This demand grew stronger when news broke that the Portuguese government may end its Golden Visa programme, and there has been a further increase since the programme's termination was confirmed in February, as part of the government’s ‘Mais Habitação’ package to address the country’s housing crisis.
The Golden Visa programme, which has been active since 2012, allows non-EU nationals to obtain a residency permit in Portugal by investing in the country. The programme was highly successful, attracting over €6.6bn in investment revenue and issuing more than 11,600 permits to primary applicants within a decade. It has been especially popular among UK nationals, who through it maintain their right to live, work, and travel freely in the EU after Brexit.
However, as the programme is set to end imminently, 11th-hour applications are being made before any last remaining window of opportunity closes. According to the Wyndham Grand Algarve, there has been a significant increase in enquiries about the Golden Visa programme since the government's announcement of its termination.
Ana Damásio, Wyndham Grand Algarve Director of Real Estate Sales & Marketing, says around 50% of these enquiries have come from UK nationals looking to move, retire, invest or spend extended periods of time in Portugal.
“Since the announcement of the termination of the Golden Visa programme, the clarity we have is that its current format will end when new legislation comes into force, but that is not expected to happen before June. So there may still be an opportunity for prospective Golden Visa investors.
“The final wording of the Mais Habitação bill, which includes the termination of the Golden Visa programme, is yet due to be discussed in parliament, in the coming weeks, before being sent on to parliament to be promulgated”, she explains.
The Wyndham Grand Algarve is encouraging discerning investors to seize this phase of transition and secure the chance to own a piece of paradise in one of Southern Europe's most exclusive lifestyle resorts. A number of the Wyndham Grand Algarve’s golden-visa eligible branded residences are still available. The Wyndham Grand Algarve residences have proved highly popular among Golden Visa investors due to their location, flexible ownership, potential returns on investment and immediate closure deeds.
The ready-to-go residences include one- and two-bedroom apartments and three-bedroom penthouses, situated in the heart of the desirable Quinta do Lago resort, surrounded by the Ria Formosa protected lagoon, 20 minutes from Faro International Airport.
Prices for these exclusive residences start from €550,000.