For the past forty or fifty years the Algarve has developed into the region of choice for the more discerning and selective type of holiday maker, second and or holiday home buyer.
From its early and more humble origins as a holiday destination attracting the national market, to the advent of the first golf courses that were built in the sixties, that now number over 50, stretching from the Eastern Spanish border to Lagos in the West.
Due to the amount of luxury properties that have been built there, the most famous courses are situated in the Central Algarve and specifically in an area that has been dubbed “The Golden Triangle” This enclave encompasses the exclusive golf estate of Quinta do Lago and Beach and Golf resort of Vale do Lobo. The eclectic mix of super modern luxury villas and Michelin starred restaurants, blends with charming whitewashed village properties, bedecked in bougainvillea, that are dotted around the hills. Regardless of your social and financial status, with the Atlantic Ocean lapping the shoreline of the long sandy beaches, under blue skies and with over 3,000 hours of sunshine per year, there is something for everyone in the Algarve.
However, although life style and quality of life have always been the key motivators, there are now added benefits.
Why Property in the Algarve is a Good Investment?
Although not a “Tax Haven” Portugal has introduced a host of fiscal advantages designed to attract immigrants to Portugal. These benefits are chiefly concerning what is described as “Non Habitual Residence” in short the, to comply with the law the individual only has to prove that they have not resided in Portugal in the previous 10 years. They are then given residence for a 10 year duration, during this time any world-wide income is not taxed by Portugal and any income earned in Portugal is only subject to a 20% rate.
Additionally there are also benefits for pensioners’ wishing to take up residence as their pension are taxed at substantially lower rate.
This initiative was introduced to attract non-European Community nationals to Portugal. The concept is simply, to qualify the applicant must either invest a minimum of €500,000 in a property, or invest a minimum of €1,000,000 to establish a business that employs a minimum 10 personnel. The Golden Visa entitles the holder to travel within all Schengen Accord countries in Europe.
N.B: Engel & Völkers will not accept any responsibility for the accuracy of this information, it should always be checked by a qualified tax or financial adviser and could be subject to alteration at any time !!!
For more information about fiscal advantages and properties in Algarve, please contact us at https://www.engelvoelkers.com/pt/quintadolago or call +351 289 358 955