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Updates on GV in Real Estate
Portugal has been in the global spotlight in recent years for all the right reasons. Yes, we have always known about the 300 days of sunshine (who’s counting?), welcoming locals, 850km of beautiful beaches and extensive variety of delicious regional dishes. Rather, other attributes have been brought to the world’s attention at a time when they are particularly appreciated. Before touching on the Golden Visa and the updates to the program, let’s recap on why Portugal has become a global favourite for relocation and investment:
Quality of Life
Portugal offers a unique blend of characteristics making it an ideal place to live, work and play. This winning combination is sought after in both times of plenty and of crisis. This is the understated charm that is an intrinsic part of the fabric of Portuguese culture.
Affordability
€0,75 for a coffee anyone? Quality of life that is affordable. The combo that keeps entrepreneurs, digital nomads, retiring baby-boomers and business owners of all levels interested. Portugal is said to be the country with the lowest cost of living in Western Europe.
Infrastructure, Healthcare, Education and Safety
In a post-Covid world these factors are more appreciated than ever. Portugal ranks very highly in all four with ambitions to improve further. Ranked the third safest country in the world and with a very high number of quality private and public schools, Portugal is an obvious choice for families looking to relocate. Public healthcare is also top-notch and for those looking for private care; it is more affordable and accessible than in most European countries.
Encouraging Government Immigration Policies and Fiscal Advantages
D7 Visas, Digital Nomad Visas andGolden Visas have created a buzz around Portugal; making the move particularly appealing. Accomplished people with drive and capital are flocking to the country, contributing to a significant increase in its commercial success. A potential 10 year tax holiday on top of the general non-application of inheritance, wealth and donations taxes make Portugal one of the most tax efficient locations to live.
Vibe
From Christian Louboutin toThe Aga Khan, there is a certain energy in Portugal which makes it a place of welcoming and positivity. It could be as a result of the amount of people moving here with a dream. A newly discovered utopia to many, a place to reinvent oneself or where things seem possible.
Golden Visa
While the allure of Portugal is certain, the future of the Golden Visa has been less so. After months of uncertainty since the 16th of February 2023, the Portuguese Parliament finally voted on the proposal ‘Mais Habitação’.
Changes to the programme are as follows:
- Golden Visa through direct acquisition and ownership of any form of real estate is no longer eligible.
- Funds remain a possibility, however cannot invest in real estate.
The remaining investment options are:
- Invest €500,000 or more to venture capital or investment funds that are not investing directly or indirectly in real estate.
- Create a business with at least 10 jobs for Portuguese citizens
- Make a scientific contribution of €500,000 or more
- Donate at least €250,000 to artistic production or cultural heritage
- Invest in a business and create or maintain five jobs for locals
Despite the outcome, real estate investment in Portugal is likely to remain positive. After all, the Golden Visa Programme accounted for less than 1,5% of properties sold annually and was excluded from prime locations like Lisbon, Cascais and Porto for some time already. The real estate market does not need the programme to flourish. The virtues of Portugal are more than sufficient drivers of the market.
There are many practical and evident reasons why Portugal is the place to be, and others are impossible to quantify. Perhaps one is better off using the words of Amália Rodrigues when describing Fado: ‘You feel it, you don’t understand it and you don’t explain it.”
