Huge development plans are set to transform Vilamoura into one of the world’s leading tourist residential resorts and attract more international investment to Portugal’s Algarve, including Golden Visa applicants, say PortugalBuyingGuide.com.
“The €1 billion masterplan, overseen by Vilamoura World, was announced last month and includes 18 new projects, combining property, leisure and retail units, in total covering a staggering 400 hectares,” says Marina Pasquill, who runs PortugalBuyingGuide.com’s office at Vilamoura Marina.
“Given current market conditions, with prices stabilising, limited new construction and a highly competitive resale market, buying in Vilamoura now could be a smart long-term investment. Vilamoura does need better infrastructure and retail outlets – that is no secret. This development will help achieve that, as well as putting this part of the Golden Triangle as much into the spotlight as other popular resorts, such as Vale do Lobo and Quinta do Lago. Vilamoura’s Marina area, close to our office, will also be upgraded to include a new yacht club, spa and gym, restaurants and boutiques, which we’re very excited about.
“British and other overseas buyers also benefit from sizeable tax breaks and low taxation, provided by Portugal's Non-Habitual Residents (NHR) scheme, which guarantees the tax breaks on pension and income for the first ten years of residency in the country. Unlike a number of other EU countries, Portugal does not levy a wealth tax, and inheritance tax is lower than in many of its EU counterparts.
“Among the foreign investors attracted to the Vilamoura World developments, we expect an increase in Golden Visa investors, as more non-EU citizens look beyond Lisbon and Porto for a choice of €500K luxury properties. Golden Visa applicants continue to be strong in Portugal, with Chinese, Vietnamese, Russian, Malaysian and Middle Eastern investors taking advantage of the scheme. One of our partners here completed six Golden Visa property deals just this week, while last week, our currency partner, Smart Currency Exchange, signed up a Malaysian Golden Visa applicant who has invested in three properties, totalling around €1 million.”
“This exciting new development comes just as Portugal Buying Guide and Smart Currency Exchange celebrate the first anniversary of their shared offices at Vilamoura Marina, on Avenida Cerro da villa. Both companies are seeing a significant uplift in interest in Portuguese property investment, from those buying second homes, holiday homes to rent out, or even planning to move to the country permanently. If you are considering investing in or making the move to Portugal, now is certainly a good time to act.”
Please CLICK HERE to download the Portugal Buying Guide.
The Portugal Buying Guide and Smart Currency Exchange office is located at the popular Vilamoura Marina:
Avenida Cerro da villa,
Edificio Vilamarina, Loja 58,
8125- 403, Vilamoura
W: www.OverseasGuidesCompany.com
