How American investors are helping to restore historical convents and getting European passports
Americans invested 25.1 M euros in just the first 3 months of 2022, making them the number 1 investors in the Portuguese property market. This has tripled in the past year and there is no end in sight of the increasing expenditure with the American’s continuing to invest at a rapidly increasing rate, which is forecast to grow in 2023.
Over 100 of these investors obtained a Portuguese Golden visa through their investments and are on track to applying for a European passport. Not only is this helping Portugal’s economic growth, but it is also a large benefit to Portuguese historical restoration and retaining the deep routed culture of this beautiful country. Protecting Portugal’s future value and preserving its past, the restoration of historical convents is vital to the countries continued development. One of the oldest countries in Europe, the fascinating history of the Kingdom of Portugal includes journeys of Iberian tribes, Celtics, Romans, Germanic kingdoms, Muslim invasions and of course Christians.
Renata Abulaesova, Client Director of DRP Advisers “Many people underestimate the importance of restoration & preservation of old historical buildings in the country. These buildings are key to retaining the deep culture of Portugal. Any form of restoration is energy efficient and environmentally friendly, so it is a wonderful way of giving to both the community and the environment. We’ve found many Americans are utilising their investments in historical buildings by taking advantage of the Portugal Golden visa scheme available.”
Portugal’s Golden Visa Program is an enticing scheme which allows eligible people to live and work in Portugal, even if they decide to reside in another country. There are many tax benefits to the Golden visa scheme, as well as freedom to travel within the EU. Ultimately an EU passport is available after 5 years to visa holders and their family members.
DRP Advisers are a renown one-stop property shop that offer a dynamic team of real estate professionals & Golden Visa consultants.
Contact DRP Advisers for more information about relocation, Golden Visa and real estate in Portugal.
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