Doubts and questions often arise when considering an overseas property purchase. Below you will find simple answers to some of your initial questions.
Can foreign nationals own property in Portugal?
Yes, foreign individuals can purchase property in Portugal without restrictions.
Why should I choose Portugal?
If you are looking for a safe medium to long term investment, the Portuguese property market has much to offer and healthy rental yields and capital appreciation of up to 10% is being achieved in some hotspot locations. Portugal’s huge appeal as a tourist location and second home or retirement option is due in part to a safe and solid economic climate that continues to draw overseas property purchasers.
Other factors such as high build quality compared with other European locations, a low cost of living and a beautiful climate are added factors to draw purchasers. For golf enthusiasts, the abundance of courses extending throughout the popular Algarve in southern Portugal are famed for their world class excellence and top notch facilities. Finally the proximity of Portugal from many EU locations, along with a large expatriate community both contribute to making it a highly popular choice amongst foreign purchasers.
What is the economic and political situation?
Economically and politically, as a member of the EU and of NATO, Portugal offers a modern and stable environment in which to invest. The tourism industry has undergone a high degree of development and now contributes 5% of the wealth of the Portuguese economy. Since EU membership, Portugal has come a long way to raise living standards to levels of fellow EU states and a steady inflow of EU funds has helped modernise the country’s entire infrastructure in line with today’s standards.
The joining of EMU in 2002 brought exchange rate stability to Portugal, as well as a drop in inflation and lower interest rates. Falling interest rates have caused a reduction in the cost of public debt and a greatly improved fiscal environment.
How do we travel to Portugal?
Many major budget airlines operate to Faro (serving the Algarve) and Lisbon (for Lisbon and the Silver Coast), but you will also find some more limited services to Porto, an ideal entry point for access to the north of Portugal.
Airlines flying to Portugal include BA (www.ba.com), easyJet (www.easyjet.com), Ryanair (www.ryanair.com), TAP Air Portugal (www.flytap.com), Monarch (www.flymonarch.com) and First Choice (www.firstchoice.co.uk)
What is the direct flying time from UK to Portugal?
Portugal is approximately 2 ½ hours direct flying time from the UK.
Is a visa required to enter Portugal?
A visa is not required for European and U.S. citizens to visit Portugal for up to 90 days.