Wealthy Brazilians dub Portugal ‘the new Miami’

Bloomberg is extolling this week on the advantages for high-worth individuals and professionals in moving to Portugal, with its “booming real estate market and tax breaks” offered by the non-habitual residents’ regime.

Among the incoming stampede are “a growing number of wealthy Brazilians” who “for decades favoured young, hip international Miami” but are now seeing Portugal as a “tax haven that isn’t an island in the Caribbean”.

Says the US news source: “The tax incentives and the perception of Portugal as a safe place – it ranked fourth in the 2018 Global Peace Index” have been the cherry on the cake for many Brazilians, a number of which can trace roots back to Portugal.

Luís Lima, president of the country’s association of real estate, says Brazilians are ‘catching up fast’ when it comes to investments by incoming foreigners, and are “already the biggest foreign property investors in Lisbon in the south and Porto in the north”.

“They’re buying homes everywhere”, Lima tells Bloomberg, stressing these Brazilians are “completely different from those that came to Portugal in the past. They belong to a higher social class” – one which Bloomberg suggests has lost hope that conditions in Brazil will ever improve enough to lure them home.

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