After all the confusion, assumptions, and delays, the Portuguese government has decided to not scrap the program until the new law comes into place. The good news for investors is that the Golden Visa Program is going to stay with some major interventions. While everyone was panicking over the Portugal residency scheme closure, this news is no less than a breath of fresh air. The recent amendments show the global resistance toward the ending of the Golden Visa Scheme.

What’s new in Golden Visa?

Retroactivity of Golden Visa

The Retroactivity clause is about the initial announcement by the Portuguese Govt on 16th February 2023. During that session, the PM of Portugal stated that the golden visa had served its purpose. He also mentioned that they don’t feel the need to accept more applications certainly in the real estate investment domain. But, the situation took a Uturn, and Portugal Residency Scheme is still functional. Applicants can still submit golden visa applications until new legislation regarding housing come into existence. The applications in processing don’t need to worry about anything. Investors can register for Portugal Golden Visa until the new housing law initiates and applies.

Easy Conversion to D2 Visa

Another great news for investors is that the 183 days stay requirement is no more applicable for Portugal Residency conversion into D2 Visa. The golden visa applicants are required to stay for 7 days in Portugal annually for 5 years. This 35 days residency requirement will work for D2 visa holders as well. This amendment will definitely catch more attention from entrepreneurs and investors globally. The condition to live in Portugal for 183 days in a year was an unattracted aspect of the D2 Visa.

Investment in Cultural Heritage

Investors are very happy to know that they can still invest in the real estate stream. The government of Portugal will still take real estate investment-based residency applications in the cultural heritage domain. The purpose of this update is to recover the cultural heritage and to promote artistic productions in the world and globally. This investment is favorable for the investors and also adds value to the country’s economy.

Note that, the Portuguese golden visa has seen some major changes in the past two months. Investors can expect any abrupt update or amendment in the policies related to Portugal Residency It is suggested to start your golden visa application immediately without any delay.