With the latest publishing of the bill to be submitted to parliament, most of the salient points of concern were ironed out.

In summary:

1. No retroactive effect on the application of the new law;
2. Therefore, new applications will be accepted until the new law is published;
3. Pending applications and future renewals will be converted to the D2 Entrepreneur’s Permit, while honouring the 7 day per year stay requirement as per the original Golden Visa law

EQTY Capital engaged with leading legal Golden Visa Lawyers to determine their current position. This is what the legal experts say:

Vanessa Lima (Prime Legal): We recommend for clients to push ahead with their Golden Visa applications asap. Currently no ‘grace period’ is in place so we must work on the assumption that the programme will end in 45 days. The initial interpretation is that the new law will not be applied retroactively and that renewals will be dealt with in an equitable way meeting the stay requirements expected by Golden Visa holders.

Tomas Teixeira (CCA Law): The Golden Visa programme is set to end but only when this law comes into effect. 45 days is the timing being estimated however this could change. But, for investors who have applied since the initial February 16 announcement or are waiting for renewals should find the latest news reassuring. New investors that have been on ‘hold’ waiting for this brief window of opportunity it is advisable to act promptly.

Filipe Eusebio (Ana Bruno & Associados): I was always confident in the strength of Portugal’s constitutional democracy to navigate through this brief crisis and encouraged clients to proceed with their Golden Visa applications as a result. With the most recent publication of the proposal being presented to parliament that view was vindicated. Time is of the essence, and it is going to be a busy couple of months ahead without doubt.

With the above in mind, those who are interested in the Golden Visa Programme should get in touch at their earliest convenience, we would be glad to assist and provide guidance.

Feel free to contact EQTY Capital on hello@eqtycapital.com OR via social media channels. We look forward to hearing from you.