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01 March 2023

Portugal proposes to discontinue issuance of new Golden Visas

On February 16, the Portuguese Council of Ministers submitted a proposal to amend the “Entry, Stay, Departure and Removal of Foreigners from the National Territory Law” and stop issuing new Golden Visas to foreign investors. Existing holders of certain Golden Visas will still be able to renew their visas, provided they meet certain conditions. The proposal to discontinue the issuance of Golden Visas is one of the measures aimed at addressing real estate speculation. This proposal is expected to go into effect once it is approved by the Portuguese parliament. Until then, eligible third-country nationals may continue to submit new applications to obtain these visas.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

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Full text of Tax Alert

Document ID: 2023-0388

 

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