Golden visas will be accepted until the new law comes into force

António Costa officially announced the end of golden visas on the 16th of February, guaranteeing that new applications would not be accepted since that date, with the aim of avoiding a rush to residence permits by foreigners, through investments in real estate. But, in the end, contrary to what the socialist prime minister had said, the new requests will continue to have to be assessed and processed by the services of the Foreigners and Borders Service, as always, until the entry into force of the new law that serves as the basis for More Housing.

The end of golden visas is part of the batch of measures in the More Housing bill , which after being approved by the Council of Ministers, went to the Assembly of the Republic last Friday, April 14th.

And in the final version of the draft law, which will now be discussed in Parliament, it is only stated that "new applications for the granting of residence permits for investment activity are not admitted (...) from the date of entry into force of this law", and it is also said that "applications for the granting and renewal of residence permits for investment activity (...) that are awaiting a decision with the competent authorities on the date of entry into force of this law remain valid".

The same will happen to requests that are "pending prior control procedures in the City Councils, on the date of entry into force of this law", according to the document that will have to have the green light from the deputies and then also from the President of the Republic, so that it becomes valid.

Experts have warned of unconstitutionality and litigation arising from the sudden end of golden visas

The initial version of the draft law on the More Housing program, which provided, as Costa announced, the end of the acceptance and evaluation of new applications since February 16, generated a wave of controversy and contestation.  by retroactive application of the law. The constitutionalists considered that the measure was unconstitutional, essentially because it violates the principle of the protection of citizens' expectations and legitimate expectations. And the Portuguese Association of Real Estate Developers and Investors (APPII) warned of the possibility of generating "huge litigation" due to the end of golden visas, pointing to "10,000 renewals in progress".

The rules regarding the renewals of golden visas will continue, and the residence permit regime for immigrant entrepreneurs will be applied to them. 

"The renewal determines the conversion of the residence permit into a residence permit for immigrant entrepreneurs, under the terms of paragraph 4 of article 89 of Law no. 23/2007, of 4 July, as amended, and its holders must comply with the minimum period of permanence of seven days, consecutive or interpolated, in the 1st year and fourteen days, consecutive or interpolated, in the subsequent periods of two years", can be read in the final version of the draft law that is now for discussion in Parliament.

But the Government's objective of obliging investors to place residential properties on long-term lease at the time of the renewal application also falls. According to the final text of the draft law, the renewal of golden visas will not, After all, forcing investors to rent the houses or have permanent residence in the country. In other words, the rules applied until now are maintained: foreigners have to be in Portugal seven days a year, 14 days every two years.