Update: Recent Developments in the Portugal Golden Visa Program – Presidential Veto & Its Impact on European Residency

In the ever-evolving landscape of investment immigration, staying informed is key to shaping your plans. Today, we’re here to provide an update on a significant event concerning the Portugal Golden Visa Program – your gateway to European residency.  

Recent reports highlight a significant move by the President of the Republic, Marcelo Rebelo de Sousa, who has exercised his veto power, adding a new dimension to the legislative journey of the Portugal Golden Visa program.

In light of these developments, the path ahead involves a crucial step: the Portugal Golden Visa legislation is set to return to the Parliament. This juncture presents two primary scenarios:  

1. Potential for Legislative Amendments: The Parliament possesses the authority to introduce changes to the Portugal Golden Visa law. If such revisions are introduced, the updated legislation will subsequently be reviewed once again by the President.
   
2. Majority Backing and Presidential Acceptance: Conversely, if a majority consensus is reached among parliamentary deputies, favouring the legislation, it will trigger the requirement for Presidential approval, potentially paving the way for its enactment.

Given the parliamentary schedule and the ongoing summer recess, a comprehensive parliamentary decision isn’t anticipated before September 2023.

Five Start-Up Visas You Should Know About

Considering these developments, we strongly encourage prospective investors to seize the present opportunity and expedite their investment strategies within the Portugal Golden Visa Program. By leveraging the existing timelines, investors can embark on and conclude their investment journeys ahead of any potential adjustments to the program’s framework.

Contact Savory & Partners’ global experts today to discuss your options and start your journey towards European residency.

 

  

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