New ownership rules in Portugal boosting property market

New ownership rules in Portugal boosting property market

The Portuguese housing market looks set to receive a boost, thanks to the introduction of a new law making it possible for non-EU citizens to get residency in the country through property investment.

The law, dubbed “The Golden Passport” came into effect this month and enables investors from outside the EU the chance to gain Portuguese citizenship if they invest in a property worth €500,000 (around £403,000) or if they introduce a company that creates a minimum of 30 jobs or transfer €1 million into the country. Property insiders in the country believe that the new measures will stimulate the country's property market, and will also allow those looking to sell their overseas property a greater chance of doing so.

“We welcome this amendment by the Portuguese Government as a positive measure during a time of austerity and unpopular tax hikes,” said Chris White, director of leading Algarve agency Ideal Homes Portugal. “For buyers outside of the EU who wish to relocate to Portugal, the rules are now much clearer than previously and should give them confidence to come and enjoy the fantastic lifestyle on offer in areas like the Algarve on a full-time basis. On top of that, there are some fantastic deals currently available, whether your budget is less or more than €500K, which will appeal to buyers from within or outside the European Union.”

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