“It was predicted that, in order not to affect any ongoing situations, that these changes, which are perfectly justified and make perfect sense, could come into force only at the beginning of next year.”, said Tiago.
The Secretary of State hopes that the Portugal Golden Visa clarifications provided by the Executive may bring some tranquillity to the real estate market, and addresses that it is “necessary to spread this message, which, apparently, is not yet sufficiently known”. He added that there will be an adjustment period until the end of the year for the new legislation to take effect.
Our director and founder David Poston has already addressed this situation and believes that this decision was taken because the government is worried that the Portuguese property market is growing too quickly, and wants to slow it down. His advice is that if “you’re still looking to apply for Portuguese Golden Visa through property investment in one of the city centres, then you should buy a property that has all of its licenses in place, or one that allows you to sign deeds immediately”. Read the director’s full message here.
When defining the 2020 budget, the text approved in Parliament indicated that the autonomous communities of the Azores, Madeira and low-density regions would be the eligible areas to issue golden visas in under the real estate option. This gives us the idea that only Lisbon and Porto will be the affected cities, but also all of Portugal’s coast and the Algarve, as they are not designated as interior municipalities.
No actions being in force yet, “no one knows if any changes will effectively be implemented. We need to be prudent and see what will happen - if anything - and then take appropriate measures for existing and prospective investors” said the the Partner of a leading portuguese law firm.
Although some have pointed out that it’s impossible to attract wealthy foreigners to invest in Portugal’s interior cities, we believe that investing in low-density areas has several advantages, being one of them the ability to purchase more than one property whether you invest 280k, 350k or 500k, rather than in central cities like Lisbon and Porto where you can only purchase one single property with the same amount. Learn more about investing in low-density areas here.
According to data from the Foreigners and Borders Service (SEF), the total investment raised through Portugal Golden Visas exceeded 5 billion euros in January, with the purchase of real estate representing 90% of the amount. Chinese investors are still on the rise, being the top nationalities to invest in Portugal.
A lot can happen between parliamentary approval and presidential promulgation, so if you’ve already made your investment there is no need to call off your property as the State Budget’s promulgation is still expected to happen. If you need personalized assistance on this matter, send us an inquiry and our advisors will walk you through all your questions.
Portugal Homes has very experienced and knowledgeable professionals working with some of the most established and reputable developers Portugal has to offer. Our vast experience allows us to guide you through the best investment choices.
Whether you want a holiday home or an investment property, we select the best units for your profile and take care of all the process from start to finish. Even after the sale! Our After Sales services assume the responsibility of furnishing your property at your taste, taking care of the property in your absence, managing the rentals if you wish to rent your property when you’re not in Portugal and so much more!
To learn more about the Portuguese Non-Habitual Resident Program and our After Sales services, please fill the form below.
My property advisor, Mathew McGurn, was truly excellent! His knowledge, professionalism and attention to details was much appreciated. He worked hard to not only find a property that fit all my requirements, he negotiated successfully with agents making sure my offer won over other buyers bidding for the same property. In addition, his communication skills, prompt response time and general help with my getting settled in Portugal went above and beyond the normal.Investor from the USA
Dear Sérgio, thank you so much for arranging our 1º Esquerdo place. We love our place, and your attention to detail is very much appreciated.Tim Thronson - Investor from the USA
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Everyone I met with and spoke with has been extremely knowledgeable and professional. Dealing with native English speakers who understand things from my perspective was very reassuring. Finally, knowing that I had Matthew in my corner gave me the confidence to proceed with the process of buying an apartment in Lisbon. Thanks very much.Investor from the USA
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It's fantastic how Ryan had complete knowledge regarding Lisbon and dealt with us in a great manner.Akbar Ali - Investor from Pakistan