Golden Visa and the Real Estate Market (Cascais)
As a real estate consultant (in Portugal), I have received a great number of emails / messages with questions about Golden Visa and purchase of real estate in Portugal.
I will try to clarify with some basic information. First, the "Golden Visa" for the acquisition of real estate is intended for non-UE buyers / investors who want to buy properties above 500k euros, which gives them legal residence and the possibility of acquiring future citizenship. There is an exception to the rule of 500k, the reduction of the investment to a total value equal to or greater than 350k euro, if the property is more than 30 years old or is located in an area with a recovery project, in which case however, a restructuring investment is needed.
For those who come to Portugal with the idea of staying, for those who may have sold their home and are looking for a new beginning, there are many worries and uncertainties: what will I do in Portugal? Will I find a job in my area? What kind of income will I have? All questions that imply uncertainty and insecurity, which weigh negatively in the balance of things, not to mention other additional concerns such as school for children, health insurance, etc. etc., etc.
With these difficulties in mind, I began to recommend to my clients a, so to speak, combined solution. What do I mean by this? The investment of 500k euro does not necessarily require the purchase of a single property. You can buy two or even three properties provided the final value exceeds 500k euro. So how does it work in practice?
Example: John and Mary buy 2 properties, one of 350k euro, which will become their home, and also buy a smaller apartment of 150k euro, which rented normally can give between Protected content 800 euro per month, or rented through digital platforms like AirBnb or Booking.com can generate 2k-2.5k euro per month. Some people have decided to tighten their belts, buy a smaller apartment for 180k euro to live and use the other 320k euro to buy two properties to rent, and have the certainty of a significant initial monthly income until they can settle down and get work in their areas of expertise.
In any case, whatever your goal in Portugal, based on the experience gained by living for more than ten years around Europe (England and Portugal), I can say that the most important factor to be successful is to plan everything carefully. Study, research and accumulate information on all the aspects of this immense puzzle that is to change country. The chances of success are exponentially greater for those planning in advance.
Good luck to everyone!