Portugal, like several other European countries, has been going for gold in the last few years. Golden Visa, that is.
The so-called Golden Visa residency program, launched in Portugal in 2012 to counteract the economic crisis of 2008 and 2009, has helped revitalize the real estate market. That program allows foreign citizens to obtain visas in exchange for a real estate investment of €500,000 (US$546,000), and attracted more than 5,550 new buyers to the Portugal property by the end of 2017, according to the country’s Foreigners and Borders Service.
The program yielded more than €3 billion (US$3.8 billion) in Portuguese real estate investments as of the end of last year, according to the Foreigners and Borders Service.
Brazil, China and South Africa are the top three nationalities attracted through Portugal’s golden visa program, according to government statistics.
There are also tax benefits for “non-habitual residents,” a separate program established by the government in 2009 to encourage high-net worth industries and individuals to relocate, according to the London-based financial planning firm Blevins Franks. It offers people working in “high-added value” professions in the country a flat income tax rate of just 20% for 10 years.
In addition, retirement savings are also eligible for tax breaks. Retirees who receive funds from their home country will not be subject to Portuguese taxes on those earnings for the first decade of residence, the firm said.
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