Portugal, and more specifically the Algrave region, is an investor’s paradise and South Africans have access to this country with a temperate climate and breath-taking too says Sarah Farthing, International Property Investment Consultant at New World Immigration.
“Portugal’s southernmost region has long made the Algarve a property magnet for expats and,” says Ms Farthing, “South Africans are showing a keen interest in this area too. The biggest drawing card being the special Portuguese Golden Residency Visa programme which grants foreign nationals, owning property in the country, automatic residency.”
The Algarve coastal region features an exclusive centre where the rich and famous purchase property in places such as Quinta do Lago. More affordable is the western Algarve and recently there has been a surge of interest in the east. Although Portugal and its property market were hard hit by the global crisis, nowadays the country is showing signs of recovery. That Portugal exited from the €78 billion EU/IMF bailout of 2011 in May 2014 is seen as good news. So too, the IMF forecasts GDP to reach 1.6 per cent this year.
The Golden Resident Permit Programme of 2012 is one of a number of initiatives introduced by the Portuguese government to help buoy up the economy. It facilitates residency for the foreign purchase of property with a minimum value of €500,000. Knight Frank properties reports a Portuguese property price rise of 1.8 per cent from 2014 to 2015. Following around a 30 per cent drop in prices between 2007 and 2012, unsurprisingly, the Algarvean property market is picking up.
The Golden Residence Permit for Investment Program An attractive option for investors who would like to enjoy fantastic weather, quality of life and security that Portugal has to offer is the Portugal Residence Programme or Golden Residence Permit (ARI). This residency program also allows one to become part of the European Union without having to reside permanently in Portugal. Since August 2012, The Golden Residence Permit has been in effect.
The main reason why this residency program has been implemented is to generate capital and real estate investment, as well as opening the European door to potential investors. The country remains a very popular destination for businessmen and corporates who wish to use the country as a springboard to gain access to Europe. At the same time, your family can enjoy a fantastic life with an excellent education system and 1st class living standards.
The GRPI is open to anyone who has the funds available. This applies to foreign investors who are not citizens of the European Union. "Invest a Minimum of €500,000 into your residential or commercial property in Portugal and become a Resident within 12 weeks" You will need to make an investment in Portugal privately or through a company conducting at least one of the following investment operations.
Source: New World Immigration and The Telegraph UK