In a bid to raise some much needed capital for the nation, the Portuguese government is in the process of altering its immigration rules in order to entice wealthy individuals to the country.
Article written by The Overseas Guides Company
The so-called “Golden Passport Law” will allow non-EU immigrants to qualify for residency in exchange for a significant level of investment.
In order to qualify for residency under this new law, immigrants must meet the following criteria:
- Transferring a minimum of €1 million in business funds.
- Creating a minimum of 30 new job vacancies.
- Investing a minimum of €500,000 in property.
With the final criteria in mind, the PortugalBuyingGuide.com took a look at what type of properties are available that are on the market for people with this kind of budget.
This four bedroom villa is located on the popular Alto Golf Resort in Alvor in the Central Algarve. As well as enjoying all of the top class facilities that the resort has to offer, the property benefits from a heated pool and spacious sun deck as well as all of the modern fixtures and fittings that you would expect from such a beautiful property. The villa is on the market for €785,000 (approx. £630,550).
“We welcome this amendment by the Portuguese Government as a positive measure during a time of austerity and unpopular tax hikes,” said Chris White, director of leading Algarve agency Ideal Homes Portugal. “For buyers outside of the EU who wish to relocate to Portugal, the rules are now much clearer than previously and should give them confidence to come and enjoy the fantastic lifestyle on offer on the Algarve on a full-time basis. On top of that, there are some fantastic deals currently available, whether your budget is less or more than €500K, which will appeal to buyers from within or outside the European Union.”
In the popular Lagos area in the western Algarve, €550K will buy you a four-bedroom villa on a large plot, with a private pool and close to the beach, or a very desirable three-bedroom apartment on a gated beachfront complex. Typically, in the more upmarket Vilamoura area of the central Algarve, Ideal Homes Portugal has three-bedroom villas that start at around €550K.
For details of property for sale in Portugal, visit the Portuguese listings on Rightmove Overseas. One way to save money when buying property in Portugal or living there is to use a currency specialist when transferring your pounds into euros. For more information on this, visit the Currency Zone.
To understand the full step-by-step process to buying a property in Portugal, collect The Overseas Guides Company’s ‘Portugal Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc