The demand for Portugal as the destination for second citizenship and residency through investment is skyrocketing, according to Jeremy Savory, CEO, of Savory & Partners, one of the leading experts in second citizenship by investment programs.
He made this known while addressing clients, potential clients, and the press at the company’s anniversary event in Lagos.
According to EQTY Capital, a real estate investment firm, Portugal is the new home for high-net-worth individuals.
While giving his overview, the CEO said that the Southern European country is popular for its low cost of living among its European peers, with relevant fiscal benefits.
“And the general consensus is that Portugal offers a very appealing lifestyle, which is a major driver of migration into the country,” he said.
According to Savory, it is the only country that provides a clear path to citizenship, and is in the “top five most powerful passports in the world.”
“Portugal is the third safest country in the world with the lowest cost of living in Western Europe,” he said. “Tourism is booming, and it is one of the best countries for ease of doing business.”
In addition, Savory said the property rental market is buoyant because of the net influx of migration, and the crime rate is minimal.
“As an EU member, Portugal provides access to the other Schengen countries.”
Read also: Nigerian tech startups shrug off layoffs, funding slowdown
Regarding the Portugal Golden Visa, Savory said that new rules have been implemented by the Portuguese government.
“The new law in Portugal limits the ‘eligible’ regions for real estate investment within Portugal and raises the cost of investment alternatives. The new rules went into effect January 1, 2022.”
According to the Portuguese government, the need for these adjustments is to fairly distribute foreign investment throughout Portugal.
Ayo, a realtor in Lagos, who started the process a while ago said that the company has been helpful and supportive at every step.
“I understand that the cost may appear challenging to many people, but the good news is that you do not have to have all of the money at once. I could have let the cost of getting the passport to hold me back when I first started, but I chose to start and trust that everything would fall into place.”
The realtor is almost finished with the process, which he stated would also include his family. “It is a great investment and Savory & Partners have made this journey easy and seamless for me as well,” he said. ”I’d recommend them to anyone.”
Meanwhile, Pascal, a commodity trader, said it was a dream come true as he has been in the process for a while until he was introduced to Savory & Partners by a friend.
He said the work to add some members of his extended family to the program is already in motion.
Savory & Partners is an accredited agent for several jurisdictions that offer citizenship by investment. It’s headquartered in the United Arab Emirates.
