An exclusive opinion piece for IMGW News by legal expert Rui Assis Passos
The proposed amendment to Portugal’s Nationality Law, set to return to parliamentary debate in September, comes at a moment of heightened political and legal sensitivity. Only last Friday, the Constitutional Court declared parts of the recent Immigration Law amendments unconstitutional — a stark reminder that any legislative changes affecting acquired rights must be approached with utmost caution and legal rigour.
The pillar of trust — and its constitutional protection
The “pillar of trust” is more than an economic or reputational notion; it is a principle recognised and safeguarded under Portugal’s constitutional order. Rooted in the democratic rule of law, it ensures legal certainty and stability. These guarantees bind both legislators and the public administration, allowing individuals — Portuguese and foreign alike — to rely on the stability and predictability of the legal framework, especially when it has underpinned major investments or long-term life choices.
To dismantle this pillar by abruptly altering the Residence Permit for Investment (ARI – Golden Visa) rules without safeguards for pending cases would not only be a strategic misstep; it would also open the door to constitutional challenges.
A missed opportunity
Portugal risks squandering a “Golden Opportunity” to align investment migration with structural economic needs, particularly in housing. With the Recovery and Resilience Plan (PRR) funds for construction and rehabilitation already exhausted — and no fiscal capacity for large-scale public investment without raising public debt — the Government could instead establish state-supervised funds for controlled-cost construction and affordable rentals, channelling private capital into areas of high social and economic value.
Economic and reputational risks
- €600 million in Open Funds at risk, potentially subject to early redemption
- GDP contraction estimated at 0.3% (direct) and 1% (indirect)
- Job losses due to non-completion of projects in housing, hospitality, energy, and innovation
- Heightened vulnerability in strategic sectors: Tourism, Financial Services, and Start-ups/Scale-ups
- Potential erosion of trust among key CPLP partners, notably Brazil and Angola, which have already voiced concern
Portugal needs migration reform — but not at the expense of a principle with constitutional protection, nor by forgoing a rare chance to harness investment migration for economic and social progress. The threat of lasting economic, diplomatic, and legal harm is both real and avoidable, provided lawmakers adopt a strategic, stable, and credible approach that strengthens rather than weakens investor trust.
𝑩𝒊𝒐𝒈𝒓𝒂𝒑𝒉𝒚
Rui Assis Passos is a seasoned Portuguese lawyer and founder of ERG Legal in Lisbon. With over two decades of experience in immigration, taxation, and estate planning, he has advised hundreds of high-net-worth individuals on legal pathways across Europe and the Gulf.
A key contributor to Portugal’s recent Golden Visa reform, Dr Passos now turns his attention to the Caribbean, where he offers expert insight into how citizenship programmes can drive sustainable development and international credibility.
𝑭𝒐𝒓 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒐𝒏 𝑹𝒖𝒊 𝑨𝒔𝒔𝒊𝒔 𝑷𝒂𝒔𝒔𝒐𝒔 𝒂𝒏𝒅 𝑬𝑹𝑮 𝑳𝒆𝒈𝒂𝒍, 𝒗𝒊𝒔𝒊𝒕 𝒘𝒘𝒘.𝒆𝒓𝒈𝒍𝒆𝒈𝒂𝒍.𝒑𝒕
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