According to a report by idealista it was in Braga, Funchal, Vila Real de Santo António, Amadora and Matosinhos where demand increased the most – in these five municipalities the number of visits to houses available for rent at idealista more than tripled.
In the final stretch of 2022, North Americans focused on looking for a house to rent in Lisbon, Porto and Cascais, corresponding to 28%, 12.2% and 8.4% of total visits in that period, respectively – In addition to these, Tavira, Braga and Loulé are also among those with the highest number of visits by North Americans in December. The municipalities that least attracted Americans to rent a house were São João da Pesqueira (District of Viseu), Arronches (Portalegre) and Penedono (Viseu).
That sucks in so many ways.
The must hate freedom
Does Portugal still have an attractive tax regime for wealthy retirees?
Just so people have a handle on it, there are around 10,000 to 12,000 US Residents living in Portugal which has 11,000,000 people at the moment. I know everyone loves a good scapegoat foreigner, but if you pretend to think or actually think 10,000 people is what is undoing your entire nation’s real estate and affordability system, you’re an idiot and probably just want an excuse to deflect from the 100 other factors that determine housing and cost of goods.
This is highly unsustainable.
Edit: For the record, this is not about americans. It’s a whole wave of growing interest in housing in Portugal that only keeps increasing and outpricing locals.
They won’t be welcome…
The percentage looks big, but really it’s rather small in absolutes. In the article they talk about digital nomad visas and mentioned that there have been 200 handed out, that’s not even just to US citizens.
I have recently seen there is a general influx of people moving to Portugal, not just from the USA and seems to be mostly young, startup / work remotely dudes and dudettes. I don’t think it’s anything to actually worry about, don’t worry Starbucks isn’t taking over just yet.
They get to pay pretty much not tax, so it makes sense.
You used to get the same with Swedish Pensioneers who paid zero tax in Portugal and zero tax in Sweden, until the Swedish Government cracked down on that mechanism that allowed its citizens to avoid tax altogether.
My home country is entirelly managed for maximization the profitabily of that “oh-so-wealth-creating-activity”: realestate investment.
(With all the side effects of low birth rates and young people simply leaving the country as soon as they get their degrees due to shit salarie and unaffordable housing).
I came back a few years ago after 2 decades in The Netherlands, The UK and Germany and have by now concluded that Portugal is totally screwed and a lot of this is totally baked in and will be screwing the country for decades to come (but hey, at least “realestate investors” – which includes most top level politicians – have been making tons of €€€).
Not that I think that there is a single political party in the country that is lead by honest and competent enough people to sort this out: it’s nepotism, cronyism, the traditional complete total crap managerial culture of Portugal (but worse: party top echellons are mainly people who never worked in a merit-based professional environment and have only ever known “bullshit and connections” career progression) and personal upside maximization (which in the self-proclaimed leftwing it’s disguised as calls of help “for the group”).
I really don’t see any future for the country other than decay.
This is bad.
damn, gentrification out of control.
I mean have you seen the absolute PARADISE that Madeira is?
Holy shit if I had fuck you I’m retiring money I’d move there immediately.
Great. Rents are already extremely high and none of these people will pay much tax.
Nice, more wealthy investors buying property while pricing out the local population. I am sure, this wont lead to significant political backlash by the emergence of far right politicians down the road /s
14 comments
According to a report by idealista it was in Braga, Funchal, Vila Real de Santo António, Amadora and Matosinhos where demand increased the most – in these five municipalities the number of visits to houses available for rent at idealista more than tripled.
In the final stretch of 2022, North Americans focused on looking for a house to rent in Lisbon, Porto and Cascais, corresponding to 28%, 12.2% and 8.4% of total visits in that period, respectively – In addition to these, Tavira, Braga and Loulé are also among those with the highest number of visits by North Americans in December. The municipalities that least attracted Americans to rent a house were São João da Pesqueira (District of Viseu), Arronches (Portalegre) and Penedono (Viseu).
That sucks in so many ways.
The must hate freedom
Does Portugal still have an attractive tax regime for wealthy retirees?
Just so people have a handle on it, there are around 10,000 to 12,000 US Residents living in Portugal which has 11,000,000 people at the moment. I know everyone loves a good scapegoat foreigner, but if you pretend to think or actually think 10,000 people is what is undoing your entire nation’s real estate and affordability system, you’re an idiot and probably just want an excuse to deflect from the 100 other factors that determine housing and cost of goods.
This is highly unsustainable.
Edit: For the record, this is not about americans. It’s a whole wave of growing interest in housing in Portugal that only keeps increasing and outpricing locals.
They won’t be welcome…
The percentage looks big, but really it’s rather small in absolutes. In the article they talk about digital nomad visas and mentioned that there have been 200 handed out, that’s not even just to US citizens.
I have recently seen there is a general influx of people moving to Portugal, not just from the USA and seems to be mostly young, startup / work remotely dudes and dudettes. I don’t think it’s anything to actually worry about, don’t worry Starbucks isn’t taking over just yet.
They get to pay pretty much not tax, so it makes sense.
You used to get the same with Swedish Pensioneers who paid zero tax in Portugal and zero tax in Sweden, until the Swedish Government cracked down on that mechanism that allowed its citizens to avoid tax altogether.
My home country is entirelly managed for maximization the profitabily of that “oh-so-wealth-creating-activity”: realestate investment.
(With all the side effects of low birth rates and young people simply leaving the country as soon as they get their degrees due to shit salarie and unaffordable housing).
I came back a few years ago after 2 decades in The Netherlands, The UK and Germany and have by now concluded that Portugal is totally screwed and a lot of this is totally baked in and will be screwing the country for decades to come (but hey, at least “realestate investors” – which includes most top level politicians – have been making tons of €€€).
Not that I think that there is a single political party in the country that is lead by honest and competent enough people to sort this out: it’s nepotism, cronyism, the traditional complete total crap managerial culture of Portugal (but worse: party top echellons are mainly people who never worked in a merit-based professional environment and have only ever known “bullshit and connections” career progression) and personal upside maximization (which in the self-proclaimed leftwing it’s disguised as calls of help “for the group”).
I really don’t see any future for the country other than decay.
This is bad.
damn, gentrification out of control.
I mean have you seen the absolute PARADISE that Madeira is?
Holy shit if I had fuck you I’m retiring money I’d move there immediately.
Great. Rents are already extremely high and none of these people will pay much tax.
Nice, more wealthy investors buying property while pricing out the local population. I am sure, this wont lead to significant political backlash by the emergence of far right politicians down the road /s