returns it to the Parliament for alteration or
  • the President of the Republic accepts the document but requests the evaluation of the Constitution Court.

"Nevertheless, it is important to understand, that the potential changes will be applicable to new submissions, and should not affect golden Visa Investors already submitted to the program.

"We plan to be active in the public hearing during the month of March alongside with the municipalities to portray the benefits of enacting a transition period for several months, or eventually until the end of the year."