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  FEBRUARY 2020  

clientes privados newsletter cover Prancheta 1 pb

  2020 National State Budget:
Changes to the
Golden Visa Program

  Dear Visitante,

Yesterday, February 6, the Portuguese Parliament has approved the State Budget for 2020, which confirmed that, until December 31, 2020, the Portuguese Government shall be authorized to amend the regime in force applicable to the issuance of Residency Permits for Investment Purposes (commonly known as “Golden Visas”), set forth in article 90.º A of the Law no. 23/2007, of July 4, in its current wording.

This measure aimed to promote the investment in low density areas, urban refurbishment, cultural heritage, high value environmental and social activities, productive investment and creation of job positions.

In accordance with the measure adopted by the State Budget, the amendment to the law for the enactment of the alterations to the regime shall entail limiting the issuance of Golden Visas to those who carry out investments in the countryside (in areas yet to be defined) or in the archipelagos of Madeira and Azores, foreseeing, in addition, the increase of the minimum investment amount.

Even though the State Budget grants all necessary powers for the Government to legislate in these matters, the wording of the State Budget diploma specifies that the proposed amendments foreseen in the previous paragraph shall not jeopardize the possibility to renew the already issued Golden Visas, nor the issuance or renewal of the residency permits for the family members of the investors who intend to benefit from the Family Reunification Program, when the investor already holds a valid Golden Visa.

It should be noted that the alteration to the regime is not immediate since it will be necessary for the Government to approve a legal diploma setting forth all the amendments to the regime, which can happen at any time until December 31, 2020. Such a diploma shall establish the new regime, the eligible investment operations, and the respective minimum amounts.

Until then, the regime shall remain unaltered and in force.

For any further clarification, please do not hesitate to contact us, using the contact details hereunder.


Carla Matos  
Carla Matos
Partner and Coordinator of the Private Clients Area

Sara Barroso  
Sara Barroso