Real Estate Investor Magazine South Africa December 14/ January 15 | Page 57

offshore

established historical parts of town where there are not
a lot of new developments,” notes Chris Immelman,
director of Pam Golding International.
European Union buyers from high-rate tax
jurisdictions are finding this market very attractive. The
Portuguese Government’s Non-Habitual Residents
(NHR) tax regime is offering people moving to
Portugal for the first time, a reduced tax rate or tax
exemption for 10 years on certain incomes. The scheme
is proving to be very popular. It is this sustained
investment from the richer countries in the European
Union that will ensure stable growth and a good return
on property investment in Portugal.
Chris Immelman has kept a close eye on the shifts
in the Portuguese market, and notes that, “all investors
strive to start investing at the bottom of a market just
before it starts rising… an aspiration that won’t be
achievable for long, as Portugal continues to emerge
from the financial crisis of the past seven years.”
The Golden Residency Permit Programme is
gathering real momentum in South Africa and with

good reason. Portugal’s historical links to South Africa
and its location on the European continent make it
attractive and accessible, while the Golden Residence
scheme is simple yet with tough barriers to entry, which
we believe will preserve the integrity and lifespan
of the opportunity. It will attract the right calibre of
investor with a long term commitment to Portugal, an
outcome any government will aim to achieve, as well
as providing a relatively inexpensive route into Europe
for those that do not ordinarily qualify, there is a real albeit temporary - opportunity for investment.
However, with Portugal’s economic growth well
underway, the guarantee of a decade of tax relief with
a reliable and affordable citizenship by investment
scheme in place, Lisbon’s window of opportunity
won’t be open forever. It is already becoming difficult
to purchase property in Lisbon for less than €500,000
and, as more property in the city centre is bought up,
investors are going to have to start looking further
afield.

RESOURCES
Sable Group

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An International
Associate of Savills

www.reimag.co.za

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