Lusa
Investors say they are betrayed by now having to wait 10 years for nationality and many are already giving up their residency applications.
Hundreds of foreign investors covered by the golden visa regime are challenge the new nationality law and prepare a collective action against the Portuguese State.
According to , more than 500 foreign citizens must move soon to the courtsalleging breach of trust and violation of expectations created when they decided to invest and take up residence in Portugal.
The case of Kevin Goffan American lawyer who moved to Portugal in 2021 with her husband and two children, illustrates the impact of the new rules. The investor was just a few weeks away from complete the required five years to apply for nationality when the new law was enacted. With the changes, the period for accessing citizenship increased to 10 years in the case of citizens of countries outside the European Union and the CPLP and the time only starts after the issuance of the residence card.
Kevin considers it been victim of a “trap”as he made the decision to invest in Portugal trusting in the conditions presented by the State. His investment was invested in a fund linked to the construction of health units and pediatric clinics in the interior of the country. Now, in addition to seeing the deadline doubled, you will have to maintain invested capital longer than expected.
The protest gained dimension through WhatsApp groups that bring together investors of various nationalities, mainly North Americans. The participants plan to formalize an association and exhaust all legal avenues in Portugal, later admitting turn to European bodies.
Lawyers specializing in immigration say that the changes raise legal doubts related to the principles of equality, legitimate expectations and non-retroactivity of the law.
Madalena Monteiro, a lawyer at Liberty Legal, also argues that the deadline starts 90 days after submitting the residence application. “This is AIMA’s legal response deadlinewhich never fulfills. I have had customers waiting since 2020. This time cannot be erased, because it is the result of administrative non-compliance”, he states.
The changes are also having economic impacts. According to lawyers and sector representatives, investors have been withdrawing from golden visa processes every day and there has been a significant drop in new applications. Each withdrawal represents, on average, minus half a million euros invested in Portugal.
