24 Nov
2019

Introducing No.9 Lisbon, Portugal. MESPIL’s new apartment development and Golden Visa qualifying project for sale.

MESPIL is delighted to announce the pre-launch of its newest development No.9 Lisbon, Portugal. A fantastic Golden Visa qualifying apartment renewal project, modernizing a 1950s residential building in the centre of Lisbon, Portugal’s capital city.

Comprising of T1 to T4 typologies; ranging from studio apartments to 4-bedroom spacious homes with large terraces, premium fixtures and views over the city of Lisbon.

No.9 Lisbon will provide property investors the best of both worlds - MESPIL’s award winning quality development experience and the option of full turn-key serviced apartments.

MESPIL’s investment consultants are experts in Portugal’s property landscape, taxation and purchasing legislation. We would love to hear from you so get in touch for further information or to book a viewing either in person or via video.

So, what is all the buzz about Lisbon? 7 reasons to invest in the city that has it all.

Buying property in Lisbon is a wise move with so many positives – the laid back, Portuguese capital is emerging as one of the most favourable cities not only in Portugal but in Europe to invest, live, holiday and do business. A multi-cultural city, Lisbon has seen a dramatic increase in popularity not only across Europe, South America, South Africa but trans-Atlantic in the Americas too – interest is peaking for the City that has it all. Often thought of as the San Francisco of Europe, Lisbon is undergoing a major change, and everything is pointing in the right direction for this historic centre.

Location

Lisbon is well located in Europe for transatlantic investors. It is in fact, the closest European capital to the United States and South America, particularly to booming Brazil with which it shares its native language. There are more flights from Lisbon to more cities in the former Portuguese colony than from any other city in the world. It’s also less than one hour away from Madrid with several flights every day, and about two and a half hours from both Paris and London (with whom it shares a time zone, being the only capital in Europe to do so)

Being on the edge of Europe also means that the ports of Lisbon, Sines and Setúbal are gateways to the old continent and a market of 250 million Portuguese speakers around the world.

Tech start-up culture

Lisbon is fast becoming a creative and tech start-up hub, helped by accelerator funding, tech incubators and newly refurbished co-working spaces are popping up all over the city.

Bolstered by the annual Web Summit conference (previously held in Dublin), Lisbon's start-up community is thriving - with healthy support from the Portuguese government. In June 2016, it created a national network of tech hubs and start-ups in the Capital through the Start-ups Voucher initiative that gives more than 400 entrepreneurs a one-year fellowship to pursue their ventures.

The entrepreneurial network is underpinned by an impressive range of supports, with incubators such as Startup Lisboa, Labs Lisboa, Inovisa and Tec Labs and accelerators such as EIT InnoEnergy and BGI, according to Silicon Republic.

A 35,000-square-meter former army food factory is being transformed into a behemoth campus - Hub Creativo Beato while the Portuguese government has also set up a €200m venture capital fund aimed at bolstering foreign investment in start-ups.

All this investment and initiative will see an upsurge in property purchases in Lisbon as the young tech professionals are attracted to work in the City the world over.

Safety

Lisbon is one of the safest cities in Europe, with minimal crime this is a very important factor for those seeking to relocate.

Golden Visa

The “Golden Visa” scheme was launched in 2012 and has been actively promoted by the Portuguese government to attract foreign investors. The initiative is set-up to allow successful applicants to work and gain access to residence permits. Holders of the Golden Visa benefit from full travel and access to public services within the Schengen Area. It’s a fast track to a European passport for investors in real estate, after only five years Golden Visa holders can apply for permanent residence.

Today, since the launch of the Golden Visa program, over €5 billion has been invested in Portugal. MESPIL has guided many clients through this process after matching them with the right property.

Property Market Recovery

Portugal’s housing prices continue to recover but Lisbon has seen the best growth and recovery.

Surging demand, as well as improved economic conditions, have led to property prices in Portugal rising by 6.09% year on year in 2018 to an average price of €1,220 per square metre, increasing to €1,625 per square meter by the end of Q1 in 2019.

(Source INE)

Tax regime

Lisbon and Portugal enjoy very favourable taxation regimes, especially for expats wishing to avail of ‘Non-Habitual Residence’ (NHR) in Portugal. The NHR offers substantial tax exemptions for the first 10 years of tax residence starting from the first calendar year of residence.

Many of MESPIL’s clients have utilised the generous schemes and tax rates to their advantage since buying property in Portugal. Currently, the country’s taxation system observes the following.

  • No wealth tax,
  • No inheritance tax for spouses and direct heirs,
  • No residential tax,
  • Moderate land tax: 0.3% to 0.5% of the value of the property,
  • Transfer tax: 1% -6% depending on the value of the property,
  • No VAT on rents (with some exceptions),
  • Moderate property taxes: 21% for a legal person through an ICS or 28% for a non-resident natural person,
  • Many exemptions from taxes on real estate gains, especially if they are reinvested.

Aesthetic charm

Portugal's capital is filled with winding, hilly streets. The architecture perfectly harmonises the old with the new. Also, Lisbon is attracting young creative talent and it is starting to stand out as a city of design. With an influx of young artists looking to live a bohemian life by seeking out its relaxed ambience small artisan boutiques are popping up around the city. Lisbon also still manages to provide the ideal environment for the older generation wanting to enjoy sun and sea alongside city life. The climate is idyllic with 300 days of sunshine a year, hard to beat in any other City in Europe.

The sun serves to highlight the buildings, which are bright and colourful adorned with tiled facades that speak to the heritage of the culture. The café scene is very much thriving with young entrepreneurs opening new restaurants and cafés, adding great culinary value to the city and many new Michelin star restaurants awarded each year. The energy is unpretentious, relaxed and vibrant. It is uncomplicated and certainly MESPIL feel it is the most interesting European capital to invest in today.