17 April 2023
Following our previous communication on March 31st, Mercan Properties would like to communicate the latest developments related to the Golden Visa Program.
As you are aware, the draft proposal on housing reforms has undergone considerable changes since it was first announced at the Meeting of the Council of Ministers. Mercan Properties have been closely monitoring the situation and providing updates to investors, partners, and stakeholders as they become available.
Yesterday, the final draft proposal was sent to the Portuguese Parliament. In that sense, Mercan Properties would like to highlight the following important aspects of the proposed amendments to the Golden Visa Program, including in this document:
- No retroactive effects are foreseen, meaning that new applications may be submitted up to the date of entry into force of this legislation, notwithstanding the possibility of a notice period still being included during the discussion of the documents in Parliament during the following months;
- Pending applications will maintain their validity and will be converted into an “Entrepreneurs Residency Permit,” but under the special regime of minimum stay requirements in Portugal 7 days per year or 14 days within each 2-year period;
- Renewals of Golden Visa granted under the current regime are also admitted according to the abovementioned conversion.
For this legislation to come into force, it will have to go through a legislative process, which requires it to be discussed beforehand in Parliament, firstly, in the general session, followed by the analysis in the respective specific committee and the final vote, – a minimum of two months may be needed to complete this step. It is important to note that such discussion is not even foreseen in the parliamentary agenda and is not expected to occur in the forthcoming weeks.
Finally, the law will be submitted to the President of the Republic, who has 20 days to ratify, veto, or send the document to the Constitutional Court.
These amendments, particularly in relation to the Golden Visa program, reveal the Government’s openness towards the work and its willingness to listen to feedback from industry experts and stakeholders on the Golden Visa Program.
At Mercan Properties, we understand that our investors’ trust and confidence are paramount, we look forward to continuing to receive your investments into our projects and supporting the processing of Golden Visa Applications in the months ahead, and we remain committed to keeping you fully informed of the latest developments. We are closely following the current discussion and decisions regarding the housing reforms. We will continue to provide full support and information to our investors, partners, and stakeholders as we have been doing from the beginning.
Our team of experts is dedicated to ensuring that our projects continue to meet the highest standards of quality and excellence. We reassure you that our projects developed remain available for investment.
We believe transparency and open communication are essential in building strong and trustworthy relationships with our investors, partners, and stakeholders. Therefore, we remain committed to providing you with accurate and timely information.
We are available to clarify and expand on any of the matters outlined.
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