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    RADIO ROXI TIMELESS TUNES

Traffic & Travel News

UK expats flock to Portugal

today24/10/2023

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Portugal is a popular spot for expats to move to.

It offers an attractive tax regime for non-habitual residents, warmer weather and a relaxed lifestyle.


As well as a great tax regime, the property market is appealing to many expats.

Details of this come in a new report from the World Digital Foundation. However, it warned expats should be careful to plan ahead when taking advantage of financial benefits.

Portugal beach

Portugal has a good tax regime and warmer weather

PA

​The property market was voted as one of the most motivating factors for expats to move to Portugal.

It received a rating of 84 out of 100 based on those surveyed.

The report stated: “Portugal has a strong and vibrant real estate market with opportunities for capital growth and rental yield.

“This is due to high demand and a shortage of land in wealthy expat enclaves, according to our research.”

​The property market could be on the up which might make it appealing to expats as a place to invest.

The report continued: “The Golden Visa and D7 Visa as well as the Digital Nomad visa has driven the market upwards.

“This is likely to continue due to the high number of new expats looking to invest in property in key Portuguese real estate hotspots but there are some questions from wealthy expats on how this might be structured moving forward.

“The strong US dollar and disillusioned UK high net worth individuals post Brexit have also been fueling investment in real estate from international buyers.”

Portugal

Many might fail to plan ahead, however

PA

While financial benefits and opportunities draw expats to Portugal, the report found many do not plan ahead so need to be careful before the benefits run out.

It continued: “However, the report highlights how many wealthy expats had not planned properly for the long term as this only lasts for 10 years after which they will be taxed standard international norms.

“Failing to organise and structure their long-term financial planning and tax for 20 years in the first few years of being in Portugal under NHR tax system results in an unnecessary tax burden according to our survey and this also impacts the potential growth and compound effect of their financially held assets.”

This comes as the best places for expats to move to were shared.

Britons heading to Spain have been warned if visiting one of six regions.



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Written by: radioroxi

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