Portugal is one of Europe’s hottest property markets in more ways than one. It is not only seen as a safe haven that rarely makes the headlines with a stable political and economic landscape; it also has thousands of people relocating to its sunny shores every year.

Its golden beaches, 1,800 kilometres of coastline and world-class golf courses are major attractions, and Portugal ranks third in the world’s most peaceful countries behind Iceland and New Zealand.

Portugal is also widely viewed as a safe haven for foreign investors, and since 2009, has offered generous tax incentives for foreign buyers which last for 10 years.

On top of this, it has a very popular Golden Visa programme which offers residency permits through buying property investments.


Golden Visa

The Portugal Golden Residence Permit Programme is a five-year scheme which offers residency by investing in the country through a number of different ways. Property investment has by far been the most popular route. As a resident you can have visa-free travel across Europe’s Schengen Area which includes France, Germany, Italy and Spain and a Portuguese passport grants you visa-free travel to 185 countries.

Foreign investors also like the fact that Portugal has a quick turnover time to purchase property.


Asians flocking

Since October 2012, 9,625 investors and 16,382 family members have benefited from the Portugal Golden Visa and 9,042 (90%) of Golden Visa Portugal applications were done through real estate investments. While the Chinese remain the largest single applicant cohort (over 50%), their share of the program is decreasing as other nationalities are applying for the program too.

The Portugal Golden Residence Permit Programme has been very successful and now the government is removing the cities of Lisbon and Porto from the scheme to focus on other parts of the country. The new rules, which also affect coastal areas, will come in from July 2021 although there is a transition period to complete sales by the end of the year.


Business buzz

While foreign investors have Portugal in their sights, it is also attracting plenty of talent particularly in the technology sector. Many international companies have set up regional headquarters in the country, such as Google which built a technology hub near Lisbon in 2018. Car-making giant Volkswagen also has major manufacturing operations in Portugal.

Up until the Covid pandemic which affected tourism the world over, Portugal’s tourist numbers had been very healthy given its high number of sunshine hours. In fact, the southwestern coastline of Algarve gets more sun each year than all of Europe. As its tourism sector grew, this led to a scarcity of rental properties which drove rental yields up. This is good news for investors with properties in tourist hot spots.

Algarve, Portugal


Sun, sea and golf

The Algarve is one of Portugal’s most popular destination, drawing sun-seeking tourists, beach lovers and golfers alike. One tourist hotspot is the Algarve, home to one of Portugal’s most prestigious golf resorts. The 5,000km stretch of coast is known for its golden beaches, golfing and picturesque fishing villages along with an array of bars and restaurants. 

Douro, Portugal


Lisbon and Porto

If the objective is exclusively housing, you need to meet your personal preferences. A house in the Algarve is compatible with warm climate lovers, Porto is for those who like a mild climate and Lisbon is the best city to develop a professional career.

If the objective is the return on investment, there is a clear advantage in one of the options.

Portugal’s two main cities, Lisbon and Porto, have been the main destinations of foreign investment given they are seen as a trendy hotspots while being far cheaper to buy property in compared to other cities in Europe.  

Lisbon is one of Europe's smaller capitals with properties there inexpensive in comparison to London, Paris or Madrid.

The main driver for investors used to be quality of life, its historical heritage, natural beauty and over 280 days of sunshine. But it’s a very interesting market for putting your savings and investments now too. You can get a return both on rental yield and in capital appreciation.

Porto has the same dynamic in terms of lifestyle. But it’s also the research and development hub of the country. It’s where much industry is based, and most of the money from Portugal’s wealthy families is concentrated here.



For investors looking for extra capital appreciation from their investments, Porto is the natural answer. House prices there are still 30% less than those in Lisbon, it has a lower square metre price to buy, so you have higher potential for investment returns.

‘Many investors start enquiring about Lisbon. But when they ask for something that has a higher yield or capital appreciation potential, we say: yes, we do. In Porto’ – says Filippo Simonato, Residential Business Development Manager for JLL, based in Lisbon.


Property Market

While property prices have been rising modestly during the pandemic, Portugal has seen above average increases. Prices rose by almost 6% during 2020, according to the Idealista Price Index.

According to JLL’s research ’Investir no Mercado de Arrendamento’ (Investing in the Rental Market), the residential rental yields in Lisbon are almost always above 3% and in Porto 4%; proof of a market where supply is scarce and vacancies tends to be absorbed quickly. It is a market with enormous potential for growth and income generation.


Who is buying & renting?

Portugal is still proving popular with overseas buyers, and 57% of purchases are currently made by international buyers. While Asian buyers have been very active, these foreign-buyer purchases are spread across 47 different nationalities.

Rental incomes have softened a little during the pandemic, although this is believed to be only temporary. Some landlords have put their holiday homes up for rent on the local market while they wait for tourism to return.

Conde de Lima, Lisbon


When tourists start to return to the many holiday hotspots Portugal has to offer, property owners should be well placed to reap the benefits, along with the tax and residency perks the country has to offer.

If you are keen to find out more about investment opportunities in Portugal and learn more about the Golden Visa Program, please contact JLL International Residential at +65 9671 9583 or internationalresi@ap.jll.com.

23 Apr 2021

Not only Portugal is ideal for investors looking for stable returns on investment at a range of property price points, but the tax regime is very attractive. It offers a low effective tax burden, combined with a special Non-Habitual Residents tax regime, the free remittance of funds, the absence of inheritance and gift tax and no wealth tax.

Moreover, the residence permit scheme (granting travels within the Schengen area) and the possibility to apply for Portuguese nationality and, consequently, a EU passport, make Portugal a very attractive location.


The most popular Golden Visa program in Europe

In 2012, Portugal approved special legislation designed to attract foreign investment, by offering a fast way for property investors (non-EU citizens) to receive a residence permit, making it a privileged entry into Europe and allowing such permit holders free circulation in Schengen countries.

The Portugal Golden Visa program has proven to be the most popular scheme in Europe with investors attracted to its flexibility and benefits. Since its inception in 2012, thousands of families have successfully relocated to Portugal.  An investment of €500,000 (or €350,000 reduced option) in real estate in Portugal will gain a residency permit for a family including dependent children.

In 2019, more than half of all real estate transactions in Portugal were purchased by foreigners and Portuguese real estate agencies have been actively wooing Chinese and Asian buyers.

According to a South China Morning Post article, Hong Kong is tipped to become one of the top sources of foreign investment in Portuguese property as residents seek a European haven from the civil unrest that has rocked the city since May 2019.


What are the main advantages of the Portugal Golden Visa?

The holders of a Portuguese Golden Visa have many advantages:

  • You do not need a visa to enter Portugal or travel through Europe (Schengen Area).
  • You can live and work in Portugal, even with residency in a different country.
  • Portuguese residency can be extended to family members.
  • It has extremely low minimum stay periods compared to other residency / citizenship programmes.
  • You can attain permanent residency after five years.
  • You can attain citizenship after six years.

The residence permit is granted for a period of one year, renewable for two successive periods of two years, and requires the maintenance of the investment for a minimum period of five years and the presence in Portuguese territory for 7 days (consecutive or not) in the first year and 14 days (consecutive or not) in the subsequent periods of two years. The authorization may be extended to the investor’s family members and the residence permit may be granted on a permanent basis after the initial period of five years.


Investment types

This type of investment includes:

  • Commercial or residential properties.
  • Real estate acquired in co-ownership, as long as the investor’s share is at least the minimum indicated value.
  • Properties that are acquired individually or through sole proprietorship companies in which the investor is a partner.
  • Leased properties.
  • Properties encumbered, by the amount that exceeds the minimum amount of the investment.


Portugal Golden Visa Changes in 2021

Source: Cruz Roque Semiao Advogados (CRS Lawyers)

Only this month, the XXII Portuguese Constitutional Government has finally established the revisions and changes on the Residence Permit for Investment Regime (Golden Visa), by means of the Law-Decree no. 14/2021 of 12th February, which represents the 8º alteration to the Law no. 23/2007 of 4th July (widely known as “Foreigners Law”).

The main goal, according to said alterations, is to make this regime more and more directed preferentially to the investment in the interior territories, to investment in job creation and to the urban and cultural heritage requalification.

With that in mind, the first essential and most relevant decision that was made was that these changes will only come into force/into effect on 1st January 2022, meaning that foreign investors have until 31st December 2021 to invest in the exact same terms and conditions, all over the country, towards their Golden Visa Applications.

As of 1st January 2022, the following changes, which will represent an increase in the minimum investment amounts, as well as affect the geographical area of application in the real estate investment for habitation purposes, will apply:


1. Real Estate Investment:

a. In the amount of € 500.000,00, for habitation Purposes, will only be allowed in the interior of Portugal, Azores, and Madeira.

b. In the amount of € .350.000,00, with rehabilitation investment, for habitation Purposes, will only be allowed in the interior of Portugal, Azores, and Madeira.


2. Capital Transfers:

a. The amount of investment for the Capital transfer with a value equal to or above 1 million Euros, changes to a minimum of 1.5 million euros.

b. The amount of investment for the Capital transfer for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technologic system changes from €350.000,00 to a minimum value of € 500.000,00.

c. The minimum amount on the Private Equity Funds investments, changes from € 350.000,00 to a minimum value of € 500.000,00.

d. The minimum amount on the capital transfer for incorporation of a Company in Portugal, combined with the creation of five (5) permanent working jobs, OR for the reinforcement of the share capital of an existing company in Portugal, with the creation or maintenance of said jobs, changes from € 350.000,00 to a minimum value of € 500.000,00.


In view of the above, and according to the remaining legal diploma that was published, it is essential to highlight that:

  • Foreign Investors will have until 31st December 2021 – almost a whole year – to submit their Golden Visa application, taking advantage of the current Law as it is and was from the past years (with the same minimum amounts, on the same locations, and with the same requirements).
  • As long as these applications, by the Investors, are submitted before the 1st January 2022, client(s) can benefit for the same rules and have their residence permits granted, even if the actual approval of the process happens after that date.
  • The geographical limitations that will happen on the real estate investments, by “pushing” the investment for habitation purposes to the interior and the Islands, will still give a lot of interesting and potential possibilities in terms places to invest in Portugal, which will help on the development of those areas.
  • On the real estate investments, only the ones for habitation purposes will be affected, meaning that for commercial/services or other purposes foreign investors will still be able to invest in the whole country, namely in Lisbon and Porto, just like before, after the 1st January 2022.
  • Family members can still benefit from the Family Reunification applications and benefits, even after 1st January 2022, as long as their Main Applicant/Investor has submitted his/her application before that (under the same law).


Gustavo Machado Dias associate lawyer of CRS Lawyers


The new regime comes into force on January 1, 2022 and is applicable to all applications for Residence Permits trough an Investment Activity (ARI) presented from this date forward.

But until the regulation takes off, there is still a window of opportunity to utilise the popular Golden Visa programme via property investment.

This new regime does not affect the processes in progress and which have been approved under the law currently in force. Meaning, existing renewal processes and granting /renewal processes for family reunification which associated investment has been made until the end of this year (still in the period of the current law).


For more details please contact JLL International Residential at +65 9671 9583 or internationalresi@ap.jll.com


To find out more about the Portugal Golden Visa program,  join our live webinar ‘Let’s Talk Property. Portugal’s Golden Visa – Residency Through Investment’ on Thursday, 22 April 2021 at 6pm.

Register here



23 Apr 2021

One of the big lessons from this year in real estate has been the pandemic’s resulting increase in demand for second lifestyle homes, not only among the ultra-wealthy but also the generally well-heeled, a trend that’s only gained steam as the year has unfolded.

With a vaccine still over the horizon, this shift out of city centres and into more spacious suburbs is spilling over into even more remote locales: mountain resorts, which have been growing in appeal with global investors.

Not only are these areas less densely populated, making it easy to adhere to social distancing, but the rise of work-from-home (WFH) supported by modern technology infrastructure has made it a realistic alternative for the slightly more affluent.

Activities like skiing and (in the summer months) golf are being indulged in across central Europe’s mountainous regions as a welcome pandemic escape, with home offices and ultrafast broadband ensuring work life is not put on the back foot.

Indeed, the whole idea of moving back to nature where life happens at a slower and more relaxed pace, and where homeowners can focus on wellbeing and health, has been a key trend in the real estate sector in a year that will be forever remembered for COVID.

But even so, there have undoubtedly been winners and losers among those offering luxurious remote living.


COVID escape: Health and wellness done sustainably

Developments that focus on advancing net-zero carbon goals, where buildings are highly energy efficient and powered by renewable sources, and where the promotion of green living is central to the development’s core concept, will thrive as a matter of future-proofing investments.

Premium mountainous real estate developments like Andermatt Swiss Alps in Switzerland, along with a handful of others in Europe, the US, and Asia, tick these sustainability boxes.

With well-established local infrastructure and connectivity, homeowners can be online 24 hours a day seven days a week, remaining productive at the (home) office despite their apparent remoteness.

At the same time, investors benefit from year-round activities that include those already mentioned (skiing and golf) but also extend to healthy lifestyle staples like trekking and cycling.

We expect to see more families prioritising “naturesque” safe-haven homes, for all or part of the year, in the decade to come.

In Switzerland in particular, not many areas allow for foreign ownership of real estate.

This means that, in the long run, investment in these developments is likely to yield strong returns as supply inevitably outstrips demand, putting pressure on prices to appreciate.

According to new research by JLL, health and wellbeing themes have emerged as measurable physical attributes that real estate investors increasingly look for in light of the pandemic, in order to secure a better quality of life for themselves and their families.

Notably, Asian buyers too are feeling the pull of Europe’s snowy peaks as COVID drags on.

As just two examples, studio houses in ‘Frame’, a new apartment block at Andermatt Swiss Alps that has been on the market since summer and will be finished in Q3 2021, has seen 10 per cent of all sales from buyers in Singapore.

With an expected completion date of Winter 2021, newly launched apartment block ‘Alma’, which comprises ten expansive half-floor residences and one whole-floor penthouse, is already 70 per cent sold – despite the pandemic’s impact on global property inflows.



Roughly 1 in 4 buyers across Andermatt’s multibillion-dollar development now hail from key Asian cities such as Singapore and Hong Kong.

Moreover, we’ve seen a 45 per cent increase in apartment rates for all units at Andermatt as of July 2020 (compared to the same period last year), with total sales increasing by 53 per cent.

Such data points act as further evidence of the growing appeal of Alpine living.


Why Switzerland fits the bill

With COVID firmly established as the backdrop du jour, Switzerland has emerged as an ideal investment destination – and there are a few key reasons for this.

Thanks to a strong domestic consumer that continues to drive sales of second homes in mountainous regions away from densely populated cities, local economies in these areas have proven resilient despite the global shock.

As already touched on, sustainability does matter to a new generation of real estate investors.

Andermatt Swiss Alps is leading by example on this front, with a five-year plan towards achieving carbon neutral underway despite so much of the development already being integrated with the surrounding natural environment.



Specific green initiatives include careful management of natural resources, golf courses that provide areas for nesting birds, a no ‘cold beds’ targets for holiday apartments, noise reduction, cooperation with local businesses, environmental impact monitoring, carbon neutral heating, and electric power from 1,005 renewable energy sources.

Green credentials aside, Switzerland is no slouch on hard investment economics, either.

Its record speaks for itself; returns on investments in a diverse selection of properties at Andermatt Swiss Alps has averaged 8 to 10 per cent per year over extended periods of time.



Once you factor in property appreciations along with rental yields, the return profile is clearly competitive with US equity market averages after dividends.you send us the test first??

Moreover, the security of the Swiss Franc, the prospect of growth in capital values, and the viability of rental demand continues to speak well to buyers.


A safe, central hub during a pandemic

In general, ownership in mountain regions tends to be a part-head and part-heart decision, where investors can enjoy the health and wellness elements of mountain living without sacrificing access to major European hubs like London, Frankfurt, Paris, and Rome.

It’s now beyond dispute that the Coronavirus crisis has made people all over the world consider how they plan to live in future.

Contrary to initial expectations, demand for property and sales volume in regions like Andermatt has grown substantially this year, as well-heeled buyers come to appreciate the safety, flexibility, and health opportunities such locations represent.

More broadly, the luxury housing market in Switzerland has performed well with prices increasing by 3.6 per cent over the last 12 months, according to Wuest Partners.

In our view, demand should continue to grow as the feasibility of remote working improves and the necessity to be within proximity of the office becomes less of an imperative.



For further information contact JLL International Residential directly at internationalresi@ap.jll.com.

01 Dec 2020

The central London borough of Kensington and Chelsea sits at the cultural heart of London. But it’s also a prime residential area, known the world over and highly sought-after by property buyers.

Kensington is particularly well-loved for its royal connections, its sense of romance, and its top-notch dining, entertainment, and shopping venues.

Everything in Kensington comes with a healthy splattering of style and elegance - and that’s why you may want to know more about the Royal Warwick Square development.

It could be the opportunity you’ve been looking for to claim a small part of Kensington as your own.

But first, more about why this location is so prized…


Why we love Kensington?

The Jones Lang LaSalle team in London recommends the following dining and drinking venues in Kensington:



Maggie Jones’s - a rustic take on British food

Kitchen W8 - Michelin-starred restaurant serving modern European cuisine

Aubaine - Relaxed, French-style dining

Kensington Place - modern British brasserie specialising in fresh fish


Pubs & Bars

The Churchill Arms - a traditional pub once frequented by Churchill’s grandparents

The Kensington Roof Gardens - boasting three gardens, ideal for special events

Kensington Wine Rooms – A stylish bar for wine lovers 



Café Phillies - a non-chain restaurant on Kensington High St.



Why others love Kensington?

Foreign buyers and investors have long fallen for the cosmopolitan lifestyle, scenic surrounds, and cultural landmarks that gives the Kensington area its unique ‘stamp’.

With some of London’s most famous museums, parks, concert halls, and educational establishments in the vicinity, the affluent surroundings have become a cultural and leisure hub of London.

London landmarks like Kensington Palace, the Royal Albert Hall, the Victoria and Albert Museum, and the Natural History Museum are all nearby, as are Hyde Park, Holland Park, and Kensington Gardens.

Reputable universities like Imperial College London and top primary and secondary schools attract both local and international students; and families moving to Kensington appreciate the variety of supermarkets, delicatessens and speciality food shops.

For younger residents, lively coffee shops, an array of fine dining outlets (including three Michelin-starred restaurants), and upmarket pubs all whet the appetite.



Elegance and tranquillity inside, outside and around

An 11-minute walk away from Harrods in the heart of all this is Royal Warwick Square.

Here, the style, elegance and tranquillity of the Kensington area is translated to the interiors and exteriors of this new development.

With the design expertise of award-winning architects, Squire & Partners, the garden square design is the first thing that will inspire you.

But it’s probably the apartments, designed for luxurious style and comfort, that will win you over.

Whether you’re thinking of an investment property for rental income, your child is studying in London or you’re investing in a holiday home, the combination of luxury and elegance - inside, outside and around Royal Warwick Square - is difficult to ignore.


Modern luxury meets classical design

Royal Warwick Square is semi-classical to the eye with its landscaped courtyard gardens at its centre. But there is a distinctly contemporary feel to the building design and its luxurious facilities.

Leisure facilities include a state-of-the-art gym, spa, sauna and steam rooms, and an indoor swimming pool with vitality pool on site. There is even a private cinema available.

Security is high and a children’s play area is available. There is also secure underground parking with motorcycle bays and cycle racks, as well as ample storage facilities.

A 24-hour concierge service provided by Harrods Estates ensures you feel like you’re holidaying in a hotel when resident here.

Each apartment has floor-to-ceiling windows, helping you bathe in natural light and enjoy the views around the courtyard or over London.


Be connected to the whole of London and beyond

While there is plenty to enjoy simply walking around the neighbourhood, excellent transport links connect you to the rest of London and beyond.

The tube is accessible on foot from both the High Street Kensington and Earl’s Court stations. These provide connections to the new Crossrail station at Paddington.

Journeys beyond London are facilitated by convenient access to cross-continental Eurostar services from St Pancras International station.

Flight access is 30 minutes away at Heathrow Airport and a little longer at Gatwick, making international travel convenient too.



The development

Royal Warwick Square is being developed by St Edward Homes. It is a joint venture between UK property developer Berkeley and the Prudential Assurance Company.

The Warwick Road Masterplan is a regeneration plan involving the creation of more than 1,000 homes, a new school and landscaping across seven acres of prime Zone 1 real estate in Kensington and Chelsea.

Royal Warwick Square is part of this regeneration plan and Sherrin House was the first phase of development. Maclaren House is the second phase.



Your opportunity for an enviable London address

Due for completion in the first or second quarter of 2021, we’re taking expressions of interest in the remaining apartments available in Royal Warwick Square.

These one, two, and three bedroom apartments range in price from £1.08 million to £4.6 million.


For more information about Royal Warwick Square and other residential properties in London, call +65 6220 3888 or email internationalresi@ap.jll.com



18 Jan 2019

Photo: unsplash.com

As prestigious global addresses go, no city can compete with London. It is not just the up-and-coming regeneration areas of London that offer attractive prospects for investors either, but also traditional favourites like Westminster.

Lying on the North Bank of the River Thames, the City of Westminster represents the historical foundation of the United Kingdom. Home to Westminster Abbey and the Houses of Parliament in Westminster Palace, its presence is iconic to the London Skyline. The borough has been dubbed as one of London’s star investment postcodes, taking over Knightsbridge and Chelsea as prices in Knightsbridge have reached an average of £6M. Well connected to the financial district and world class education institutions, the City of Westminster is positioned as a bright spark for international investors.

Often overlooked is the contemporary London life and attractions that thrives alongside Westminster's doorsteps to history. Encapsulating over 21.3 square kilometers, there is a great deal more to the borough than the chimes of Big Ben, and these reasons are contributing to its ever growing residential population.

Photo: unsplash.com



For the discerned foodie, located between Charing Cross and the Houses of Parliament is the Northall restaurant. Take in the grandeur of the former government buildings owned by the Ministry of Defence while you indulge in modern British Cuisine prepared using seasonally sourced ingredients.

Feeling more eclectic? A stone’s throw away from Victoria Station is the buzzing addition to the area -  Nova Food, Shake Shack, Timmy Green and Hai Cenato are only a some of the 17 easy dining options that caters to all taste buds.

Tucked away in nearby Soho, Bob Bob Ricard is an establishment that encapsulates the high octane glamour dining with the cosiness of British and Russian comfort food. Its art decor interior is a nod to the roaring twenties and the “Press for Champagne” button in every dining booth is a stellar combination that makes for an authentic experience. Book in advance and mind the champagne button.

Photo: bobbobricard.com


London School of Economics, King’s College and Chelsea Art College are leading institutions within walking distance of Millbank. Located within the precinct of Westminster Abbey is the famed Westminster school. An historical independent day and boarding school, the institution has one of the highest Oxbridge acceptance rates and boasts an impressive alumni list. A.A Milne, Henry Purcel and seven former Prime Ministers are some of many notable figures who pursued and developed their passions in the classes of the school while looking out onto Westminster Abbey and the Houses of Parliament. Westminster school accepts international students, with approximately 20 attending the sixth form.

Photo: lse.ac.uk



The tube stations of Westminster, St James’s Park and Victoria serve the borough through the District and Circle line, and makes for a convenient journey to Canary Wharf. A mere 10 minutes to Oxford Circus, the borough is perfectly positioned to make the most of London life.

On a spring or summer’s day, the Barclays Bikes (known to Londoner’s as the “Boris Bikes!” is the best way to enjoy the picturesque parks of St James Park, St Johns Park, Victoria Tower Gardens South.

Photo: pexels.com


Arts & Culture

Photo: pexels.com


London has established itself as one of the art world’s epicenters and a resident of Westminster is perfectly positioned to immerse themselves in the multitude of options available. A mere 8 minutes walk away is the Tate Britain; home to British art dating back to the Tudors.

Contemporary art enthusiasts can venture on a 6 minute tube ride to Sloane Square and visit the Saatchi Gallery. To get a glimpse into the work place and headquarters of Prime Minister Winston Churchill during World War 2, a visit to the Churchill War Rooms is a must.


And more…

The borough of Westminster captures the essence of London as a place for long term investment. It is a metropolitan city that is proud of its historical roots. London will continue to benefit from the stability of the common law and its leading position as a global educational hub.

One of the most exciting residential projects in Westminster is 9 Millbank by St Edward Homes. This flagship development on the River Thames showcases the height of British luxury and style, surrounded by some of the world's most iconic landmarks. Paying homage to its elegant surroundings, the Goddard Littlefair’s interiors marries creativity and perfectionism. For residents of 9 Millbank, the elegant metropolis is at their doorstep.


Living room of one of the apartment units at Millbank Quarter


9 Millbank is at the epicentre of Westminster

04 Oct 2018