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Breaking News – Portuguese President Veto The Latest ‘More Housing’ Bill

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After a 6 months legislative process on habitation measures, Portuguese President of the Republic rejected the diploma and sent it back for amendments by the Parliament.  This gives at least one more month of window for Golden Visa Investors to apply under the current law, which still includes real estate options.

 

What did the President veto and what was his comments?

The President vetoed the whole ‘More Housing’ bill on Monday August 21.  The ‘More Housing’ includes measures aim to increase more housing for the local population, including forced rental, restrictions on putting properties for short term rental (eg. airbnb).  In his letter addressed to the government, he commented and gave ideas on some of the above issues.  

He didn’t specific mention anything on golden visa.  But he rejected the bill as a whole.

Please find the notice here (in Portuguese)

https://www.presidencia.pt/atualidade/toda-a-atualidade/2023/08/presidente-da-republica-promulga-dois-decretos-da-assembleia-da-republica-e-veta-um-terceiro-decreto/

What does this veto means to the Golden Visa laws?

It is very important to note that the veto doesn’t mean the the termination on some investment options (eg. real estate route) of the Golden Visa will not happen anymore.  

It merely means that the president is asking the Parliament to rethink and discuss some of the issues he mentioned to make the bill more effective in solving the housing problems on hand.  

And the fact that he didn’t mention anything on Golden Visa, it is anticipated that when the government resubmit again the new bill, the proposed changes that was previously submitted will be maintained.

What is the timeline and the process for resubmission?

The Parliament resumes work in the middle of September, it is anticipated that they will not make much changes on the bill. 

The Parliament can reconfirm the current bill, by means of simply voting again the same bill (with no change or little changes), and pass it again by absolute majority – and at this point, the President shall be obliged to approved it and promulgate within 8 days.  This is what is widely anticipated and mentioned by the Socialist Party.

Please note that since the Socialist Party holds the majority seats in the Parliament, they alone can reconfirm the decree with absolute majority.

What does this means for Golden Visa legislation? 

Again, it is anticipated that the previous proposed changes on Golden Visa will maintain in the new bill.  The veto only postpone the new law publishing date  as there are procedures to go thru to vote on the bill again and get it approved.

We do not anticipate to see another round of indepth discussions on the ‘More Housing’ bill as a whole.  And when the bill is reconfirmed, the President is not able to veto again, he is obliged to pass the bill.  

What does this means for Golden Visa Investors? 

The biggest implication for investors that haven’t applied and still want to go ahead with the real estate investment, the veto of the President gives a window of one month or so for investors to complete their application before the new law is published.  

Summary

  • The termination of real estate investment option (along with all the other proposed changes on Golden Visa) shall remain.
  • Now the timeline for the publishing of the new law will be postponed by around one month, we anticipate it to be in October.
  • The biggest opportunities for Golden Visa investors is that they can go ahead with real estate invest and have their application submitted before the new law is published.  One month is more than enough for submit the application with ease.  

We have helped over 400 families on their Golden Visa applications, with clients from all over the world.

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