Portugal Golden Visa restraints are postponed
Portuguese Government stepped back on the original rules set to restrain some areas of Portugal.
As we noticed here before, Portuguese Government created, back in January 2020, a range of restrictions for the acquisition of Portugal’s Golden Visa, as they intended to remove some of the major cities from the list of available areas in which applicants could invest. Quite a few investors perceived those measures as rushed and unwise, especially due to the short period of time conceived to adapt to the new measures and considering that most of last year was stationary in terms of flights and overall traveling was impossible. In such an unprecedented time, was it advisable to implement investment restraints, many investors and real estate promoters asked promptly.
But an important backward step was taken, and now these restraints will not be applied in July 2021 – as originally intended - but only in January 2022. This means, there is not only more time for investors to choose from a wider set of investment options but could also imply a potential complete withdrawal of the mentioned rules.
Some influential voices of the real estate area have already spoken. Hugo Santos Ferreira, President of APPII (Portuguese Association of Real Estate Promoters and Investors), claimed that this is not the moment to refuse foreign investment, as the country’s economy has been weakened by the Covid-19 pandemic. Hugo Santos Ferreira also stated that the Portuguese Golden Visa’s Program is and will continue to be essential to the country’s economy, and for that reason it is with satisfaction that Portuguese real estate promoters and investors applauded the decisions of granting more time to invest.
In investment, time is a fundamental asset, and now investors have six more months (so far) to apply to Europe’s most attractive Visa program!