Real Estate

The Benefits of Buying Portuguese Property

During the past ten years Portugal has become a European property hot spot, with investors from around the globe buying up property and driving up prices in Lisbon, Porto and the Algarve. Twenty years ago, the magnificent ancient buildings of the country’s capital were in poor shape and the centre of Lisbon was woefully run-down. Now, with the benefit of massive foreign investment, Lisbon has been transformed into one of the most vibrant and stylish capitals in Europe, to the extent that, based on bookings for 2022, it is the continent’s most popular destination. So many celebrities have acquired property in the Algarve that locals have taken to referring to it, jokingly, as a European California. Foreign interest in Portuguese property has continued unabated, despite the pandemic, though attention is now turning to investment opportunities in the magnificent ancient cities of the country’s interior.

The Golden Visa Scheme

Golden visa schemes exist in a number of European countries, but it was Portugal’s particularly generous version of the scheme which, about ten years ago, set off an avalanche of foreign investment. You can get EU citizenship by investing in Portugal. As it was originally implemented, the scheme allowed foreign purchasers of property in excess of 350,000 euros, to acquire residency rights and freedom of travel within the Schengen area, with the offer of a full Portuguese passport after a mere five years. The scheme has been so successful that there is a real danger that the Portuguese people themselves are being priced out of living in their own capital and so, as of January 2022, the government has now imposed certain restrictions. The investment threshold has been increased to 500,000 euros and qualifying purchases have been restricted to property in the country’s interior. Despite these new constraints, Portuguese property still represents an excellent investment opportunity. You can get a sense of the bargains to be had by browsing the beautiful properties available online.

Thriving rental market

Portugal is a year-round tourist destination and consequently, rental properties are easy to let and provide a very good return. Portugal’s outstanding golf courses, which host tournaments throughout the year, are an additional attraction which draw thousands of visitors.  Portugal also has a long tradition of excellent universities and a large student population, many of whom are visitors from abroad, so that rental properties, not in main tourist areas, also offer the opportunity to provide rental accommodation for students.

Low cost of living

Portugal has one of the lowest costs of living in Europe, significantly cheaper than Spain, Italy or France and around 30% lower than that of the U.K. The southern part of the country enjoys 300 days of sunshine a year, so winter heater bills are minimal.

Non habitual tax status

The Portuguese government has worked hard to attract foreign investment and the Non-Habitual Tax Resident status is a further incentive designed to attract investors and professionals of high economic worth, enabling these fortunate individuals to live in the country, tax free, for up to ten years. There are currently 10,000 Non-Habitual Tax Residents living in the country.

Matthews

Hey, I am Matthews owner and CEO of Greenrecord.com. I love to write and explore my knowledge. Hope you will like my writing skills.

Recent Posts

Four Mistakes to Avoid When Launching an Online Business

Are you keen to take advantage of the numerous opportunities associated with the burgeoning e-commerce…

2 days ago

How Field Data Collection Apps Empower Frontline Workers in Remote Areas

Frontline workers play a vital role in delivering essential services, collecting critical data, and driving…

3 days ago

17hats Login Guide: Access, Features, and Tips for Small Business Success

When managing a small business, organization is key. With the rise of cloud-based business management…

4 days ago

How to Access the 15Five Login Portal (Step-by-Step Guide)

Managing employee performance and engagement is easier than ever with 15Five, a leading platform for…

5 days ago

From Branding to Product Development: How Design Shapes Every Aspect of Business

Design is not just about aesthetics; it plays a crucial role in defining a company’s…

5 days ago

10.0.0.1 Xfinity Gateway Login Guide – Step-by-Step Instructions

The Xfinity Gateway provides users with a seamless internet experience by combining advanced networking technology…

6 days ago

This website uses cookies.