In February 2023, the prime minister of Portugal, António Costa, introduced the “More Housing” plan to increase the availability of affordable housing, prevent real estate speculation, and make rental terms and housing loans more manageable for families, among other goals. Included in his initial proposal was Costa’s plan to discontinue the Portugal Golden Visa for foreign investors. However, with some changes, the Golden Visa plan is very likely to continue, once Portugal’s president reviews and approves a revised bill which was submitted to Parliament in July. The revised bill continues the Golden Visa, with certain exceptions related to real estate—specifically, investments in real estate, investments in hotel renovations, and capital transfers will no longer be eligible. Other investments indirectly related to real estate, such as in funds that invest in commercial or residential real estate, will stop being eligible as well. However, until the bill is signed into law and published in the official government gazette, investors who have already applied for the PGV, even under real-estate-related modalities, should not be affected, since the new law cannot be applied retroactively. Once the new law comes into effect, investors must apply according to the new rules, which are likely to include other available investment options, including the preservation of cultural heritage.
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