The breath-taking coastline, exquisite cuisine, vibrant culture, low cost of living and high quality of life are just a few of the reasons why numerous people migrate to Portugal every year. From the bustling city life in Lisbon to laid back Cascais or even the beautiful Alentejo region for nature lovers – there are so many remarkable destinations to choose from, to suit every family’s needs, when buying property in Portugal.

The hugely successful Portugal Golden Visa still remains Europe’s most successful and attractive residency programme. Having said this, recent delays in the programme and announcements from the Portuguese government have created some frustration. That being said, savvy South Africans are still clamouring to submit their applications as soon as possible to secure a spot in, what we believe, is still the best EU Residency programme around. Thus far we have assisted close to 500 South African families with the programme. The €280,000 rural regeneration programme and the €350,000 urban regeneration programme, remains the most sought-after option in Portugal.

Golden Visa Announcement

The Portuguese Government has recently released a draft of a law proposal that aims to end the Golden Visa program. However, there have been some improvements made in comparison to the initial proposal from February 16, 2023, and the announcements made on March 30, 2023. The new law proposal includes rules that will protect all previous applications for Golden Visa submitted before the law enters into force. 

This means that all applications for Golden Visa will still be accepted and will be granted all rights under the current law for the GV legal regime – as long as applications are submitted before the law becomes effective – which should not happen before 30 June 2023. This rule also applies to renewals of the Golden Visa and family reunions, which will be protected.

Even though the new law intends to end the Golden Visa program, it will only apply to future applications submitted after the law enters into force. 

Permanent residence will also be granted to Golden Visa holders who have submitted their applications before the new law enters into force, without having to stay in Portugal for a certain period — the seven days per annum minimum stay will still be required. 

While there are still some details to be clarified, the government has listened to public opinion and will not apply any retroactive effects to the program. The law proposal will still need to be discussed and voted on in parliament, so the exact date when it will enter into force is uncertain. Therefore, it is recommended to submit applications for the Golden Visa as soon as possible to be protected by the previous law.

For more information the Portugal Golden Visa Programme and opportunities available, please contact Theresa Fernandez on [email protected]. DM/ML