Along with incentives such as the Non-Habitual Residence programme and the Golden Visa scheme, Portugal is now attempting to lure expats inland with additional benefits.
The country’s quality of life, excellent climate, leisure options and ease of settling had already earned it a reputation as one of the best countries in the world for expats (read more here). But Portugal has become even more desirable (see here) thanks to incentives and tax benefits offered by the Government, bringing in record numbers of investors.
Programmes such as the Non-Habitual Residence programme and the so-called Golden Visa have prompted an increase of expats investing in the country. Now, Portugal is encouraging immigrants to move to cities and towns further inland.
From the coast to the country
While Portugal has seen record figures in terms of investment, most of the activity has been centred in its major cities, such as Lisbon and Porto, mostly in real estate.
This has prompted property speculation, a saturated market and competition of businesses in these metropolitan areas, leading to talks of a review of the Golden Visa programme earlier this year (find out more here).
To combat this concentration of new residents and investors in major cities along the coast, a new initiative hopes to draw more people to cities and towns further inland by offering additional benefits.
The strategy involves local authorities (called Câmaras Municipais) offering buildings or land at give-away prices, reducing taxes and supporting rental costs to fight their low demographic density. Each authority develops its own attraction project.
The initiative looks to generate jobs in areas that have become more deserted over the years due to the recession, the Portuguese moving to larger cities and abroad, and the drop in birth rate.
There are beautiful countryside properties available across the Algarve. Take a look at the Algarve Home Sales portfolio here to find your dream home. You can also contact the team for more information on buying property in Portugal here.
