Portugal, the question is only when

Portugal has been among one of the best European tourist destinations for several years. This distinction is based on the art of hospitality of the Portuguese, the warm way in which they do it, the gastronomy so characteristic of each region and not least, its mild climate. These are some of the main requirements of those who choose our country to spend a fun and relaxing holiday. Increasingly, Portugal is on the lips of the world. A country full of history and culture, rich in a past of discoveries and which today delights those who still do not know this small great country. Whether it's the Portuguese language, the fado, the Port wine, the charms of Lisbon, the delicious Pastel de Nata, the cork or the beautiful tiles, Portugal is a real box of surprises. Over the last few years, there have been many passers-by who have surrendered to the charms of Portugal, and for that reason, choose to live here for a good part of the year. In the last 2 years, approximately 25 thousand houses were sold, mostly buyers with tax domicile outside Portugal, according to INE (National Institute of Statistics), the Algarve was the most sought after region, followed by the metropolitan area of Lisbon. Buyers who invest in the Algarve do so with a view to a second home, among which the English have dominated the numbers for some years now, followed by Germans, French and Swedes to a lesser extent. As Portugal is one of the easiest European countries to obtain a residence visa, recently, there has been a significant demand from North American investors that is already having a direct impact on the purchase of houses. These are looking for the residential segment and already represent 15% of transactions. It should be noted that competitive prices and the appreciation of the Dollar have been contributing to this growth. In recent months, we have been seeing that a good part of these clients sell their properties in their country of origin to invest in Portugal.  Approximately 40% of the homes purchased by U.S. citizens are located in Lisbon, 13% in the Algarve and 9% in Porto. The motivation has been to buy a house to live in, boosted by the current work scenario and not exactly to buy a holiday home. The main reason is related to our quality of life, health system, culture and climate. Portugal, when compared to North American standards, has a more affordable cost of living, access to free health care or an attractive proposal to private health insurance, warm climate, tax incentives, safety and fluency in the English language, among many other positive aspects. Last year, North American investment amounted to 1.15 billion euros, 33.7% of the total amount invested in the country and in the first quarter of 2023, they already represented 67% of real estate investment in the national territory. The importance of this investment in terms of the economic recovery of our country is undeniable, and Portugal and the Portuguese should take the opportunity to create infrastructures and solutions that promote more benefits, evaluate how to ensure greater legal and fiscal stability, as well as promoting the reduction of bureaucracy in some processes, with a view to continuing to attract more investors and improving the conditions of all those who choose to stay in this planted Garden of Europe by the sea.     Article by Martinez Echevarria & Ferreira                                                                                                                                                                                          Lawyers