Portuguese President vetoes housing program, prolonging Golden Visa availability

The Portuguese President of the Republic vetoed the program “Mais Habitação” (More Habitation), which was created to tackle the ongoing housing crisis.

According to a letter sent by the Portuguese Head of State to the President of the Portuguese Assembly of the Republic, the program is not enough to tackle a problem that has become dramatic, crucial, and very urgent.

Among the main reasons, the Portuguese President stated that the program is not credible enough when it comes to its short-term execution.

According to his words, the Portuguese State would not take direct responsibility when it comes to building viable housing solutions, and the program would not provide immediate solutions to those in need.

This presidential veto brings good news for those hoping to benefit from opportunities presented by the Golden Visa program. The current failure of the “Mais Habitação” program means that property investment from as low as 280,000 euros is still among the criteria to qualify for the Golden Visa for the time being.

According to Portuguese law, after the veto, the decree is supposed to be sent back to the Parliament for amendments. This bureaucratic procedure allows approximately 45 days before the President reassesses his decision.

Note, however, that after the 45-day period, the Government will be able to force its hand. If the law comes into effect, the criteria to qualify for the Golden Visa will be reduced, remaining open mainly for investment funds with a minimum investment of 500,000 euros.