Is The Portugal Golden Visa Program Ending?

Can you ever trust governments to do what they say?

Rarely.

I’m always skeptical when government officials make announcements about big changes they’re going to make in the law, big infrastructure developments they’re going to launch, and so on.

I wait to see the proof… the hard evidence on the ground.

Politicians have a habit of making major announcements to grab headlines or when the TV cameras are rolling… hoping to attract voters’ attention… but when the time comes to follow through on the announcement—maybe what was announced isn’t such a big deal after all.

Anyone living in the States, I’m sure, is familiar with this sort of thing from their political representatives…

But, having lived outside America now for decades, I can report: Politicians are the same everywhere.

I never came across a politician—anywhere in the world—who wasn’t happy to make flashy announcements for the cameras… but when it came time for follow-through, that follow-through wasn’t everything we expected.

Of course, sometimes this political dithering and inaction works to our advantage… especially if we’re happy with the status quo and don’t want things to change too much.

Like I say, I always wait for evidence on the ground that things are changing—rather than trust the word of politicians.

Here’s a case in point…

Four months ago, Portugal’s government declared it was abolishing the country’s popular Golden Visa program—which allows investors to purchase property (from 280,000 euros) and in turn get a Portuguese residency permit.

There was mass confusion in the legal and expat community after the announcement…

At first, the government suggested no further applications to the program would be accepted after the date of their announcement (Feb. 16)…

They said existing Golden Visa holders would have to spend six months a year in Portugal—rather than the week-a-year they’d been promised—and that investors would be forced to rent their properties on the long-term rental market…

All big changes.

Four months later—and nothing has yet changed with Portugal’s Golden Visa.

In fact, the program just had one of its busiest months ever.

Portugal Golden Visa approvals hit a three-year high in May, 2023!

Of course, some of this demand is being driven by the fact that the government announced it would be closing the program. But the fact is: The program didn’t close in February and hasn’t yet closed.

A couple months ago, I had a reader write to me complaining that Live And Invest Overseas was still promoting the Portugal Golden Visa—after the government had closed the program. This was all over the news, the reader said. How could this reader trust anything I said when I wasn’t aware of this fact?

The fact is… the government had only announced the program was closing. The program, as of now, is still open.

And the government has had to backtrack—after threats of legal challenges—and has said it will honor all applications received before the law officially changes, under the existing terms of the Golden Visa. The program just had a record month!

And my contact says it will remain open for at least another few months… there is still time to apply.

Now, don’t get me wrong: There’s no doubt that the Golden Visa in its current form is ending.

But it turned out there was a lot more time still left to run on the program than a lot of people expected… and the changes were not as drastic for investors as had been feared. Existing Golden Visa holders—and anyone who gets in before the deadline—will not see any changes to the terms of their visa.

Like I say: Don’t trust what politicians say—anywhere in the world. Only what they do.

It’s now even expected that there will be some form of residence-by-investment program still in operation in Portugal going forward (for example, a Golden Visa for investing in Portuguese culture… the real estate option is still likely to be dropped, since Golden Visa buyers pushing up prices for locals was the supposed reason for canceling the program in the first place).

And of course, Portugal still has plenty of other visa options for foreigners looking to live or invest there—including the ever-popular D7 “retirement” visa…

Recently, I chatted with Portugal attorney João Gil Figueira about the closure of the Golden Visa… the reasons it’s shutting down… the government’s backtracking… and the window readers still have to take action (and what actions to take)…