Before being published, the law will now be addressed to the government and the Parliament for signatures. In four to eight days, the law will take effect, according to EU Helpers.
One of the modifications is the elimination of real estate investment choices under this program, which allowed for foreign investments starting at €280,000 and up. However, there is still a chance to extend authorizations.
It implies that the following methods are now available for obtaining residency in Portugal through the Residency by Investment scheme:
ten or more new jobs are created
Transfer of capital up to and including €500,000 used by public or private scientific institutions for research
Transfer of cash of €250,000 or more used for, among other things, direct administrative services, public institutions, and public foundations to invest in or support artistic output, recover or preserve national cultural assets.
transferring capital valued at at least €500,000 that is meant for the purchase of shares from collective investment vehicles, while also taking into consideration particular forms of funds that are permitted by Portuguese law
For the incorporation of a business with a registered office on national territory and the creation of five permanent jobs, or for the augmentation of the share capital of a business registered in the nation, a capital transfer exceeding €500,000 is required.
Portugal's Golden Visa Program enables foreigners to obtain residency by making financial contributions to the nation. Portugal is currently struggling with a housing crisis, nevertheless, and national authorities are making an effort to control the problem.
The presentation of the "More Housing" law, which the Parliament adopted on July 19, was one of the steps. The bill also eliminated the ability to deposit €1.5 million or more into a Portuguese bank account and the opportunity to get residency through real estate investment.
However, the Portuguese President, who had 20 days to make a judgment on the matter, has already accepted the measure. President de Sousa's refusal made it necessary for adjustments to be made in Parliament before it could be approved. Recently, however, the measure was approved without any changes.
Despite being frequently criticized for engaging in unlawful activities, the program is among the most well-known residency and citizenship programs in all of Europe. Through this program, more over €32.8 million was imported into the nation in just August.