Portugal is the new hotspot for millionaires

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Portugal is the new hotspot for millionaires
Reading time: 9 minutes
Published: 3rd October 2022, 6:44pm
Updated: 4th October 2022, 5:46pm

The first half of 2022 shows an increase in the number of millionaires moving to Portugal, as the country stands well located in the ranking of countries that attract the most millionaires in the world. This growth shows the importance that Portugal has at the moment, being the focus of the immigration of wealthy people. 

This new data shows that Portugal currently is the third European country with the highest growth in the number of millionaire residents. The Portuguese capital Lisbon appears only behind Cannes & Mougins, in France, and Lugano, in the south of Switzerland. The reasons behind this migratory phenomenon could be explained by several attractive factors, such as the availability of profitable investments in the country, the great climate offered all year round, the welcoming charm of fellow Portuguese, and lastly the feeling of safety, as Portugal is recognized as one of the safest countries worldwide 

Cruise ship at Lisbon, Portugal

 

Another reason for this increase in the millionaires choosing to relocate to Portugal lies in the profitable conditions and the stability of the Golden Visa Programme, one of the bests in the European Union.  

Since the beginning of 2022, there has been a noticeable growth in the Portuguese Golden Visa investments, with total investments made into real estate purchasing reaching close to half a billion euros (until August, the official numbers are €323,289,719.10), a higher amount than the quantity invested in the country during the same period in 2021. Those investments in the Portuguese Golden Visa Programme in 2022 are mainly made by the USA citizens, followed by the Chinese and Brazilians, the top three nationalities who more invested in Portugal, and increased the wealthy migratory flux. Understand more about the Golden Visa Stats & Investments Evolution in our newest article. 


Golden Visa related articles:


Living in Lisbon is an exceptional experience, as the city presents the charm of the old days, with the same medieval urbanization in its old neighbourhoods, combined with the post-earthquake renovated areas and the new business centres. The favourable environment for trade in Lisbon is an attractive point of interest for millionaires looking for a place to relocate. But other reasons such as the good quality of life, and the cheap cost of living make Lisbon a hotspot destiny for expats relocating to Portugal 

Portugal Homes offers the best Real Estate business opportunities in Lisbon, including residential and commercial properties for sale, and property developments. No matter what your Lisbon real estate ambition may be, we can help you fulfil it with our extensive property expertise. If you are looking to find out more about Lisbon, check out our Lisbon Real Estate Guide.   

Although Lisbon attracts plenty of millionaires, other regions in the country can provide excellent business opportunities for those looking for international investments, or just for an attractive spot in the sun to enjoy life to its maximum. And the best region for that is the Algarve, in the south of Portugal, connected by train with Lisbon and Porto. The Algarve is currently the region with faster growth, becoming a high-profile destination, with its exclusive resorts, villas and golf courts. 

Golf resort at the Algarve, south of Portugal

 

Talking about golf, the Algarve’s offer of courses is massive and goes from 9 to 18-hole options. This incredible amount of choices has made the Algarve one of the best regions in the world to enjoy this incredible sport. The 2022 edition of the 100 Best Golf Resorts in Europe, by the International Association of Golf Tour Operators, puts Portugal in number four in the ranking, with the Monte Rei Golf & Country Club, located in the Algarve. 

Portugal Homes offer the best properties for sale in the Algarve, which include residential, commercial and property developments. Check out our real estate opportunities in the Algarve and contact us for more information.  

Beach at the Algarve, South of Portugal

 

Algarve has much more to offer in terms of quality of life and is considered one of the best tourist destinations in the world. The incredible beaches of the Algarve have a strip of white sand that recalls the paradisiacal beaches of the Caribbean, surrounded by cliffs and bathed by crystal blue waters. These are breathtaking landscapes that go around small and charming fishing villages, full of history and excellent cuisine. The region is also economically important, having in its capital, the city of Faro, the international airport Gago Coutinho, which can connect several countries in the world with the Algarve.  

Overall, Portugal offers its residents a great quality of life, which is why it has become a hotspot for millionaires.

Read more on Moving to Portugal and living as an expat.

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Buying Property in Portugal

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.

Thanks to Andreia Leite for the comprehensive and timely updates on the construction progress of the new development we purchased!

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Very helpful. Work with his heart. Mark is a very nice advisor. 

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Everything was perfect. I got all answers about my questions. 

Investor from Turkey

Ryan was an excellent real estate agent, he really steered me in the right direction based on what I said was important to me. Living in another country, I wasn't as familiar with the city as he is. Where I thought I wanted to live and what I truly wanted were not the same. He took the time to listen and figure out the best spot for me, and we are very happy with it - far more than we would have been elsewhere.

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The overall experience was great from follow up to After Sales. I would like to give special thanks to Mr. Simon, Ms. Francisca and Ms. Mariana.

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George Hobson is a pleasant young man, came across as knowledgeable, experienced, hardworking, honest & disciplined; I felt very comfortable in easily making my investment.

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