Portugal Golden Visa: Becoming a part of Lisbon’s luxurious lifestyle
Looking for a luxurious getaway in Europe this summer? Look no further than Lisbon. Although Portugal’s cities have in the past been overlooked in favour of the likes of more well-known cities on the continent, in recent years they have been attracting the attention of those in search of a quality city break – and with a wealth of opulent hotels and high-end restaurants to choose from as well as a good dose of charm, history and culture, Lisbon has fast become one of the most sought-after European destinations for the luxury traveler.
Much like Rome and Istanbul, the city has been built on seven hills. However, Lisbon actually predates both two by hundreds of years, and with its cobblestone streets to Gothic cathedrals, iconic trams to famous Fado music playing restaurants, Lisbon has a lot to offer.
A city with a great infrastructure and growing popularity amongst international developers, the luxurious property market in Lisbon is attracting both investors and high-end holiday home hunters from around the world, and shows no signs of slowing down any time soon.
According to a report by global broker Knight Frank, foreign buyers in Lisbon have quickly driven luxury home values in the city skyward, with the average price per square meter in the Portuguese capital rising nearly 7% in 2018. An area benefiting perhaps the most from the influx of foreign investment and strong domestic demand is the iconic old town of Avenida de Liberdade, which sits right at the heart of the city and has long been a sought-after spot for those visiting the capital.
The Portuguese government launched its Residency by Investment program in 2012, and the scheme has enjoyed huge success ever since. It recently reported that up until May, they have issued around 4,200 residence permits through Portugal’s Golden Visa Program since its inception in 2012.
The program offers tax incentives and residency in exchange for a substantial amount of investment in diverse areas and options. While some golden visa recipients have chosen to start businesses or transfer capital, the sweeping majority gained residency by purchasing real estate for €500,000 or more.
Avenida da Liberdade: The heart of Lisbon
The luxurious side of Lisbon, Avenida da Liberdade, is a place where fashion and elegance are both alive and well. The avenue connects Marquis of Pombal Square and Lisbon downtown, offering so many attractions that one feels as if the avenue is endless.
Countless shops of famous brands boast their products and spread their charm all over the street. Constituting Lisbon’s Central Business District, Avenida de Liberdade hosts several multinational corporations’ financial institutions and their headquarters, with companies choosing to establish their management offices in Portugal – something that only adds value to property in Lisbon.
The location is also home to the city’s most coveted 5-star hotels. Hosting huge brands like Calvin Klein, Cartier, Louis Vuitton, Armani, Burberrys and Adolfo Dominguez, the avenue offers great coffee shops, theatres, and traditional stores to its visitors. Not only is it an amazing place for a walk, but also cultural events.
Renewal of an extensive set of buildings on this central and important avenue of Lisbon has enhanced the power of the city’s residential market and upgraded the property value, too. So if you’re looking to make a worthwhile investment in the Portuguese capital, then Avenida da Liberdade is undoubtedly your best bet.
What is the Portugal Golden Visa?
The Portugal Golden Visa programme allows applicants, along with their spouses and dependent children to go and live in Portugal for at least five years through an investment. In other words, it provides you with property and residency in Portugal. After five years, you can be eligible for permanent residence and in one year after that, you will be able to apply for Portuguese citizenship.
When the program was first introduced, there were three options for interested parties to become a GRPP participant, the most popular of which being the €500,000 real estate investment. Since then, there’s been a huge demand for the €350,000 property option. As of November 2017, a new criterion has also been offered, allowing for participation units in the Portuguese Private Equity Fund (PEF), with minimum €350,000 equity investment to be eligible for the Golden Visa.
Making the move
So, if you’ve been thinking of investing in a home away from home, then Portugal could be a great place to make a purchase. And, if you dream of making a permanent move to sunnier climes, then it is now easier than ever to make your vision a reality.
With its wealth of culture and history, combined with plenty of choice for those in search of a luxurious lifestyle, Lisbon is a smart choice – and, with more tourists flocking to the city with every passing year, its popularity is only set to continue to grow.