New Golden Visa Rules Not Slowing Investors

Berkshire Hathaway HomeServices Portugal

Property and Berkshire Hathaway HomeServices

Atlantic Portugal have been helping clients achieve their real estate goals since October 2019 and April 2021 respectively.

All eyes have been on the country’s Golden Visa program since new regulations came into effect in January 2022, and the focus will remain as buyers adjust to the new stipulations. The revised rules have curbed residential investment in high-density areas, yet overseas buyers are still able to purchase commercial property in such locales, as well as residential properties inland and in low-density regions.

Andres Jennings of Berkshire Hathaway HomeServices

Portugal Property notes the minimum investment for commercial properties in high-density areas in need of rehabilitation work is €350,000, while for properties not needing rehab, it stands at €500,000.

Residential properties in low-density areas can be purchased with a minimum investment of €280,000, and it must involve the purchase of a building at least 30 years old. For properties without rehab requirements, the minimum investment is €400,000.

In spite of the shift in requirements, Jennings says the demand for property in Portugal by foreigners is higher than ever. “It’s definitely a hot spot… it’s a very special country,” he said.

And while rules and regulations shift, so too are the areas of focus that buyers are seeking out.

Cesar Santos, CEO of Berkshire Hathaway HomeServices Atlantic Portugal, says that 20 to 30 years ago, The Algarve was the best known region in the country—possibly a more well-noted name than Portugal itself.

In the last 10 years, Santos explained that buyers have been looking further afield, and have become drawn to Lisbon, Alentejo, and Comporta. Each alluring, the regions offer unique amenities and lifestyles that have been attracting buyers from all walks of life.

Porto—which was named Europe’s Leading City in 2022 during the World Travel Awards—is also becoming a popular destination for buyers keen to enjoy coastal leisure pursuits as well as the famous port wine named after the city.

And south of Porto, Aveiro—otherwise known as the Venice of Portugal—is also experiencing rising demand, Santos said.

Led by CEO Bruno Rabassa, Berkshire Hathaway HomeServices Spain has a fast-growing presence across the country—with real estate professionals serving the areas of Madrid, Barcelona, Marbella, Malaga, Majorca, and Costa Blanca.

The country is one of the most popular vacation destinations in the world, with scores of tourists making the journey to enjoy aquatic or mountain adventures, cycling, golfing, and exploring the vibrant city centers.

“Spain is a country that everyone falls in love with when they come… It is a country of gastronomy and good wine,” said Rabassa, adding the fact that the abundance of blue flag beaches enhances the appeal for those that like to bask in the warm Spanish sun.

Given its popularity and charm, many visitors make the decision to make Spain home. Rabassa noted about 25 percent of all real estate buyers in Spain hail from other countries.

The country offers an appealing Golden Visa Program for foreigners wishing to make a permanent move