A month on from 'Brexit'
Despite gloomy predictions across some of the media and the initial shock following the Brexit Result, we’re very much still here and the glorious Algarve is busier than ever.
It’s true, the pound has taken a knocking versus the Euro and FTSE 250 Shares continue to feel the effects of uncertainty, but overwhelmingly our Clients have voted positively, and enquiries, purchases and sales of property have continued apace.
Many readers will be fully aware why the central Algarve is so popular for second home or retirement purchasers with lifestyle and quality of life being consistently high-ranking reasons.
Lesser known facts include the actual cost of living: one can still buy a coffee and cake for less than €1,50 and for those looking for a world-class city break, a high speed return train ticket to Lisbon can be yours for little more than €40,00!
Those buying here also have the benefit of relatively low property prices versus those in northern Europe, and quality is often much higher and of housing is significantly lower density than many popular resorts elsewhere on the continent.
The medium to long-term effects of Brexit will take a while to percolate through, and many years of negotiations will start once the UK approves Article 50. In the meantime, it is business as usual. All EU rights and regulations continue for all citizens and the free movement of people, trade and funds continues just as it did prior to the vote.
It’s also worth noting that those Clients thinking of spending more than six months per year in Portugal should still consider the Portuguese Non-Habitual Tax Residency (NHtR) regime for superb tax efficiency on pension / professional incomes. Take a look at our NHtR page for more information.
We look forward to welcoming you to the Algarve and to Cerro Novo.
Robert Edwards & Ana Penisga Amorim
Sales Director and Partner