Portugal is fast becoming an international hotspot for overseas buyers looking to invest in overseas property. Whether you’re looking to relocate to Europe or would like to invest in a holiday home, there’s nowhere better than Portugal.
Low taxes and visa options
Portugal boasts of low taxes for those residing in the country and has good deals for overseas residents. The Non-Habitual Resident scheme is designed to attract overseas buyers to the country and offers special tax benefits to new arrivals for up to a decade.
Speaking of visa options, the illustrious Golden Visa is still operational, however the government has proposed closure to the scheme. You can still apply, but time is limited, so act quickly! The Golden Visa program is a resident-by-investment scheme and requires foreign buyers to invest a minimum of €500,000 in real estate in Portugal. In return you can receive a residency permit for yourself, a spouse and dependents. Conditions apply, but if you’re interested, make an enquiry with us and we’ll put you in contact with a lawyer who can help.
The Digital Nomad scheme is a relatively new program, designed to aid those who want to make the most of their work’s flexibility when it comes to working remotely. If you’re employed by a non-Portuguese company and are able to work remotely, why not do so from Portugal?
The digital nomad visa is valid for a period of four months and allows two entries. Find out more here.
Global culture hubs
Following on nicely from the digital nomad visa, Lisbon and Porto – two of the country’s most desirable cities – are global hubs for culture, technology and start-up businesses. Both cities have a plethora of co-working spaces designed for digital nomads and other remote workers. Lisbon and Porto both have a diverse community of locals and expats, who either live or work in the cities.
Working in Portugal
There are a certain number of industries that are exceedingly popular with expats who’ve relocated to Portugal. They include:
- Hair and beauty
- IT and web design
- Property management
Alternatively, if you’re particularly skilled in your field, you might qualify for a skilled worker visa or a high-skilled worker visa. Speak to lawyer about your eligibility today to see if you qualify.
Sending money to Portugal
Portugal uses the euro, which is a very popular currency, making it easier for you to transfer money to and from there.
What’s the difference between using my bank and a currency specialist?
Well, your high street bank does not specialise in overseas transfers, meaning that you could be charged more to make international payments, especially if you need to make more than one.
A currency specialist, like Smart Currency Exchange is better positioned to offer you a competitive exchange rate. Plus, since they specialise in helping people buy property overseas, they have a range of contracts that can be extremely beneficial in the long run. E.g. A forward contract, allows you to lock in a favourable exchange rate for up to 12 months.
To put that into context, let’s say you’re buying from Australia and had agreed to buy home in Portugal for €300,000 in May when the exchange rate was A$0.59 (A$177,000). However, when the time came for you to send the money, the rate had climbed to A$0.66 (A$198,000).
This means that your home in Portugal would now cost you an additional A$11,000 which you may not have accounted for. A forward contract, from Smart Currency Exchange would help protect your budget, or part of it, from the risk of market fluctuations.
For a free quote, sign up with Smart Currency Exchange today
Written by Your Overseas Home for CCHomes Algarve