Portugal in the news - again!
In an article posted across the international media last week, the Portuguese Government has confirmed that the budget deficit has been cut to the lowest level in over 40 years.
Whilst no-one can suggest that recovery from austerity is an easy journey, it’s clear that there’s light at the end of the tunnel which ultimately should mean a continued improvement in services and facilities provided by the State; i.e. Healthcare, Infrastructure and Welfare. More locally, it’s now confirmed that 2016 was a record year for tourism across Portugal, with the City of Albufeira now firmly the second most popular destination on the continent, one place ahead of Oporto.
We’re pleased that tourism is being well managed and at this time of year, it’s always good to see the investment being made by businesses across the area, especially with significant announcements recently by ‘W’ Hotels (Marriott Group) in west Albufeira and ‘Jupiter Hotels’ to the east of the city.
Finally, the confirmation that the successful ‘Non Habitual Tax Residency’ Regime (NHR) will continue for the foreseeable future was very welcome news. As Agents with 36 years experience in the Algarve, it’s plain to see how regimes such as NHR and ‘Golden Visa’ can positively affect the market. Last year, enquiries from the Francophone and Scandinavian market were heavily influenced by applications for NHR and we see no change to this trend.
To support French and Swedish Clients, we’re working with a number of Partners, including Sovereign Consultoria to help with the NHR application process and fiscal representation once granted. If you’re in Gothenburg on 4th or 5th March, come visit us as ‘Köpa Hus Utomlands’ or alternatively contact the Property Consultants in Portugal to arrange a Consultation.
It’s clear that there’s an improving economic climate in southern Europe, which is reflected in enquiries received by our offices. Whether you’re thinking of selling or looking for the perfect property, we’re here to help.
Robert, Ana and all the team.