On January 11, the Portuguese parliament voted in favour of the introduction of the Green Visa, an extension of the existing Golden Visa scheme.
The introduction of the Golden Visa programme in 2012 with the aim to attract investment from wealthy foreigners willing to invest at least 500,000€ in property or create 10 jobs in Portugal, is considered a huge success by some due to the huge amount of generated investment (around 4.2 billion euros, of which 3.8 million were invested in property) and an untransparent scheme, associated to corruption and money laundering, by others, including Transparency International. Continue reading
2017 has so far been the best year ever in terms of properties sold in Portugal, at least since 2009 when this sort of data was collected and registered for the first time. Although official data from National Institute for Statistics (INE – Instituto Nacional de Estatística) will not be released until March, it is already clear that last year is the new record year. Continue reading
For the second consecutive year, Portugal won the title World’s Leading Destination during the 24th edition of the prestigious World Travel Awards, also known as the Oscars of the tourism industry, which took place on December 10th in Phu Quoc, Vietnam. Continue reading
Prices of properties are still rising in Portugal without signs of a slow down. Lisbon is the most expensive city with an average price of 2,753€ per square metre at the end of this year’s second quarter, i.e. 1,500€ higher than the national average price of 969€ per square metre. Continue reading
Last month, during the Virtuoso Travel Week, which took place in Las Vegas, Portugal was named Hottest Destination of 2018 at the Virtuoso Awards.
Virtuoso is a network of luxury travel agencies with more than 15,000 advisors worldwide, of which 9,000 are from the USA. Continue reading
On July 17th, as a result of the increasing number of privately owned short-term rental properties in Portugal, especially in the areas of Lisbon and Porto and the consequent impact on the quality of lifes of residents, the government has taken action and voted on alterations to the existing Alojamento Local legislation, which will become effective 60 days after promulgation. Continue reading
Since interest rates are low, financing the purchase of a property through a national bank loan could be an interesting option, especially because since 2010, Portuguese banks have not been lending as much as they are now. During the first four months of this year, almost 3 billion euros were lent for the acquisition of property. Continue reading
Portugal is fashion. As described in my blog post Portugal’s New Popularity, 2017 was a record year in both property sales and tourist arrivals, contributing to the fastest economic growth in this century, quicker than the European Union average. An estimate by Statistics Portugal (INE) revealed that Portugal’s gross domestic product (GDP) increased from 1.5% in 2016 to 2.7% last year. Continue reading
Some weeks ago, the intermunicipal community of the Algarve (AMAL – Comunidade Intermunicipal do Algarve) agreed on the introduction of a region-wide tourist tax, although details have not yet been decided.
As it seems, out of the 16 councils, only Silves voted against the introduction of a tourist tax in the Algarve. Continue reading