In a bid to maintain the considerable ‘investment it has seen since the introduction of the scheme’
Foreign investors looking to apply for a golden visa in Portugal will be able to take advantage of the current framework for an additional six months.
The move follows the government’s decision to extend the implementation of several amendments until 1 January 2022, as they were supposed to come into force from 1 July 2021.
The changes will mostly impact the minimum investments required to qualify for the scheme.
João Cunha Vaz, senior partner at Edge International Lawyers, explained to
International Adviser that this means the amended rules will only affect applications submitted after 1 January 2022.
After four and a half years of uncertainty, negotiations and false starts since the 2016 Brexit referendum, the UK has now fully left the EU. A trade deal agreed.
As number of advisers in the sector ‘only looks like to decrease’ when UK leaves the EU
Over the past few decades, Portugal has become one of the prime destinations for UK expats to relocate or retire to, thanks to favourable tax cuts and an enviable climate.
The European country keeps leading the charts for living standards for expats, including security and healthcare.
But as Portugal evolved to accommodate and attract a greater number of foreign nationals, so did the financial advisory landscape.
Gavin Scott, senior partner of Algarve office at Blevins Franks, told
International Adviser that the European Savings Tax Directive and the Common Reporting Standard made people realise that “numbered accounts and secrecy are the planning tools of fools and time long past”.