Portugal is a prime investment location and considered to be one of the best places to retire.
This has led to new property developments and a surge in tourism levels.
The Portuguese government realised that they needed to focus on investment programmes such as the NHR (Non Habitual Residency Scheme) offering generous tax concessions, the Golden Visa Scheme where over 5,000 visas have been issued since its inception in 2012, Urban Rehabilitation with special tax regimes to incentivise regeneration and Start Ups with the creation of more than 37,000 new companies last year alone.
But what about the practicalities for probate matters? The UK has opted out of the EU Succession Regulation (“Brussels IV”) but Portugal applies the regulation. It is possible to elect your law of nationality as succession law.
This means that UK rules of succession apply to UK nationals who own property in Portugal, and the UK would have to fall back on the World Trade Organization and trade solely under rules set by the WTO which governs things like tariffs and quotas.
There are various residency scenarios; such as a bilateral agreement reached between the two countries with no visa required, one could obtain a Permanent Residency Visa through a 5 year period further to obtaining a Certificate if Registration of European Union Citizen (to be used in the EU) obtain a retirement visa, which is a relatively simple process, or acquire (after 6 years in Portugal) Portuguese Nationality.
Not forgetting that spouses of EU citizens are entitled to residency in Portugal.
One thing to note, there has been a spike in real estate in Portugal post the Brexit announcement and the Portuguese government see it as an opportunity.
At the moment I can only speculate about exactly what will happen, but with my experience, almost 20 years living and working here, you can benefit from my experience and knowledge in real estate and construction... I can show you a great selection of properties right now!!!
My goal is to find the perfect investment – my criteria is safe, secure and well-located properties with an emphasis towards long term capital growth and rental returns.
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