THE ADDRESS Magazine No.20 | Page 209

A limited edition collection of ultra-stylish residences representing a new level in luxury and prestige T he growing popularity of Portugal real estate comes as no surprise to anyone, since foreigners are enjoying the highly advantageous tax status of the Non-Habitual Resident program. It provides beneficial tax treatment for the first ten years of residence and is open to those still working, as well as retirees. Professional income is taxed at 20% and foreign source income (including rental and investment income and capital gains) may be tax exempt, in exchange for staying 183 days per year in this sunshinedrenched country. Portugal’s vivacious capital, Lisbon, consistently ranks amongst the world’s best cities in terms of quality of life. Yet it is often overlooked in favour of its flashier Spanish counterpart, Barcelona. In fact, Lisbon is more understated and, some would argue, more authentic than many other major European cities. A city with a nostalgic charm, Lisbon is very much alive and thriving, with shopping, nightlife and plenty of cultural events to keep anyone occupied and amused. Meanwhile, its relative status as undiscovered means that real estate prices remain amongst the most affordable in Western Europe. www.theaddressmagazine.com 215