In this post, I`m going to tell what makes Portugal such an attractive place for investors. Portugal offers very attractive possibilities in terms of investing in real estate and we see considerable potential here. The country has arguably the best climate in continental Europe, is member of the EU and has sustainable health care system. Recently, the Portuguese economy has been steadily improving: according to the 2017 figures, the country’s GDP growth rate increased to 2.7%, in 2018 those figures indicated a rate of 2.8%. This means increase in the population`s purchasing power and in housing prices.
The above mentioned is by no means complete list of reasons for investing in Portuguese real estate. It is well worth mentioning the Golden Visa program. The Program provides an opportunity for a foreign investor to obtain Portuguese citizenship and enjoy the advantages EU provides.
Those who purchase property in Portugal receive a five-year residence permit. The investor has then to spend at least seven days in the country in the first year and at least 14 days during each subsequent two-year period. Local credit institutions do not provide mortgages and loans for the purchase of property. In addition investors cannot withdraw funds within a period of five years.
The Golden Visa program offers various options. For instance, an investment of at least €500 000 in any type of real estate must be made. Alternatively at least €350 000 has to be invested in real estate that is subject to re-construction and was built more than 30 years ago. Taxes on the purchase vary from 1% to 8% depending on the cost of the object. To sum up, Portuguese The Golden Visa program is currently one of the best in Europe.
Please contact us to receive more details on real estate and the Golden Visa in Portugal.
By Zainudin Makhachev