Since Portugal has joined the European Union (UE) in 1986, the national economy has become increasingly competitive. Today, the country offers an attractive tax regime for all who want to invest in the local economy.
Many people who come from China, Germany, Scandinavia, Spain, France, Holland, India, Ireland, UK and Russia, choose the Algarve for their new place of residence. This phenomenon is easily explained in the real estate sector with the recent Exemptions Tax Reforms, i.e. introduction of the Golden Visa, allowing free movement within the Schengen Area, the possibility to apply for Portuguese Nationality and get a European Union Passport.
The new law, which allows tax exemption for ten years to retirement pensions of foreign citizens is an essential factor for the new wave of immigrants arriving retired to Portugal, and in particular the Algarve.
In addition to the tax benefits and the creation of the Golden Visa for Non European citizens, the creation of new routes by airlines and the exceptional conditions that Portugal offers, such as the temperate climate, security, accessibility and geographic location are some of the many reasons that make Portugal and the Algarve, the perfect option for your investment.
When Buying a Property in Portugal, you may benefit from certain tax incentives:
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