Portugal has been in the global spotlight in recent years for all the right reasons. Yes, we have always known about the 200 days of sunshine (who’s counting?), welcoming locals, 850km of beautiful beaches and extensive variety of delicious regional dishes. Rather, other attributes have been brought to the world’s attention at a time when they are particularly appreciated.

Before touching on the Golden Visa and the future of the program in the short to mid-term, let’s recap on why Portugal has become a global favourite for relocation and investment:

- Quality of Life: Portugal offers a unique blend of characteristics making it an ideal place to live, work and play. The melding of simple pleasures with sophistication and culture is a rare quality that not all countries are able to master. This winning combination is sought after in both times of plenty and of crisis. This is the effortless and understated charm that is an intrinsic part of the fabric of Portuguese culture.

- Affordability: €0,75 for a coffee anyone? Quality of life that is affordable. The combo that keeps entrepreneurs, digital nomads, retiring baby-boomers and business owners of all levels interested. Portugal is said to be the country with the lowest cost of living in Western Europe.

- Infrastructure, Healthcare, Education and Safety: In a post-Covid world these factors are more appreciated than ever. Portugal ranks very highly in all four with ambitions to improve further. Ranked the third safest country in the world and with a very high number of quality private and public schools, Portugal is an obvious choice for families looking to relocate. Public healthcare is also top-notch and for those looking for private care; it is more affordable and accessible than in most European countries.

- Encouraging Government Immigration Policies: D7 Visas, Digital Nomad Visas and Golden Visas have created a buzz around Portugal; making the move particularly appealing for the best from South Africa, Turkey, Brazil, and USA amongst others. Accomplished people with drive and capital are flocking to Portugal, contributing to a significant increase in the commercial success of the country.

- Fiscal Advantages: A potential 10year tax holiday on top of the general non-application of inheritance, wealth and donations taxes make Portugal one of the most tax efficient locations to live. European and non-Europeans are moving here for this reason bringing with them capital and skills.

- Vibe: From Christian Louboutin to The Aga Khan, there is a certain energy in Portugal which makes it a place of welcoming and positivity. It could be as a result of the amount of people moving here with a dream. A newly discovered utopia to many, a place to reinvent oneself or where things seem possible.

Credits: Supplied Image; Author: Client;

To put the above into an American context, it is similar to what has been seen with migration from the coasts to the South East; places like Atlanta, Nashville, Ashville and even Miami - Populations in search of affordable quality, fiscal easing and most of all lifestyle. Companies inevitably follow such a trend and start establishing HQs in these locations as a result. This is now evident in Portugal where Bose, Google and Cloudflare recently established regional HQs in Portugal.

While the allure of Portugal is certain, the future of the Golden Visa is less so. Recent Government proposals to amend or end the program as part of a greater proposed bill linked to housing have been condemned by numerous industry players. There is little support for the proposed changes by those involved in real estate, immigration, construction and especially the law. In fact, even the usually mild and pragmatic President of the Republic, President Marcelo Rebelo de Sousa has been harshly critical of the bill labelling it ‘inoperable’ and ‘unfeasible’ on top of some legal and constitutional concerns. This not only puts into serious question the timing of any changes to the Golden Visa law but also whether it will indeed occur.


Credits: Supplied Image; Author: Client;

Whatever the outcome, real estate investment in Portugal is likely to remain positive. Afterall, the Golden Visa Programme accounted for less than 1,5% of properties sold annually and was excluded from prime locations like Lisbon, Cascais or Porto for some time already. The real estate market does not need the programme to flourish. The virtues of Portugal are more than sufficient drivers of the market.

There are many practical and evident reasons why Portugal is the place to be, and others are impossible to quantify. Perhaps one is better off using the words of Amália Rodrigues when describing Fado: ‘You feel it, you don’t understand it and you don’t explain it.”


by Filipa Maxwell - Maia International Properties