Buying an Apartment in Lisbon after Brexit
Brexit has come and gone (more or less), and it has left many Brits thinking about what to do next, especially when it comes to asset protection and ensuring an open door to the countries that still belong to the European Union. Still, with a severe currency devaluation overnight, the British have lost a share of their purchasing power, which makes a solution seem harder to find.
Well, not so much, really. Portugal, the westernmost country of Europe, offers all that someone from cold, expensive and turbulent post-Brexit Britain may be looking for. A fairly pleasant weather, without extreme winters and with very sunny prolonged summers, especially in the case of the Lisbon region, certainly makes a good welcome note. Friendly people who mostly understand and even speak English, great food, a thriving cultural scenery, and a very safe environment, where crime rates are extremely low and migration-based social tensions are practically inexistent, strengthen the case to buy a property in Portugal.
Plus, from an investment perspective, the case gets even better. Portugal is still a full member of the European Union, of the EuroZone, and of the Schengen Area, and it is a southern European country that seems as committed as ever to sticking with the EU for better or worse. This means that, under its Golden Visa program, Portugal allows foreign buyers of real estate (who spend at least 500,000 euros in one or several properties, or at least 350,000 euros in properties that are more than 30 years old in designated urban renovation areas) to have a residence permit and mostly free access to every country in the Schengen Area.
Plus, under Portugal’s Non-Habitual Resident Program, part-time foreign residents have a chance of having tax-free Portugal-based income, as well as from their countries of origin, for 10 years.
And, as surprising as it may be, it gets even better. Not only Portugal offers the European Visa, Schengen and tax benefits that you’ve just read, but, from a valuation point of view, the peninsular country bathed by the Atlantic Ocean is very cheap. Properties in Portugal, namely apartments in Lisbon, Cascais and Sintra, sell for half the price of similar properties in London, Paris and in other European capitals.
The cost of living is also cheap. The low prices, along with a great general atmosphere, are attracting crowds of tourists from all over the world who want to enjoy the best that Europe, namely Mediterranean Europe, has to offer… for cents on the dollar. This also means that real estate in Lisbon not only offers a great potential to appreciate, but it is also perfect for income-generating apartment rental opportunities.
Having said that, buying an apartment in Lisbon may very well be the smartest step in the post-Brexit British and European context. Want to make sure that this is true? I invite you to get in touch with me, as I can offer you a premium assistance to find the perfect property in the Lisbon Region to suit your needs and interests — a dedicated assistance at no cost to you.