In recent years, Portugal’s has been establishing itself as an increasingly upmarket destination for home buyers who are drawn by its tax benefits coupled with its unspoilt coastlines and low-key lifestyle.
According to SEF, the Immigration and Border Service, there were 42,071 Britons resident in Portugal, as of December 2021, the second largest group of foreigners living in Portugal, only behind the Brazilians. SEF points out the importance of Portugal’s non-habitual resident tax scheme, which allows many foreigners to move to Portugal in order to benefit from tempting reductions in their income tax bills.
But the Portuguese Chamber of Commerce estimates that up to 60,000 Britons own a first or second home in Portugal, and there has been an unusually high level of pre-registrations for the Moving to Portugal Event taking place in London on March 31st, which Ombria Resort will be attending.
Such is the appeal that many Americans are moving to Portugal as well, taking up the Golden Visa Program, which provides a residency permit for non-EU buyers who purchase property or invest in Portugal. The affordable cost of living, low crime rates, superb healthcare and widely spoken English are all amongst the attractions they mention.
But where exactly are people buying their residences in Portugal? In 2021, the average buyer was willing to spend £339,639 on a Portuguese residence, with the most popular location being the coastal paradise of the Algarve, where Ombria Resort is established as part of a new generation of sustainable real estate developments, built on sustainable principles with a focus on wellness and an intrinsic bond with the surrounding natural outdoors. Yes, it’s got a golf course but you can also hike or bike in the hills, harvest honey and star-gaze.
Scheduled to open in Spring 2023, the resort is a unique investment opportunity in southern Portugal, encompassing multiple housing unit options, from luxury freehold holiday apartments to private bespoke villas, constituting the perfect ‘landing spot’ for early retirees, families and entrepreneurs moving to a better climate, or just people eager to change their lifestyle.