The Portuguese government has been reviving its property market through foreign investment since 2012, tempting overseas property buyers with the golden ticket that is citizenship and an EU passport.
In the first installment of two blogs on the Golden Visa, Winkworth International reflects on the benefits it brings to the Algarve.
A golden view of the Algarve coastline
The visa - the facts
By purchasing a property in Portugal of €500,000 or more, overseas buyers are eligible for a residency visa. If a property is more than thirty years old or situated in an area of urban renovation, the minimum required investment is €350,000. Additionally, you must have a clean criminal record, no tax debts and be able to prove your investment funds come from outside Portugal. Supporting documents must be translated into Portuguese by a certified translator.
Your residency visa is initially valid for one year; it will then be renewed in two year blocks. During this time you must be able to prove that you’ve visited Portugal for a minimum of seven days in the first year and fourteen days during every two year period thereafter.
After five years, if you’ve learnt basic Portuguese, retained your property and your clean criminal record, you can apply for permanent residency. After six years comes the holy grail of citizenship. At every stage, your status extends to spouses, children and other dependent family members. Read more about the Golden Visa here.
Luxury guaranteed at this lavish Algarve property
What does this mean for Algarve property?
Investment potential, affordability and an outstanding lifestyle attract overseas buyers to the Algarve over other sunshine destinations. Popular villas in Praia Da Luz draw British buyers in particular, with the quintessential holiday home delights of hospitality, sun, sea and sports making a competitive package.
With the arrival of the Golden Visa programme however, buyers of all nationalities are now securing residency visas in Portugal - a development to which Winkworth’s international client base can testify. Investors from China and South Africa, amongst others, are making the Algarve a cosmopolitan region to own property, strengthening the local economy and attracting high quality development.
Authentic architecture and a wealth of history make Lagos a fascinating place to live
The coastal city of Lagos (pictured above) is certainly one Algarve municipality feeling the benefits of this investment. A historic city with a busy cultural programme, a marina and an established fishing trade, Lagos is a sophisticated place to buy property for sale in the Algarve for your holiday or long-term home. Browse our listings and you’ll see that even on the cusp of a property boom, the price of a lavish property in Lagos measures up favourably against other European cities in the sun.
Whether you’re a British buyer looking to the post-brexit future or an international investor, the benefits of an EU passport are a strong incentive to put your golden visa investment in affordable Algarve property. Winkworth International has a network of advisors to help you on your way; so for a truly international estate agent, contact our Portugal office today.