Portugal’s unique blend of residency programs, tax advantages, and investment opportunities has increasingly attracted high-net-worth families from across the globe. In this in-depth discussion with Luiz Maia, Michael Maxwell, and Lionel de Freitas, we explore the key components shaping Portugal’s current appeal—from real estate and private equity to Golden Visa eligibility and tax strategy.
A Real Estate Market Defined by Scarcity and Demand
According to Luiz Maia of Maia International, the continued imbalance between supply and demand—especially in Lisbon and Cascais—makes Portugal’s prime real estate highly attractive. International investors, particularly from English-speaking countries, are capitalizing on accessible prices relative to global hubs like London. It is now common for the sale of a central London home to finance not only a quality Portuguese property but also leave capital available for retirement or lifestyle enhancements.
This surge in demand is driven by global families establishing roots in Portugal—creating businesses, settling their children, and contributing meaningfully to the local economy. The chronic undersupply of top-tier rental properties has also intensified market activity. In many cases, competitive bidding results in rental agreements being finalized at prices up to 30% above the original asking rate.
Portugal’s reputation as a safe harbour continues to resonate. Lisbon, with its international profile, limited new development space, and heritage architecture, remains a preferred city for lifestyle-oriented investors. The strength of the U.S. dollar against the Euro further enhances purchasing power, especially for North American buyers seeking long-term value, stability, and global mobility.
Residency by Investment as a Strategic Asset Class
Michael Maxwell of Portugal Panorama notes that residency-linked investments have evolved from a niche benefit into a strategic asset class. For sophisticated investors, the question is no longer simply, “Can this get me a visa?” but rather, “Would I pursue this investment even without the residency?” The fundamentals must be sound—beginning with the team, risk profile, conflict management, and exit strategy.
Portugal Panorama’s approach is to attract globally minded individuals who hold their investments to the same standard as their legacy plans. When the governance and commercial logic are strong, the Golden Visa becomes an added layer of optionality—valuable, but not the primary reason to act. Increasingly, investors use Portugal’s residency routes for wealth preservation, lifestyle enhancement, and succession planning. It serves not only as Plan A for relocation but also as a long-term contingency for families navigating volatile jurisdictions or political instability.
Despite regulatory changes that now exclude direct real estate from eligibility, Golden Visa investment funds remain a viable and regulated pathway. Opportunities governed by CMVM—the Portuguese Securities Market Commission—offer credible access to a rising market while meeting all legal requirements for residency-by-investment.
Tax Strategy and Immigration Incentives
Lionel de Freitas of Dixcart Management emphasizes that Portugal offers one of the most effective combinations of fiscal and immigration incentives in Europe. The Golden Visa, NHR (Non-Habitual Resident) regime, and B visa collectively provide access to long-term residency and beneficial tax treatment for those relocating to Portugal.
Over 18,000 families have secured residency through the Golden Visa program, most commonly via a €500,000 fund investment. The NHR regime, offering a flat 20% tax on domestic income and broad exemptions on foreign income, continues to be a key driver of inbound mobility. It also provides favorable treatment on wealth transfers, including inheritance and donations, making Portugal an ideal destination for succession planning.
Together, these programs provide a robust framework—combining legal security, tax efficiency, and global access. For families seeking to establish a European base while preserving capital and lifestyle freedom, Portugal remains one of the most strategic options available today.
