Portugal was one of the hardest-hit countries during the Global Financial Crisis of 2008/2009. The nation urgently needed investment, and its sunny weather, rich culture, and stunning scenery were not enough to attract more than the occasional tourist.
The country’s leaders at the time knew they had to offer much more than that.
In a stroke of ingenuity, the government introduced several measures to attract well-off, productive individuals: the D7 visa for those with independent means, the Golden Visa for investors, and the highly advantageous Non-Habitual Resident (NHR) tax regime for newcomers. These measures worked wonders, and Portugal quickly became one of Europe’s most sought-after destinations. Northern Europeans, and later North Americans, poured in, transforming the country’s economic landscape.
But with the rapid influx of money came challenges. Portugal is a relatively small country, and the immigration system has become overwhelmed. Property prices, once distressed, soared, leaving locals priced out of their own cities.
The government felt the need to respond again by tightening its policies, restricting Golden Visa investment options, and narrowing the scope of tax incentives.
Does this mean you should now discount Portugal entirely as a Plan B destination? After thoroughly analyzing the changes, we believe the answer is no.
While it may not be the no-brainer it once was, Portugal remains incredibly attractive, particularly for families and those seeking affordable living outside major cities. One of our own team members recently moved with his family to Portugal and is happy there.
In the near future, we’ll explore the evolving real estate opportunities in Portugal and why it continues to be a top destination for expats with children. In this report, we focus on the latest developments in Portuguese immigration and tax incentives, and later this month, we’ll host a call with our trusted Portuguese immigration provider. Stay tuned!
Various Schiff Sovereign team members have explored Portugal in recent years, and we all agree: Lisbon, the capital of Portugal, belongs in the same category as Paris and Rome. Lisbon, Portugal But Lisbon isn’t just beautiful—it’s also a much cheaper, better-weathered alternative to other Western European capitals. Portugal boasts spectacular scenery, including 1,100 miles of…
