An exclusive opinion piece for IMGW News by legal expert Rui Assis Passos
Once upon a time – not in fiction, but in the very real year of 2023 – Mr B, a seasoned entrepreneur from abroad, looked to Portugal not merely as a destination, but as a promise.
A promise of stability. Of respect for the rule of law. Of belonging.
Captivated by the country’s legal framework – which encouraged foreign investors to contribute to the national economy through regulated investment funds – Mr B committed over €500,000 to a Golden Visa-compliant vehicle. This decision was not made lightly; it followed a thorough reading of the law, repeated representations by public authorities, and official government statements, all clearly confirming that: after five years of legal residence, one could apply for Portuguese nationality.
This was not marketing spin. It was legal fact — published, affirmed, and relied upon.
And so Mr B moved forward, bringing not only capital but confidence. He understood the path would be long, possibly bureaucratic, but ultimately secure. After two years, in 2025, he received his residency card.
“There is no sound legal argument, no empirical justification, no compelling policy rationale for this betrayal”
Then the ground shifted beneath his feet.
A new law – introduced under the guise of reform – declared that five years were no longer enough. Those who had trusted the law, followed it, and committed financially and personally to Portugal, would now have to wait longer. The finish line had been moved after the race had already begun.
This was not just unjust; it was arguably unconstitutional.
- The principle of legal certainty – a cornerstone of the Portuguese Constitution – was shattered.
- The principle of legitimate expectation – repeatedly upheld by both the Portuguese Constitutional Court and European jurisprudence – was ignored.
- The retroactive nature of the measure undermines Article 2 of the Constitution, which protects trust in the State and its legal order.
Let us be clear: this is not a case of closing loopholes or preventing abuse. It is a case of penalising good-faith investors who complied with every rule, acted under a valid and published regime, and made long-term, often illiquid, investments in vehicles expressly encouraged by the Portuguese Republic.
There is no sound legal argument, no empirical justification, no compelling policy rationale for this betrayal. The silence of the State – including AIMA’s failure to even acknowledge refund requests – speaks louder than any official statement.
Yes, laws can and should evolve. But retroactively altering the foundational terms under which private individuals engaged with a sovereign programme is not reform – it is rupture.
Such actions undermine not only the Golden Visa framework but Portugal’s credibility as a rules-based jurisdiction. The reputational damage is real and enduring.
How can a nation expect to attract strategic, long-term investors when the laws it enacts are later deemed unreliable?
Mr B’s story is not unique. It is echoed by hundreds of families, entrepreneurs, and professionals who believed in Portugal – not just as a place, but as a promise.
Let us hope the Constitution – and those entrusted to uphold it – remember that trust, once broken, is hard to rebuild.
𝑩𝒊𝒐𝒈𝒓𝒂𝒑𝒉𝒚
Dr Rui Assis Passos is a seasoned Portuguese lawyer and the founder of ERG Legal in Lisbon. A key contributor to Portugal’s recent Golden Visa reform, he brings over two decades of experience in immigration, taxation, and estate planning. Over the years, Dr Passos has advised hundreds of high-net-worth individuals on strategic legal pathways across Europe and the Gulf.
𝑭𝒐𝒓 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒐𝒏 𝑹𝒖𝒊 𝑨𝒔𝒔𝒊𝒔 𝑷𝒂𝒔𝒔𝒐𝒔 𝒂𝒏𝒅 𝑬𝑹𝑮 𝑳𝒆𝒈𝒂𝒍, 𝒗𝒊𝒔𝒊𝒕 𝒘𝒘𝒘.𝒆𝒓𝒈𝒍𝒆𝒈𝒂𝒍.𝒑𝒕
