Destinations: why Portugal becomes trendy
15 January 2018
For almost 5 years, Portugal's destination has been showing insolent health on the French tourism market. It enjoys a growth of more than 20% over this period. In addition, the country is one of the most sought after investors in real estate. Why is Portugal becoming trendy?
In 2014, French tourists moved en masse to Portugal and even exceeded the number of German visitors. Similarly, the country currently has about 50,000 residents from France. This craze can be explained in particular by the atypical charm of the region and the numerous tax benefits enjoyed by foreigners. Decryption.
THE ADVANTAGES OF PORTUGAL
Due to their cultural richness, cities like Evora, Porto and Lisbon are among the main assets of Portugal. Festive and authentic, these cities are true jewels of the Iberian Peninsula. In June, they are also the scene of major popular events such as the festivals of Saint John (Porto) and Saint Anthony (Lisbon). Evora, for its part, is classified "medieval and Renaissance heritage" by UNESCO and embodies the golden age of the country.
In addition to its beauty, Portugal is distinguished by the calm reigning on its coastline which extends over nearly 800km. This region makes it easy to find pleasant and uncrowded sites. The tourist board also encourages visitors to discover the best beaches in the country on the east coast. In addition, the country is world famous for its spots offering sensations unique to surfers.
THE FINANCIAL BENEFITS OF THE COUNTRY
In Portugal, property prices are among the cheapest in Europe. Thus, 23% of transactions in the sector were made by foreign buyers in 2016. Following this trend, the French became in less than four years the main real estate investors in front of the Chinese and the British. Seniors represent about 80% of the 50,000 French residents of the country. This phenomenon is explained in particular by the tax benefits offered to this segment of the population.
Since 2013, the country has implemented an atypical scheme exempting pensioners from income taxes. In addition, the Portuguese tax system has been completely redesigned to attract foreign investors. The country thus created the status of "habitual non-resident" allowing to benefit during 10 years of exemption of taxes on the income. In addition to the tax benefits, the cost of living in Portugal is 35% cheaper than in France and cities are safer. In short, foreigners can only be seduced by this beautiful sunny region!