New nationality rules threaten Golden Visa investment
Uncertainty swirling around the new rules governing the entry of immigrants into Portugal and getting Portuguese nationality is causing concern among Golden Visa holders and investment funds.
The online news source ECO reports that some expect a “very significant fall” in investment through the programme because the new rules effectively remove its attractiveness, making it irrelevant, while damaging the county’s reputation.
Today (Friday, July 4) the government’s proposal to create a 10-year period before Golden Visa applicants can gain Portuguese nationality through the scheme will be debated in parliament.
“We have received several requests for clarification from potential investors, particularly over the new legal changes and the uncertainty created by the changes to the policy framework and the stance of the authorities”, said Luís Gutman, the CEO of OW Ventures, adding, “they are trying to better understand what are the current eligible paths to the Golden Visa as well as the practical impact of the new rules for the Golden Visa on their investment plans”.
OW Ventures is a venture capital entity that started the fund Terralis Fund in November 2024. The fund is focused on technologies aimed at sustainability and it plans to invest €20 million over eight years, with a substantial part of this capital derived from Golden Visa investors.
Catarina Almeida Garrett, founding and co-managing partner of AGPC Investments (Pictured right with co-founder Filipa Pinto de Cravalho) is also concerned over the legislative changes, especially regarding the alteration to the nationality law.
“We are feeling an immediate impact with investors asking for clarification and with new investors asking what the future rules governing the Golden Visa will be”, she says.
“Some of the new applications are naturally on standby until investors know what the final outcome will be”, she added.
“Other clients have already said that they want to continue the process. I think that the main challenge for investors is knowing what they can expect in the medium and long terms, and that the State should comply with its part”, said the Co-founder of AGPC.
Meanwhile, the leader of far-right party Chega, André Ventura, says the he has reached an “understanding in principle” with Portugal’s Prime Minister, Luís Montenegro on both nationality and immigration.
“We have an understanding in principle on immigration and nationality “which will be very very positive for the country”, he said.
He said that the initiative would “lower taxes”, “restrict the obtaining of nationality” and “regulate immigration”.
According to the Constitution, the diplomas that regulate the “acquisition, loss and reacquisition of Portuguese citizenship” take the form of an organic law, so any change to the nationality law will have to be, in the final overall vote, approved by an absolute majority of the MPs in office, that is, 116 votes, which will require the vote in favour of the PS or Chega bench (in addition to those of the PSD and CDS-PP, which total 91 deputies).
