Why rich Brazilians are scooping up property in Portugal

Non-Europeans who invest in property worth more than 500,000 euros can get resident permits and pay a flat 20% income tax rate

May.May 25, 2019 04:00 PM
Miami (left) and Portugal (right)

Miami (left) and Portugal (right) (Credit: Unsplash and Pixabay)

Brazilian multimillionaire Ricardo Bellino lived more than 10 years in Miami before relocating to Portugal, which has emerged as a haven for affluent Brazilians.

Bellino, 53, who bought a home near Lisbon, will gain from a flat income-tax rate of 20 percent in Portugal, where he also may be eligible for a tax-free pension after he retires.

He told Bloomberg his relocation to Portugal from Miami enabled him to reside in “a tax haven that isn’t an island in the Caribbean.”

Brazilian buyers, whose native language is Portuguese, accounted for 19 percent of the homes in Portugal that foreign buyers acquired in 2017, according to Portugal’s Real Estate Professionals and Brokers Association. Only French buyers accounted for a larger share, 29 percent.

Brazilians are closing that gap, however. They already rank as the leading foreign buyers of property in Lisbon, the capital city in the south, and in Porto in northern Portugal.

In 2012, Portugal started to offer resident permits to non-European investors who acquired Portuguese real estate valued at more than 500,000 euros, or $560,000.

By 2017, the immigration incentives had contributed to the strongest growth in the Portuguese economy in nearly 20 years. [Bloomberg] – Mike Seemuth

Related Articles

New York City Councilman Donovan Richards sponsored a bill that now requires the city’s affordable housing plan to actively address racial segregation. (Credit: Getty Images and iStock)

Racial inequality in homeownership across US is sharpest in New York: report

Eric Wu, co-founder and CEO of Opendoor

Aggressive iBuyer Opendoor acquires title and escrow company

Fredrik Eklund (left), Julia Spillman and John Gomes (Photo by Guerin Blask)

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

137 Saxon Mist Drive (Credit: Scoop Nashville and Benchmark)137 Saxon Mist Drive (Credit: Scoop Nashville and Benchmark)

Nashville broker posts oral sex selfie alongside kitchen and pool listing pics

From left: Paul Manafort with Trump Tower, Jeffrey Epstein, and Bernie Madoff with 133 East 64th Street (Credit: Getty Images, CityRealty, and Wikipedia)

How do brokers get listings from the Department of Justice?

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

An aerial view of the property in the Billionaires Row area (Credit: Google Maps, iStock)

She chose to redevelop rather than rent her Vancouver mansion. Now she owes the city $249K

Redfin CEO Glenn Kelman and Opendoor CEO Eric Wu (Credit: Redfin and Resolute Ventures)

Opendoor and Redfin want to ramp up instant homebuying through new partnership