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Decree Law No. 161/2019


Publication: Republic Diary No. 206/2019, Series I of 2019-10-25
  • Issuer: Presidency of the Council of Ministers
  • Diploma Type: Decree Law
  • Number: 161/2019
  • Pages: 23 - 44

Summary in plain english

What is it?

This decree-law creates the Revive Natureza [Nature Revive] Fund and defines the special scheme of allocation, monetization, intervention and sale of rights over real estate included therein.

The Fund is a means of enhancing the built and natural heritage, with the aim of promoting regional development through tourism activities.

The Fund is established for an initial period of 30 years and may be extended.

What is going to change?

Throughout the country, there are several unused public properties located in places with great tourist potential, which when recovered, in addition to benefiting the local communities, attract tourism and establish new residents.

A special real estate fund is created that contains a set of rights over state or local autarchies’ property, under the Revive Natura brand.

The fund is responsible for managing the network of buildings, with common criteria, including environmental and land use criteria.

The management activity of this fund may be carried out by a real estate investment fund management company.

What advantages does it bring?

This decree-law aims to enhance the built and natural heritage, which is essential for regional development and for the promotion of tourism throughout the national territory.

The management of the Fund promotes the creation of employment and local economy, as well as the use of local products and recovery of properties integrated in it, always considering environmental policies. It is therefore an alternative to new construction and encourages private initiative investments in land planning.

When does it enter into force?

This decree-law enters into force on the day following its publication.

Original Version

LEGAL TRANSLATOR

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CONSOLIDATED LEGISLATION

Legislative consolidation integrates the various amendments and rectifications made into an original legal diploma in order to make its consultation more accessible to the citizen.