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New rules to attract non-EU investors to Portuguese property

Date : (News Section: Portugal)

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New rules to attract non-EU investors to Portuguese property At the start of next month, new legislation will come into force in Portugal that is designed to make the country a more attractive investment destination for those outside the European Union (EU).

Algarve Resident revealed the new rules will enable non-EU residents to obtain a long-term visa in the country if they invest in a business or property.

The publication explained there are three ways to become eligible for the visa. These are making a transfer of at least €1 million (£798,913) in capital, buying a Portuguese property worth a minimum of €500,000 or creating 30 or more jobs.

Speaking to the news provider, Andrew Coutts, managing director of ILM Asset Management, said the changes to the legislation should "catalyse demand for our resort and second-home market from outside the eurozone, where there is an economic dynamic, with emerging middle classes wishing to travel and invest in second-home properties".

According to the latest house price index from Global Property Guide, Portugal has seen 10.95 per cent shaved off the value of its real estate assets between the second quarter of this year and the same period in 2011.

Article by +James Roberts on behalf of Propertyshowrooms.com News Desk ()

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