Millionaires Continue to Flock to Portugal

Political uncertainty and economic challenges is prompting an increasing number of millionaires to relocate in Portugal, including wealthy expats from Canada, Hong Kong, Israel, India, Singapore, Brazil, and Europe.

The sun-soaked nation continues to attract those in search of a better life, with many exploring opportunities at the "Moving to Portugal Show" which took place in London on March 14th.

Organised by the Portuguese Chamber of Commerce in London, this free event, now in its seventh year, has seen over 7,000 attendees so far, making it a vital platform for those contemplating a move.

Portugal Pathways, a partner in this year's event, specialises in supporting individuals with relocation, real estate transactions, investments, visa processing, wealth management, and tax considerations in Portugal.

Paul Stannard, Chairman of Portugal Pathways, noted a sustained trend of high-net-worth individuals and entrepreneurs relocating to Portugal stating:

“What we’ve been seeing is a continuing trend of high-net-worth individuals and entrepreneurs looking to move to Portugal.

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“Portugal has long proved an irresistible blend of lifestyle, culture, excellent medical and education provision, and a buoyant real estate market. It’s also a very safe country which has a low cost-of-living compared to the UK, much of the rest of Europe, and North America, and we’ve seen significant interest from affluent families that are keen to make the move now.”

According to TalkFinance, over 3,000 millionaires left the UK in 2023, with a substantial number choosing Portugal as their destination. This aligns with the International Living Index ranking Portugal as the most popular choice for relocation in Europe and second globally.

Portugal's proactive efforts to attract foreign investments have played a pivotal role in its popularity among expatriates. Paul Stannard highlighted the welcoming environment for the affluent, supported by well-established expat communities, a strong real estate market outperforming Europe, and a stable economy with an attractive tax regime.

Paul Stannard added:  “Many are seeking a stable environment with a strong economy and a favourable tax regime. Portugal's Golden Visa programme and D2 entrepreneurs visa offer attractive options for those looking to invest and establish themselves in the country.

“In the last three months alone, we have seen the UK becoming the second most popular location for individuals seeking residency, tax status or investments in Portugal, behind only those from the US.

“Wealthy expats from the likes of Canada, Hong Kong, Israel, India, Singapore, Brazil, and other parts of Europe have also continued to fall under Portugal’s spell.”

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Portugal's Golden Visa residency-by-investment program, a success story with recent enhancements, offers residency to applicants and their families in exchange for a minimum investment of €500,000. This program provides freedom of movement across the 26 EU Schengen region countries, a privilege lost to Brits post-Brexit.

Tax incentives for entrepreneurs, investors, skilled professionals, and other affluent expats have further contributed to Portugal's economic transformation over the last decade. Combined with the nation's breath-taking landscapes, diverse cities, and favourable climate, it's no surprise that Portugal remains a top choice.

Christina Hippisley, general manager of the Portuguese Chamber of Commerce in the UK who runs the Moving Moving to Portugal Show explained: "The event is a fantastic opportunity for those considering a move to Portugal to gain valuable insights and connect with the right people.

"We bring together tax and finance experts, property specialists, and relocation advisors to provide comprehensive guidance and address any questions individuals may have."

To learn more about Moving to Portugal's future event, taking place in Dublin on the 18th of April, 2024, click here.

Learn about visa, residency and tax planning in Portugal

The event helps to demystify visas, residency, and tax regulations as well as help attendees learn about daily life, including jobs, healthcare, schools, and cost of living from the show’s exhibitors, speakers, and sponsors.

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Steve Philp, partnership director at Portugal Pathways, added: ‘’We are really proud to be one of the partners of the Moving to Portugal event as one of the sponsors and contributors alongside some great exhibitors from right across Portugal. I am sure that this March event is going to be one of the busiest for years.’’

Moving to Portugal takes place at the Pestana Chelsea Bridge Hotel (next to Battersea Power Station) on March 14. It is free to attend for those registering in advance and runs from 10.30am to 7.30pm.

Portugal Pathways can support any of your objectives in relation to moving to Portugal.

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