NOW IS THE TIME FOR FOREIGN NATIONALS TO INVEST IN PORTUGAL SAYS THE ASSOCIATION OF PORTUGUESE RESORTS
16 April 2014
- Tax incentives for high earners including inheritance tax exemption
- Golden Visa Programme for non-EU residents
- Some of the lowest real estate prices in Western Europe
- Golden visa programme has already generated €300million for Government
As the buzz around Portugal grows, The Association of Portugese Resorts (APR) highlights the benefits of investing in the country in 2014. In addition to attractive real estate prices, Portugal can offer retirees a tax break of 10 years on their pension, as well as a tax rate of just 20% for high earning foreign nationals if they own property in Portugal.
Non EU residents investing in over 500,000 euros in Portuguese property will also benefit from the Golden Visa programme. According to figures released by the Portuguese Ministry of Public Affairs, Portugal issued 772 golden visas between January 2013 and March 2014, generating €300million for the Government during this period alone. These golden visas enable free travel in the Schengen area.
The country also offers inheritance tax exemption on properties and Portuguese banks will provide financing to international buyers.
Like most of Europe, Portugal’s property prices have fallen since 2008. Although Portugal is now technically out of recession, with predicted GPD growth in 2014 of 0.8%, real estate prices have remained stagnant with the average price of Portuguese property at just €1,371 per square metre. This makes Portugal an attractive investment alternative to the likes of France (average of €2,599 per square metre) and Spain (average of €1,495 per square metre).*
“As Portugal continues to enjoy economic growth, the prices of property will rise, making the country an excellent investment opportunity in the current climate. Now is the time to act to reap the benefits for the future. There is a real buzz around Portugal at the moment, with many high earning foreign nationals investing in the region, in addition to the rise of architecturally advanced homes and property expansion across the country,” says Pedro Fontainhas, Executive Director of The Association of Portuguese Resorts (APR).
Portugal is recognised internationally for the high quality work of its architects including the Pritzker Prize winning Eduardo Souto Mouta and Álvaro Siza Vieira. Over the course of the last 20 years, Portuguese real estate has experienced major development, due to the fact that construction quality is becoming increasingly more sustainable and due to the evolution of spending power, which reached its highest point at the beginning of the 2000s.
Visit Portugal is hosting an exclusive VIP Portuguese Property Event on 1 May 2014 at the Jumeirah Carlton Tower in Knightsbridge, London showcasing Portugal’s luxury property investment portfolio and outlining the associated benefits of investing in the country. If you’d like further information on the event or to attend please contact Kally Carder on 01628 526208 or email: firstname.lastname@example.org