The long-awaited Implementing Decree no. 15-A/2015 of 5 November was published in the official gazette Diário da República on 2 September 2015 and is already in force. This new Implementing Decree makes the third amendment to Implementing Decree no. 84/2007 of 5 November – which sets out the regulations of the legal framework for foreigners in Portugal and the procedure and rules to be followed by applicants for Investment Residence Permits (normally referred to as "Golden Visas" or "ARIs").
Importantly, the Implementing Decree now expressly provides for a much larger number of investment models under each of the seven types of investment activity. It fills in gaps in the legislation and reduces the margin of discretion of the Foreigners and Borders Service (Serviço de Estrangeiros e Fronteiras – SEF), imposing greater transparency, rigour and control in the Golden Visa approval process.