What do Madonna, Scarlett Johansson, Nicole Kidman, and Sting all have in common? The answer – a love for Portugal and an eye for an investment opportunity.
They are among a host of superstars who have spotted the nation’s potential, its appealing real estate opportunities and are now capitalising.
Now a new international report is set to reveal just why investors and wealthy expats are still opting to sink their money into the country, despite potential changes to the Non-habitual Residency (NHR) tax scheme in 2024.
Other celebrities who have fallen for Portugal’s 300 days of sunshine, culture, laidback lifestyle, and stunning scenery include John Malkovich, Matt Damon, Christian Bale, Monica Bellucci, Chris Evans, Holly Branson, Pierce Brosnan, Alan Shearer, Bonnie Tylor, Christian Louboutin, Princess Eugenie, record-breaking surfer Garrett McNamara, and Hollywood power couple Michael Fassbender and Alicia Vikander. George and Amal Clooney are reported to be house hunting too.
The new, in-depth ‘’Wealthy Expats in Portugal Survey Report 2023’’, is based on independent research from more than 1,000 expats, and will be unveiled during an exclusive webinar on October 24 at 10.30am London and Lisbon time.
The report is from the World Digital Foundation, which produces international research and analysis on different trends within the high-net-worth and private securities markets.
The launch event will be hosted by Portugal Pathways – a platform which specialises in advising affluent expats on Portuguese life, visas, wealth management, financial and tax planning.
The expert panel will also have the Chairman of the Federation of European Independent Financial Advisors (FEIFA), David Vacani, who will be talking about the Non-Habitual Residency (NHR) tax scheme. As well as discussing the recent announcements about it coming to an end in 2024 to new entrants and how it will impact wealthy expats in Portugal who already have NHR tax status.
David Vacani, commented ahead of the webinar: ‘’NHR has helped bring many wealthy expat families to Portugal and I’m sure a number of celebrities. However, Portugal’s allure goes much deeper than tax and financial planning.
‘’The culture, lifestyle, healthcare and it being one of the safest places to live in the world, all contribute to why people choose to own property or move to Portugal permanently.
‘’With elections coming up in the UK and US, we are set to see a future influx of people wishing to secure their residency and NHR tax status, as well as many expats looking to structure their tax and financial planning for when NHR ends.
‘’There are many ways to ensure that you are optimised financially once the 10-year NHR tax benefit ends and many people already on NHR do not plan early enough to maximise their position.’’
Steve Philp, event host from Portugal Pathways says: “There’s a reason so many famous faces who have made a fortune through canny investment opportunities have made a beeline to Portugal.
“This new report will give new insight into what international expats value about a life in Portugal and what makes this such an attractive proposition for people relocating.”
Anne Brightman is CEO of The Brightman Group, a boutique luxury property agency in Portugal. She adds: “This is an ideal opportunity to learn what drives people's lives and decisions; lifestyle, culture, 300-plus days of sunshine, healthcare provision and low level of crime as well as a vibrant real estate market.”
The full report, which will be available to all those attending the webinar, comes hot on the heels of a study which found Portugal was number one in the 2023 Annual Global Retirement Index.
It polled opinion on the best places to relocate and invest as well as enjoy the best standard of living for those wanting to live in comfort.
Portugal beat off the likes of Spain, Mexico, France, and Thailand to be crowned top place to relocate to in 2023.
The full World Digital Foundation survey report will be revealed at the Portugal Pathways-hosted webinar on October 24, 2023, at 10.30am Lisbon and London time.
World Digital Foundation is a leading research and data, marketing and media communications company that allows businesses to build a stronger presence, connect with more relevant people, build a community, develop a stronger brand and deliver meaningful lifetime value.
Portugal Pathways supports affluent expats navigate Portugal’s visa residency options and Non-Habitual Residency (NHR) tax systems. The expert team of advisors and partners aim to make the transition to Portugal a smooth experience for people exploring a new life in Portugal.