Golden Visa Investors Threaten Legal Action

A collective of 1,260 foreign investors currently residing in Portugal has recently taken significant action by lodging a formal complaint with the Ombudsman’s Office. This group, comprised of individuals who have invested in Portugal through the Golden Visa program, is actively seeking to schedule a meeting with the newly appointed Ombudsman, Luísa Neto, in the near future, specifically within the next 15 days. This collective grievance highlights their concerns regarding the recent changes in the Nationality Law and its implications for their investment and residency status.

Portugal Rooftops

The primary objective of this group of investors is to request that the new Ombudsman, Luísa Neto, take a proactive stance by referring the controversial new Nationality Law to the Constitutional Court for review. They also seek to engage in dialogue with the Portuguese Government to find a fair resolution for those individuals who have already submitted applications for citizenship or have been in a prolonged waiting period for their residence permits, some for several years. This situation has created a sense of uncertainty and frustration among the investors, who are keen to resolve these issues expediently.

According to reports from the newspaper ECO, the investors are advocating for the establishment of a transitional scheme. This proposed scheme would allow for the statutory period required for citizenship to be calculated from the date of application submission, rather than from the date of receiving the residence permit. This change is crucial for many investors who feel that the new regulations unfairly extend the timeline for obtaining Portuguese citizenship. Should the Government fail to respond to their requests and concerns, the group has indicated a willingness to escalate the matter by initiating legal action as early as September, a move that could potentially involve as many as 2,000 investors who are similarly affected.

It is important to note that while the new Nationality Law has not directly altered the existing golden visa scheme, it has significantly impacted the timeline for foreigners wishing to obtain a Portuguese passport. Under the new regulations, the time required to secure citizenship has been extended from five years to a more demanding ten years. Furthermore, the new law stipulates that the countdown to acquiring a passport now begins only after the residence permit has been granted, rather than from the initial application submission date, which had been the previous practice. This shift has caught many investors off guard and has led to widespread dissatisfaction among those who had anticipated a more streamlined process.

Lisbon Tram

The changes brought about by the new Nationality Law are particularly consequential for investors who initiated the citizenship process under the investment visa program, commonly referred to as the ARI or golden visa. Many of these investors are now expressing their determination to pursue legal action against the Portuguese state, feeling that their rights and expectations have been unfairly compromised by the new regulations.

Catarina Almeida Garrett, co-founder of AGPC, a firm that represents the interests of the 1,260 golden visa investors, has been vocal about the group's readiness to take legal action in September if the situation remains unresolved. Her comments, as reported by ECO, underscore the urgency and seriousness with which these investors view their plight.

AGPC Investments, the firm mentioned earlier, plays a pivotal role in advocating for the rights of these investors. They are working diligently to ensure that the grievances of the 1,260 golden visa investors are heard and addressed appropriately, aiming for a resolution that acknowledges the investments made and the expectations set forth by the original terms of the Golden Visa program.