5 Strong Reasons that will Make You Buy a House in Portugal
Portugal is a dreamy tourist destination with no shortage in supply of the mediterranean sea, sand, and sunshine. The oldest nation-state of Europe has history and traditions filled to the brim. You’ll be surprised to know that the city of Lisbon is older than Rome itself.
So, whether you love the ever-charming weather, the golden coastline, the abundance of lush green through the scenic country, or maybe you just love the port wine too much, it’s a great place to call your home.
And for that to happen, you most definitely would need to buy a house. It’s a big decision, though, and a big investment nonetheless.
So, here are 5 solid reasons that’d help you to make up your mind and buy a house in República Portuguesa.
Easy-to-get Residency and Visa
If you want to make Portugal your home as a foreigner, the whole process couldn’t have been smoother. The government has amended and constituted laws that make gaining residency in Portugal. If you’re already living in the EU, it’s even easier through the NHR (Non-Habitual Residence) tax regime.
Those living outside the EU can fast-track their residency status by obtaining the ‘Golden Visa.’ If any foreign resident purchases any property for a minimum of five hundred thousand euros, they are eligible for the Portugal golden visa. This visa will grant you and your family to live, get jobs, and study in Portugal. The renewal is simple too. You need to spend two weeks minimum in Portugal between two years of time. If you do that, you can get it renewed after two years.
From 2022 though, residential properties in some very popular tourist destinations like Porto and Lisbon won’t be eligible for the Golden Visa.
So, your best bets are Azores and Madeira for buying property. However, other rural or inland areas have some excellent options as well. Even holiday homes may get accepted.
Low tax rates
They say, ‘Nothing is certain but death and taxes. We haven’t quite managed to eliminate the first one. But taxes can be managed, especially if you decide to live in Portugal.
In that regard, NHR tax codes can do wonders. It was introduced to allure investors, industrialists, and high-class professionals to make them a part of the country’s economy. By the looks of it, it has done its job really well, getting ten thousand residents by 2021.
The list of benefits of NHR is long and rewarding. You don’t need to pay taxes for ten years, and almost every source of your foreign income (capital gains, employment, etc.) is covered too.
Ease of maintaining lifestyles
If you’re looking for luxury, Portugal’s real estate market offers it in abundance. Of course, you’ll find many stunning villas and seaside apartments on the vast and majestic Atlantic Coast. But there’s more to it, though. The country also has the infrastructure set in place for this kind of lavish lifestyle. Thousands of beautiful golf courses, 5-star restaurants, exquisite beaches- there are many reasons to get a home in Portugal if you love to live like a king.
But even if you’re not, buying property and living in Portugal will be a highly profitable decision on your part. According to many financial institutions and surveys, Portugal is, in fact, the most affordable in all of Western Europe. Moreover, the cost of living is considerably lower than in many European countries like the UK, Italy, France, and Spain.
Great prospects in rentals
Portugal is one of the most famous tourist destinations in the whole world. So, it naturally has a flourishing system for hotels, inns, holiday lets, and rental homes, as every year, tourists flock to the country, and they all need a place to stay.
The demand for rental properties reaches its peak in the summertime, and you should make hay when the summer sun is shining on you. But, of course, the best place for rentals is the Algarve. And even after the high season, you’ll keep getting attention because of the wonderful climate there.
And if your property is nearby a golf course, you’ll get renters lined up even in the winters.
There are many financial perks of living in Portugal. But, arguably, their culture can be an equally powerful reason.
Their culture takes food and weaves it with all kinds of spirituality. You’ll never be far away from some local market selling fantastic fresh produce or an affordable restaurant with delicious foods.
The monks and nuns from many ancient monasteries and convents have made some of the best items in their cuisine, like the nun’s belly, angel’s double chin, and fat from heaven. You’ll also agree about their divine connections, as you’ll reach another kind of heaven after tasting these sweet delicacies.
Portuguese are laid back and calm in general. However, they are also great fatalists, as they believe fate ultimately catches up with everybody. Their traditional singing ‘Fado’ is all about these binaries: love and loss, hope and stoicism.
If you live your life to the fullest, accepting your destiny wholeheartedly, you’ll fit right in.
If you want to be surrounded by the rich history, beautiful nature, vibrant culture, and some very flexible economic barriers, then Portugal can be the host of your dream house.