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Category: Breaking News

  • Non-Habitual Resident (NHR) regime

    On the most recent Tuesday, which was the 14th of the month, a significant debate took place regarding the State Budget for the year 2024. The discussion primarily focused on the non-habitual resident regime. During this debate, the government introduced a proposal outlining a transitional regime aimed at modifying the Non-Habitual Resident (NHR) regime.

    The proposed transitional regime extends beyond maintaining the existing regime for individuals already registered under the NHR system, as initially outlined in the 2024 State Budget. It encompasses the following provisions:

    i) Eligibility for the transitional regime extends to taxpayers who, by December 31st, 2023, could potentially qualify as tax residents in Portugal (along with their households).

    ii) The transitional regime also applies to taxable individuals who attain Portuguese tax residency status by December 31st, 2024. They must declare one of the following criteria for their registration under the NHR:

    a) Display a promise or formal contract of employment, or an agreement for a secondment, signed by December 31st, 2023, regarding professional activities in Portugal; or

    b) Present a lease agreement or an agreement conferring possession of property in Portugal, executed by October 10th, 2023; or

    c) Show evidence of a reservation or promissory contract for the acquisition of a real estate right in Portugal, signed by October 10th, 2023; or

    d) Provide proof of enrollment or registration of dependents in a Portuguese educational institution, completed by October 10th, 2023; or

    e) Hold a residence visa or a residence permit valid until December 31st, 2023; or

    f) Initiate the procedure for obtaining a visa or residence permit in compliance with applicable immigration laws by December 31st, 2023, through:

  • New Portugal Golden Visa Rules To Take Effect Within Days – Latest Update

    Following the reconfirmed vote by the Parliament, and the delivery of the document to the President’s office, we can say today that the “Mais Habitação” law was already ratified by the President of the Republic. The next step is the publishment of the new law which can take up to 8 days. According to the diploma, it should enter into force one day after the publication.

    From our side, we will now work to conclude all pending cases, by entering the respective submissions.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

  • Latest Update on Portugal Golden Visa on September 22, 2023

    As per initially scheduled following the Conferência de Líderes, we would like to inform you, that the Parliament has just reconfirmed the “Mais Habitação” law with the votes in favor of 119 deputies from PS (Government party) and against 87 deputies, which means all opposition – both left and right-wing. Following this approval, the law is expected to be sent to the President within the next 5 to 7 business days. Upon receiving the law, the President has an 8-day deadline to ask for it to be published. However, given that the law is quite controversial, this deadline may not be complied with.

    Our advice to all our clients is to move forward as soon as possible with their investments. The current average time to conclude the investment, with IAS, is currently under a week and will be reduced to 2/3 business days – which provides enough time to invest and be part of the Portuguese investment program under the current regime.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

  • Change of Law – Golden Visa | Recent News

    We would like to inform you that today the President of the Republic has vetoed the “Mais Habitação” law.

    The next step in this process is the return of the “Mais Habitação” law to the Parliament where it can be i) changed by the Parliament and sent again to the President or ii) confirmed by the majority of the deputies at the Parliament and in this case the President will need to accept it.

    In any case, it is unreasonable to expect that the Parliament makes any decision before the end of September 2023, since at the moment the Parliament is closed for the summer break.

    Our advice to all our clients is to move forward as soon as possible with their investments. The current timelines will allow investors to start and submit their process before the potential end of the Golden Visa program.

    In this sense, it is essential that we make our investors aware that the current average time to conclude the investment, with IAS, is around one week, which – under current timing, provides enough time to invest and be part of the Portuguese investment program.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

  • Portugal Golden Visa Program: the latest update July 20

    After the voting that took place today at the Parliament, we can announce that we have just received the final version of the “Mais Habitação” law, approved by the Parliament.

    As already announced in our last communication, the Portuguese Golden Visa program will continue. Moreover, the bill’s final version does not contemplate the continuity of the ARI regime under the investment-related categories of real estate for residential purposes and rehabilitation, as well as bank deposits.

    Despite the end of the program for these categories, it is made clear in the final version that all applications submitted until the entering into force of the new law will be fully processed according to the existing rules and regulations, and renewal rights will be fully assured for investors and family members.

    The next step in this process is to send the “Mais Habitação” law to the President of the Republic. Here three scenarios may take place:

    i) Direct ratification, and in this case, the proposal will come into force on the day after the publication;

    ii) The President of the Republic does not accept the proposal as it is and returns it to the Parliament for revision; or

    iii) The President of the Republic does not issue an opinion on the document but requests its evaluation by the Constitutional Court.

    In any case, it is unreasonable to expect that, even if option i) takes place – direct ratification, the law comes into force before the middle/end of September. Our assumption is based on the package’s complexity – which will require extensive analysis- and the current holiday period, which will certainly add time to the current process.

    For further clarity, below you can find the detailed timeline of the process moving forward.

    Our advice to all our clients is to move forward as soon as possible with their investments. The current timelines will allow investors to start and submit their process before the potential end of the Golden Visa program.

    In this sense, we must make our investors aware that the current average time to conclude the investment, with IAS, is around one week, which – under current timing, provides enough time to invest and be part of the Portuguese investment program.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

  • Portugal Golden Visa Latest Update

    On Portugal local time July 6, 2023, the special commission created for the analysis and preparation of the final draft of the “Mais Habitação” law approved the bill to be presented to Parliament.

    Despite the proposals presented by all parties to keep some options of investment, including the one initially presented by the government itself, the final draft does not contemplate the continuity of the ARI regime. Therefore, the present draft states that no applications will be admitted following the entering into force of the new law.

    Notwithstanding, there is relevant good news:

    • it was made clear that all applications submitted until the entering into force of the new law will be fully processed, and renewal rights will be fully assured;
    • The analysis of all files submitted up until the entering into force of any amends will follow all existing rules and regulations;
    • No changes will be implemented to the law regarding the adding of family members, which means that family reunification will still be possible after the changes are implemented
    • No changes were added regarding the access to citizenship and permanent residency were included.

    Regarding the timeline, we believe that the Parliament will vote on the current law up until July 19th, 2023.

    The final step of the process, if the current document is approved by the Parliament, will be sending the proposed shall be proposed bill to the President of the Republic.

    There is no way to determine how the President of the Republic will respond to the diploma, but three scenarios may take place:

    1.  Direct ratification and in this case, the proposal will come into force on the date set forth in the proposal.
    2. The President of the Republic does not accept the proposal as it is, and returns it to the Parliament for revision; or
    3. The President of the Republic does not issue an opinion on the document but requests its evaluation by the Constitutional Court.

    In any case, it is not reasonable to expect that, even if option i) takes place – direct ratification, the law comes into force before the middle/end of September. Our assumption is based both on the complexity of the package – which will require extensive analysis, and the current holiday period, which will for sure add time to the current process.

    Our advice to all our clients is to move forward as soon as possible with their investments. We believe the current timelines will fully allow investors to start and submit their process before the potential end of the Golden Visa program.

    In this sense, we must make our investors aware that the current average time to conclude the investment, with IAS, is around one week, which – under current timing, provides enough time to still invest and be part of the Portuguese investment program.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.