By Joana Mendonça, Head of Legal at Global Citizen Solutions

The “Mais Habitação” Bill, which is intended to address the housing issue in Portugal and includes the end of the real estate investment path within the Golden Visa program, has encountered a pivotal juncture with the Portuguese President, Marcelo Rebelo, wielding his constitutional authority to veto the Bill. I’d like to provide you with an overview of this situation and its potential ramifications.

What happens now?

This decision follows a period of thoughtful contemplation on his part, and it underlines the significance of the issues we’re tackling. Following this veto, the Bill is now headed back to the Parliament for a reevaluation, taking into account the points raised by the President. While there remains a possibility for the Parliament to overturn this veto through a fresh voting process, we must consider the context. The Assembly is presently in its summer recess, with plans to reconvene on September 6th. This is when the discussions around the Bill will resume.

Given the President’s expressed reservations about the current state of the Bill, there’s a real chance that we’re in for a renewed round of debates. The Socialist Party may choose to put the Bill up for another vote without any alterations, relying on a simple majority to push it through. However, considering the President’s concerns, it’s prudent to expect a discussion before any final decisions are made.

Now, onto a matter of particular interest for our stakeholders: The timeline for potential real estate investments under the Golden Visa program. While it’s tough to pinpoint an exact timeline, it’s reasonable to assume that interested investors might have until the end of September to explore real estate avenues within the Golden Visa framework.

In light of these unfolding events, I want to underscore an important point. Should the revamped Golden Visa legislation ultimately pass, with real estate investment options being removed, the program itself will persist. This ensures that our work and the opportunities for investment continue. The avenues for investment include:

• Committing €500,000 to collective investment structures, encompassing funds and other non-real estate-related entities
• Engaging in the share capital of existing companies, coupled with the creation of jobs and a minimum investment of €500,000
• Participating in donations and other forms of patronage within artistic and scientific domains

As we navigate these developments, it’s crucial to maintain a keen awareness of the changing legal landscape. Let’s draw on our collective expertise to steer through these dynamics with insight and agility.