Portugal Golden Visa program: Update on the Bill Proposal on June 20, 2023

  • 21 June, 23

Following the announcement on June 20, 2023, Portugal’s governing Socialist Party (PS) has submitted a proposal to appreciate the controversial Housing bill under discussion in the country’s Parliament. In the proposal, the governs party no longer seeks to end program but instead eliminates two of the program’s investment options including Real estate investments and the capital transfer bank deposit option. The government now seeks to retain investment options that include:

  • Subparagraph 2: Creation of at least 10 jobs
  • Subparagraph 5: Scientific research contribution (500,000 EUR)
  • Subparagraph 6: Cultural heritage/ artistic production (250,000 EUR)
  • Subparagraph 7: Venture capital/ Investment funds (500,000 EUR)
  • Subparagraph 8: Business investment that creates or maintains at least 5 jobs

The period discussion will now follow and will be sent to the President of the Republic after Parliament votes on the Bill’s final on July 19, 2023. At this point, we do not know how the President of the Republic will respond to the diploma, however, we do not expect that the law enters into force before the end of August or the beginning of September.

Cre: imidaily

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