Britain and the European Union have negotiated a post-Brexit trade agreement, with failures likely to lead to increased mutual trade uncertainty, the collapse of financial markets, and immense economic costs.
It is known that the United Kingdom is no longer a part of the Single Market or the Customs Union and that freedom of movement does no longer apply, but there are many other things, such as visa-free travel to EU countries, fishing rights, state assistance, university funding, roaming fees and the effect of Brexit on the automotive and food production industries.
Being one of the most attractive countries for a second residency, as elected by Forbes, those from the United Kingdom who look to relocate to Portugal will now have to apply for a visa. In a recent interview held by Property Investor Today, we saw that Brits have concerns regarding acquiring a Portugal Golden Visa, move freely in the EU, amongst other worries.
The Portugal Golden visa is going to be banned from high-density cities, like Lisbon and Porto. These changes aim to bring investments into lesser-known areas of the country, but inarguably just as beautiful and worth investing in as the main Portuguese cities.
Watch the video below, where David Poston elaborates on what steps investors should be taking before the changes to the Golden Visa come to place.
Yes. UK investors, now considered non-EU citizens, are allowed to apply for the Portugal Golden Visa, ever since 1 January 2021. Learn more about how to apply for the visa residency scheme here. All applications up to the 31st June 2021, will be accepted under the original programme, but moving forward main cities such as Lisbon and Porto will no longer be valid for the Portugal Golden Visa.
When it comes to free movement, living, and working in the EU, the Portuguese post-Brexit legislation stated that British citizens who have their Portuguese citizenship rights granted before the country’s exit from the EU will be able to continue pursuing those rights.
However, Britons looking to relocate permanently to Portugal now, are subject to the country’s immigration rules, and only have access to free movement for 90 days, within a 180 day period. In order to secure uninterrupted access, or for stays over 90 days in Portugal as a non-EU national, you would need to apply for a visa. While a UK citizen doesn’t have to be a resident to purchase a property, on a practical level they will need a bank account and for that, they will require a permanent address, therefore a visa.
In order to also encourage British investors to continue visiting the country, Turismo de Portugal launched the “Brelcome” campaign as a contingency plan to minimize the economic impact of the United Kingdom’s exit from the European Union. Read more about this plan here.
As the Algarve region is not as dependent on UK buyers like it once was, the market should be less affected if British citizens stop investing or moving to Portugal because of Brexit.
Statistics show that the Portuguese market is still very buoyant with no signs of a downturn or of any drop in prices.
David believes that the Golden Visa programme in Portugal will be a greater asset during the next few months, as it has also given people a new sense of appreciation towards life, and the opportunities freedom of travel can offer.
It’s important to mention that there were COVID-related changes in the market. In this short video, Gary Harland talks about how the pandemic impacted the Real Estate market and the company, but also how we were able to overcome the challenges, adapt to the new constraints, and evolve to continue to provide the best quality service to our clients.
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.
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