Update October 4, 2023: The legislation will enter into force the week of October 9, 2023 as noted below.
As anticipated, Portugal’s parliament has approved a bill that will end the real estate and EUR 1.5 million bank transfer golden visa pathways – which had allowed applicants to acquire residence permits if they had invested in Portuguese real estate or transferred at least EUR 1.5 million into a Portuguese bank account. It will still be possible to renew such residence permits. Other golden visa pathways (for instance, where applicants create at least 10 jobs, donate into cultural institutions, or invest a sufficient amount of funds into research activities, company share capital or investment funds) will remain. This change will go into effect once the president approves the legislation, which is expected to occur next week.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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