LAST CHANCE FOR SOUTH AFRICANS TO INVEST IN LISBON & PORTO
(These changes were proposed to Government in February 2020 and is now looking imminent)
South Africans planning to buy property in Portugal as part of a “Golden Visa” application for residency have only a few weeks left to invest in the main centres of Lisbon or Porto.
After that, amendments to the county’s Foreigners Act of 2007 will mean that property investment for the purposes of obtaining residency will only be allowed in certain smaller towns in the interior of Portugal, and in the autonomous regions of Madeira and the Azores islands.
In addition, says Leana Nel, Head of International Division at Chas Everitt International property group, it is anticipated that the Act will also be changed to raise the minimum investment amount to qualify for a Portuguese “Golden Visa” from the current €350 000 to €500 000.
“These amendments to the Foreigners Act and regulations have already been proposed earlier this year and put on the list of legislation to be drafted and approved by the Portuguese parliament, and they are expected to be in force within the next three to four months.
“And this means that SA investors who intend to buy a cheaper property in Lisbon or Porto need to act fast.”
As travel has been disrupted this year you may want to consider our €350,000+ development Santa Catarina Residences a new development consisting of 16 modern one bed apartments and two penthouses in Porto which provide guaranteed rental income and a full return of funds at the end of the programme.
The fittings and finishes are of excellent quality and the apartments are ready for occupation. The apartments in this block range in size from 49sqm to just over 88sqm plus a balcony for the bigger of the fifth-floor penthouses, while the prices for most units range from €353 000 to €390 800. The penthouses are priced at €500 800 and €608 000 respectively.
Should you still be interested in the programme it is advisable to submit your application as soon as possible before the end of the year. Once the application is in process it will be honored.
SANTA CATARINA RESIDENCES – PORTO
Santa Catarina Residences from €348,884
Santa Catarina Residence” building is being fully modernized into 18 upscale residential units. The apartments are composed of 16 one-bedroom units and 2 two-bedroom units, the sizes vary from 48,9 up to 123 sqm.
All apartments include air-conditioning, double glazed windows, fully equipped kitchens, and comes with an option of being fully furnished. Situated on Rue de Santa Catarina the most commercial street in Porto, which is one of the city’s most thriving neighborhoods.
Surrounded by luxury hotels, boutique stores, cafés, restaurants, historical buildings and tourist attractions. You are connected not only to the city but the rest of the country as well. It is close to Bolhão market and less than 5 minutes from the Bolhão subway station.
For more information contact:
Leana.firstname.lastname@example.org + 27 (0) 83 777 1904
Katharine@everitt.co.za + 27 (0) 65 559 1069