Foreigners buying absolute ruins for inflated prices has pushed prices up, Portugal rural property is now more expensive than Spain, France, Italy etc because of the Golden Visa & Brits coming to Portugal with London property proceeds!
I really dislike the attitude that foreigners believe they should be allowed to go in a buy property and ramp up prices so that locals and I mean most locals can’t afford to buy.
@webmonkey 😤 Portuguese property prices are still a bargain ! The demand still outpaces supply. That’s never going to change. The world’s population is increasing. If you think property will ever be cheaper here, than it is today,…. You will be disappointed.
Also, we are building. We are not ramping the prices, but the Portuguese are ramping prices to us wanting to build on a budget making it difficult for us. Yes the property will be expensive in the end and it wasn’t us that wanted the high price tag!
Don’t forget how many Portuguese have left Portugal over the years, going to cities like London and Paris where they too have contributed to increased cost of living, higher rents etc. What goes around comes around. Foreigners in Portugal help to keep the economy strong and local businesses open. The government made that calculation when it started the NHR program.
Agreed. Also the Portuguese real estate agents and the Portuguese sellers don't help because they listed the price so damn high. I did tell a Portuguese real estate agent that the price is too high, and she responded that I can' afford it. 😮 it was true that I couldn't afford it.
Thank you both Nick & Nick for summarizing and making some sense of what’s going on. IMHO, the current situation is in flux and whatever ultimately happens (I agree with you), PT will remain an attractive living option for many. Regards.
The rising house prices have nothing to do with the Gold visa. But it does 100% have to do with foreigners coming in happy to pay €1200 - €2000 + for rent thinking it’s cheaper than what they paid in the US or Canada. When a typical Portuguese person cannot afford €500 for rent. So yes the foreigners are destroying the housing market. It’s hard to believe that you see it any different. I am from the US and clearly see what’s happening……all we foreigners rather than be so eager to pay these inflated prices, should refuse to pay such rent prices
The foreigners "may" be destroying it by lacking knowledge of the local house pricing and therefore getting ripped off. But please remember that the buyer does not set the listed selling price, nor have the final say on the contract price.. so it is the SELLERS who are being greedy and opportunistic and destroying the housing market; and it is now biting the nation in the bum
It's the Portuguese landlords doubling rent over night in 2022 when the news came out that the government would only allow 2% rise in 2023, so it is the result of both!
hey Prof. Nick - where in South Africa are you from? I sense another Capetonian in there somewhere..LOL Heading back to UK from CT and going to start my visa application from UK. What advice could you give, wrt buying a place (south of Lisbon) and how does that tie up with a D7 visa? Renting is a mugs game!
Hi Marc, yup, I'm from Rondebosch, born in Tokai, been living here since 2001 and love it. Drop us a note through www.algarveaddicts.com/contact and we can get on a call with you to talk through it all. Happy New Year!
I see selling signs longer and longer on the same buildings in my neighbourhood, it seems that buyers are dropping out, even it's just for the insane interest. Prices will come down for sure, just wait.
The rise in average house prices is primarily tied to AirBnb and short-term rental investments. Get rid of that (like NY and Vancouver) and you will see affordable housing stock back on the market.
STRs primarily affect micro-regions affordability - they're aren't enough of them to cause housing price inflation for a whole country. Portugal is suffering from it's own economic success which leads to people having more money for housing, as well as the whole world macro economic situation.
This was a very useful video, I’ll share with friends who had been planning a move. My take on the general rise in housing costs is that it’s totally not related to the golden visa, yet very much related to other visas (D7 especially) that had a requirement of obtaining a year long lease - many foreigners got competitive about “winning” in bidding wars over rental properties. What landlord wouldn’t hold out for a big bag of cash for a year’s rent in advance if he could get it?
I'm the daughter of Portuguese parents who immigrated to Canada. I'm on the process of applying for my Duel citizenship. Is there anything I need to know? Do I have any limitations, or expections via the government? Thank you
So I have my D7 appointment 4th Dec planning to move over once this has gone through. I have an apartment, NIF and all other docs for the application. Do you think I will be eligible to sign up for NHR before then end of the year?
In a bear market, the media highlights unfavorable events, such as a shrinking economy, geopolitical instability, cultural and legal conflicts, or a mixture of these factors. Recently, I came across a podcast featuring someone who successfully multiplied their initial investment from $120k to nearly $460k during this challenging market phase. Can you give advice on how to achieve such aggressive profits in such short periods?
@melvinf.benson9944 very true, I started investing before the pandemic and that same year I pulled a profit of about $600k with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisorr, you can be passively involved with the aid of a professional.
@@markPwilliams You can do your research and be on the lookout for one with intelligent strategies who'll help your portfolio maintain an unwavering and a progressive growth.Christy Vallen D'souza is my FA. She has the Flexibility & Expertise to Meet Your Needs. Verify her yourself
Seems to me the #1 root problem facing Portuguese public policy makers to improve the economy is the huge migration of university graduates to other EU countries in search of better paying jobs rather than quick and dirty schemes to attract foreign investment in construction. Various sources put that emigration as high as 55-70% of graduates over the past decade; the lowest figure I have seen is 40%. It makes sense to incentivize foreign investment if that results in business formation that keeps younger educated Portuguese folks in the country in roles that generate higher productivity and ROI. If that's failed to materialize, and the only proven effect has been to push the cost of housing/living out of reach in Lisbon and Porto, where I would think most educated Portuguese would believe are the primary areas to work in high ROI/relatively low capital investment such as IT, no wonder there's a backlash--or at least some serious debate or rethinking of the value of these programs. It's ever more sad in light of reports that Portuguese teens typically outperform their counterparts in reading, math, and science in other OECD countries now.
Agreed. And it's not just University graduates. The rate of emigration from PT has been high for decades. If you look up the population stats, the overall population has slightly declined the past few years; and is basically the same as 40 years ago, despite the locals complaining about the rate of immigration in.. without it, the population would have rapidly declined. And many coming in are taking up the lower paid farming/hospitality positions, many of which are illegally underpaid
I don't want or care about NHR I am quite happy to pay tax on money I might earn in Portugal. I think money earned outside should pay tax in the country of origin, i.e., the UK. My pensions.
Just talking about people from the US…I think there’s a bandwagon of excitement, and talking about moving to Portugal. It takes you away from the mundane. Most of the people I interact with, who say they can’t move to Portugal, haven’t don’t the tax research yet. I don’t think they were very serious about their move. When I 1st started researching Portugal, the NHR was 0%. So, I’ve know from the beginning, it was temporary. I only found out in June, my pension wouldn’t be taxed in Portugal, because I’m a government employee in the US. Plus, I’m from California. My US taxes are very high! (I don’t know if it’s worth it to move to another state to change that). Some things Cali might tax higher, so Portuguese tax wouldn’t apply anyway. So far, there’s nothing I’m worried about. I have about 3 more years, before I can move. But, France is still my 2nd option.
Your saying your income from the US would not be taxed in Portugal? That’s great news…we are hoping to buy in the Azores (recently got dual citizenship) in the near future. My husband is also soon to be a retired government employee. 🎉
@@portuguesehydrangea4818 the pension part. I think Social Security would be taxed, minus the US (California) tax, if it’s more than Cali. Remember, there’s no double taxation.
@@Nubianette makes sense. Thanks for that. I love dreaming about making the move. Terceira has my heart…amazing the pull our roots have to our parents homeland. But Cali (sac.) will always be home as well. 😆
There are some sore losers who are blaming the EU for their inability to no longer spoil the local socio economic situation (like the housing market) for the Portuguese. It is to the Portuguese governemt themselves to take the decision to serve the local people first rather than "golden visa" foreigners.
Good that the corrupt government is being dissolved. Let’s hope the new government will look into public housing. Astonishing that Portugal doesn’t have one. Increase the supply and prices will drop.
My two cents : AirBnb has done more to housing prices than golden visas, BUT golden visas have priced out a lot of people, who then scoop up what's left, compounding the effect. It seems very likely Portugal will enter a period of instability, similar to what Spain has been through the last years. No party will have majority, and therefore, coalitions of three, maybe more parties will be necessary, therefore, very brittle, and it's unlikely any major decisions can be made. The things you mentioned, the high-speed line, the third bridge, are just memes . They are to be taken as seriously as the border wall Trump promised. As for the airport, we've been hearing about it before color tv was invented. It wasn't the current prime minister that came up with those promises. They go way, back. Every prime minister wannabe did those exact same promises.
BlackRock is killing pretty much the middle class as they are HUGE investor in real estate - So much money is being made in buying houses and renting them out so they can outbid pretty much any buyer are you fighting against companies who make more then most countries have for GDP. One thing I think they should do not just for Portugal but for all countries is that you Can NOT buy a house if you are not going to live in it. That would not allow AirBnb and people from foreign countries form buying houses that some locals would buy with never wanting to live there just want to use it for making them money
Interesting idea, but if there were no landlords, how would people be able to rent houses? Everyone would have to buy and its just not possible for a lot of people.
The prices in london go up because the foreigners ( Russian, indians, etc ) buy the house in london to have access a British residence, what's happens the price the houses in london rise like a crazy, and now the English not have money to buy the house not only in london but in all uk is shame , and i not like this happens in Portugal too
Money and loans were artificially cheap. If you want to blame somebody, blame ECB and the federal reserve. Cheap money blows speculative bubbles. How many of these properties were financed, with other over inflated assets as the Collateral? Now that rates are up, many loans/ equity loans are variable rate and borrowers are going to be in trouble. I expect 40% decline in home values over the next 2 years, prices are unsustainable.
The ridiculous requirement that you have to have a fully paid for annual lease on an apartment when you submit your visa application was enough to discourage making an application, not to mention that you have to travel to a Portuguese consulate for an interview which is burdensome in the US due having to travel a considerable distance in many cases which can be costly. No thanks, there are equally good options in other countries without this BS.
Do I still book that family trip in Spring to scout out potential retirement villages? Was the no double-taxation scheme dependent on the NHR scheme? Maybe my answer is here. The double taxation stuff (not having to pay tax in portugal if you're already paying in the country where the income is generated, eg. retirement savings dividends, interest, etc.) should still be in force, meaning that a D7 visa plus passive retirement income for someone in the US (who is going to have to pay tax on it no matter where they live) the dissolution of the NHR shouldn't matter. th-cam.com/video/X0KkcntV_zE/w-d-xo.htmlsi=mpEkWL-nHfo2h8Kl&t=995
If you live in Portugal more than 183 days a year, you're a tax resident. The NHR lets you pay taxes in your home country, but not in Portugal. Without the NHR, you owe Portuguese tax rates and credit your foreign taxes that you paid against your Portuguese taxes. That's all the double-taxation treaty does.
@@necksquad3222 So if you were a US married couple getting, say, $100,000 per year in retirement income (dividends, interest) in the US you'd likely be in the 24% tax bracket, but you'd be in the 37 or 43% bracket in Portugal, meaning you'd have to top off the difference to Portugal?
@@SethJayson Portugal typically taxes all income. The NHR is still available for now though so you would be best off talking to a Portuguese tax expert for your exact situation.
@@SethJayson In practice it will be really worse. Though you may in the 22% tax bracket in the US, if you use standard deduction which is inching closer to 30K now, you will deduct that from 100K ending up with a taxable income of 70K in the US. For that, tax would be approx. 8000 dollars, resulting in actual tax of 11% or so. If Portugal taxes 40%, you will end up paying the difference in taxes in Portugal (without NHR), which will be about 20K on the residual income. It would be an obvious no to settle in Portugal. Now on top of this if the 100K income includes, social security, roth ira etc, resulting in say 5% effective tax in the US, you will get beat up even more in Portugal. It makes no logical sense to migrate from US to Portugal for retirees from a tax perspective. NHR if available eases this a little bit for sometime. Thanks.
It's not a housing crisis, it's a political crisis - there is more land than the country knows what to do with, they just need to loosen planning regulations so that existing residents can build their own houses on cheap land - the land is only expensive because planning regs are so tight. In Brittany, the local councils purchase 2 hectares of land, portion it up into sections, put electric, sewage and services in, and charge €8,000 - €14,000 per plot. Housing crisis over...
It ain't overjust become part of the system shoot move to the US didn't get any free rides made a living for 37 year's now moved to Portugal and also not looking for a free ride and guess what im working in PT and paying taxes and own over ten properties pfff
@@GleeSmeeI’m not sure about that … Maybe 😂. However; I do know that Italy should (in order to resuscitate its engineering and shipbuilding sectors, and fix illegal immigration) .. However when your government signed you up to the Euro you are screwed ! As in Hotel California… You can checkout but you can’t leave ! It’s like being in a room … with no doors, you basically have to smash the walls down to leave. It’s heartbreaking for Italy. The EU fucked them. This applies to Greece too.
There are lots of places that offer sun sand and sea. Money goes where it's treated best. Enjoy saying goodbye to the money and innovation Portugal. Back to the dark ages they will go
Portugal is a sovereign country with millions of citizens just trying to live their lives as best they can; it's not a retirement resort for wealthy pensioners or some sort of Disneyland for influencers and digital nomads who want to live cheap and pay zero taxes. The money you bring in isn't actually making anyone's life better, but rather worse. That's kind of the whole point.
The UK has had to put up with several hundred thousand immigrants per year flooding into the place for over 20 years. This has placed extreme demands on infrastructure, including housing, forcing prices up and displacing local people. So yes, many of us sympathise with Portugal
This video sums up how people turn a country into a commodity rather than the reality of the place. Then present it with the usual preface superfical hypberbole "great culture, food, etc etc" - when it is really nothing that out of the ordinary, no more than anywhere else, if you like meat and potatoes every day. It rains as much as Amsterdam. The suicide rate amongst the older people is some of the highest in Europe. The restrictions on Portuguese people is a lot. Farm workers get paid around 6 euros an hour if they are lucky. Shepherds take sheep in parched land in summer, right next to watered Golf courses in the Algarve. Summer water quality is very poor in places like Faro. Cost of living is through the roof in Lisbon making it next to impossible for people to progress and save now. Last year Portugal had a minus population growth as so many went to Luxembourg, France, England and so on to save for a few years. Meanwhile, videos like this really promote an unhealthy expatriate-centric and frankly, sometimes spoilt, expectant and demanding attitude from this bubble. Some of the business class in Portugal, still have attitudes from the 1800s towards workers. Some people do not like to hear this reality but you can't bear in mind your visa without the big picture, as it is just naivety. Romanticising the tourist brochures of the old people in rural areas, when in reality they have been in poverty since the revolution really and see little benefit from Golden Visas.
Actually videos like this don't do that. All they set out to do is translate what the government has just said without all the sensationalism in the media. Mais nada.
There is one fool-proof way to obtain residency. A friend of mine married a local knowing full well (each), this was a marriage of convenience. She needed the money for university..and he wanted to live in Portugal. Cost was $10,000 USD. He will obtain long term residency at some time in the future..and that time the "marriage" will be terminated. Sounds reasonable to me..comments.
Why bother? If you have a paying job/income and a few thousand Euros in the bank, and can prove both, it is not hard to get residency here, from most western countries. It only took me a morning. And once you have residency, if those conditions continue, it keeps renewing unless you break a law or similar. After 5-6 years, you can apply for a passport/citizenship, which takes longer and has more requirements including A2 level testing. So, no need to go to this. Also, they are pretty stringent on it. I know a Brazilian woman who was genuinely married to a PT guy, and they had to have their home inspected and attend a range of interviews over a 12months period, to ensure the marriage was genuine
Comment: This is immigration fraud, as in an actual crime. Do you generally support criminal behavior in all would-be immigrants, or just think it's acceptable when those immigrants come from wealthy countries?
Sure, blame others for the lack of competence and planning of our governments. Now, instead of foreign people with money to spend, we're having 100x the number of foreign people without any money and no skills at all.
As an EU citizen from the south with a job and an actual life here, it's really annoying watching a bunch of people from other countries complain about how it won't be as easy for them anymore to spontaneously decide to move, get on a plane, scoop up property for next to nothing and live out some strange "Under the Tuscan Sun" fantasy. Get over it. The reality is that you don't make life better for the natives and a lot of them are starting to resent you and don't want you here permanently. Why not try using your vote to make conditions better in your own countries, instead?
I get what you're saying and while some may have that dream, others actually want to just want to reset and live a better, simpler life here. It's not all doom, greed and selfishness.
@@AlgarveAddicts Fair enough. To be honest, I'd watched a few of these videos in a row and was just getting really irritated. Obviously, it's not fair to lump everyone together like I did.
Foreigners buying absolute ruins for inflated prices has pushed prices up, Portugal rural property is now more expensive than Spain, France, Italy etc because of the Golden Visa & Brits coming to Portugal with London property proceeds!
I really dislike the attitude that foreigners believe they should be allowed to go in a buy property and ramp up prices so that locals and I mean most locals can’t afford to buy.
@webmonkey 😤
Portuguese property prices are still a bargain !
The demand still outpaces supply.
That’s never going to change. The world’s population is increasing.
If you think property will ever be cheaper here, than it is today,…. You will be disappointed.
The key thing … is “locals” need to open their eyes and see this problem exists across the world. San Diego, Mumbai, Hong Kong, … everywhere.
Also, we are building. We are not ramping the prices, but the Portuguese are ramping prices to us wanting to build on a budget making it difficult for us. Yes the property will be expensive in the end and it wasn’t us that wanted the high price tag!
Don’t forget how many Portuguese have left Portugal over the years, going to cities like London and Paris where they too have contributed to increased cost of living, higher rents etc. What goes around comes around. Foreigners in Portugal help to keep the economy strong and local businesses open. The government made that calculation when it started the NHR program.
Agreed. Also the Portuguese real estate agents and the Portuguese sellers don't help because they listed the price so damn high. I did tell a Portuguese real estate agent that the price is too high, and she responded that I can' afford it. 😮 it was true that I couldn't afford it.
Thank you both Nick & Nick for summarizing and making some sense of what’s going on. IMHO, the current situation is in flux and whatever ultimately happens (I agree with you), PT will remain an attractive living option for many. Regards.
The rising house prices have nothing to do with the Gold visa. But it does 100% have to do with foreigners coming in happy to pay €1200 - €2000 + for rent thinking it’s cheaper than what they paid in the US or Canada. When a typical Portuguese person cannot afford €500 for rent. So yes the foreigners are destroying the housing market. It’s hard to believe that you see it any different.
I am from the US and clearly see what’s happening……all we foreigners rather than be so eager to pay these inflated prices, should refuse to pay such rent prices
The foreigners "may" be destroying it by lacking knowledge of the local house pricing and therefore getting ripped off. But please remember that the buyer does not set the listed selling price, nor have the final say on the contract price.. so it is the SELLERS who are being greedy and opportunistic and destroying the housing market; and it is now biting the nation in the bum
It's the Portuguese landlords doubling rent over night in 2022 when the news came out that the government would only allow 2% rise in 2023, so it is the result of both!
hey Prof. Nick - where in South Africa are you from? I sense another Capetonian in there somewhere..LOL Heading back to UK from CT and going to start my visa application from UK. What advice could you give, wrt buying a place (south of Lisbon) and how does that tie up with a D7 visa? Renting is a mugs game!
Hi Marc, yup, I'm from Rondebosch, born in Tokai, been living here since 2001 and love it. Drop us a note through www.algarveaddicts.com/contact and we can get on a call with you to talk through it all. Happy New Year!
I see selling signs longer and longer on the same buildings in my neighbourhood, it seems that buyers are dropping out, even it's just for the insane interest. Prices will come down for sure, just wait.
The rise in average house prices is primarily tied to AirBnb and short-term rental investments. Get rid of that (like NY and Vancouver) and you will see affordable housing stock back on the market.
Utter rubbish !!
STRs primarily affect micro-regions affordability - they're aren't enough of them to cause housing price inflation for a whole country. Portugal is suffering from it's own economic success which leads to people having more money for housing, as well as the whole world macro economic situation.
Housing hasn't come down in Vancouver even with ban on Airbnb's could probably say the same for NYC.
LOL, no it is tried to the 3 trillion in MBSs the FED bought in 2020. Look at a chart of that compared to home prices.
This was a very useful video, I’ll share with friends who had been planning a move. My take on the general rise in housing costs is that it’s totally not related to the golden visa, yet very much related to other visas (D7 especially) that had a requirement of obtaining a year long lease - many foreigners got competitive about “winning” in bidding wars over rental properties. What landlord wouldn’t hold out for a big bag of cash for a year’s rent in advance if he could get it?
Thanks guys! A very helpful video.
I'm the daughter of Portuguese parents who immigrated to Canada.
I'm on the process of applying for my Duel citizenship.
Is there anything I need to know?
Do I have any limitations, or expections via the government?
Thank you
Yes, you went from one shithole to another. Hope that helps
So I have my D7 appointment 4th Dec planning to move over once this has gone through. I have an apartment, NIF and all other docs for the application. Do you think I will be eligible to sign up for NHR before then end of the year?
In a bear market, the media highlights unfavorable events, such as a shrinking economy, geopolitical instability, cultural and legal conflicts, or a mixture of these factors. Recently, I came across a podcast featuring someone who successfully multiplied their initial investment from $120k to nearly $460k during this challenging market phase. Can you give advice on how to achieve such aggressive profits in such short periods?
@melvinf.benson9944 very true, I started investing before the pandemic and that same year I pulled a profit of about $600k with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisorr, you can be passively involved with the aid of a professional.
@@JanetBrandt0 Please can you leave the info of your investment advisor here? I’m in dire need for one.
@@markPwilliams You can do your research and be on the lookout for one with intelligent strategies who'll help your portfolio maintain an unwavering and a progressive growth.Christy Vallen D'souza is my FA. She has the Flexibility & Expertise to Meet Your Needs. Verify her yourself
What if a retiree moves with a $2,000 pension? Will that be taxed higher than in the US?
I'm trying to do a video podcast with a financial adviser and we'll answer this question in it.
Seems to me the #1 root problem facing Portuguese public policy makers to improve the economy is the huge migration of university graduates to other EU countries in search of better paying jobs rather than quick and dirty schemes to attract foreign investment in construction. Various sources put that emigration as high as 55-70% of graduates over the past decade; the lowest figure I have seen is 40%. It makes sense to incentivize foreign investment if that results in business formation that keeps younger educated Portuguese folks in the country in roles that generate higher productivity and ROI. If that's failed to materialize, and the only proven effect has been to push the cost of housing/living out of reach in Lisbon and Porto, where I would think most educated Portuguese would believe are the primary areas to work in high ROI/relatively low capital investment such as IT, no wonder there's a backlash--or at least some serious debate or rethinking of the value of these programs. It's ever more sad in light of reports that Portuguese teens typically outperform their counterparts in reading, math, and science in other OECD countries now.
Agreed. And it's not just University graduates. The rate of emigration from PT has been high for decades. If you look up the population stats, the overall population has slightly declined the past few years; and is basically the same as 40 years ago, despite the locals complaining about the rate of immigration in.. without it, the population would have rapidly declined. And many coming in are taking up the lower paid farming/hospitality positions, many of which are illegally underpaid
Spain still has a golden visa for property. For now.
Thanks Nick. Will be in touch
I don't want or care about NHR I am quite happy to pay tax on money I might earn in Portugal. I think money earned outside should pay tax in the country of origin, i.e., the UK. My pensions.
Just talking about people from the US…I think there’s a bandwagon of excitement, and talking about moving to Portugal. It takes you away from the mundane. Most of the people I interact with, who say they can’t move to Portugal, haven’t don’t the tax research yet. I don’t think they were very serious about their move. When I 1st started researching Portugal, the NHR was 0%. So, I’ve know from the beginning, it was temporary. I only found out in June, my pension wouldn’t be taxed in Portugal, because I’m a government employee in the US. Plus, I’m from California. My US taxes are very high! (I don’t know if it’s worth it to move to another state to change that). Some things Cali might tax higher, so Portuguese tax wouldn’t apply anyway. So far, there’s nothing I’m worried about. I have about 3 more years, before I can move. But, France is still my 2nd option.
Your saying your income from the US would not be taxed in Portugal? That’s great news…we are hoping to buy in the Azores (recently got dual citizenship) in the near future. My husband is also soon to be a retired government employee. 🎉
@@portuguesehydrangea4818 the pension part. I think Social Security would be taxed, minus the US (California) tax, if it’s more than Cali. Remember, there’s no double taxation.
@@Nubianette makes sense. Thanks for that. I love dreaming about making the move. Terceira has my heart…amazing the pull our roots have to our parents homeland. But Cali (sac.) will always be home as well. 😆
@@portuguesehydrangea4818 don’t forget to find out if becoming a tax resident of another state is worth it for you.
@@Nubianette right, I’m not sure that we would do it but worth looking into for financial/tax reasons.
The Golden visa hasn’t ended Nick… Only the “real estate” part of it.
I'm interested in the Crypto aspect, didn't know that was part of the GV.
That's what we said... Quite a few times.
@@AlgarveAddicts 1:42 I was referring to this sentence of yours at 1:40
*essentially it’s stopped right now*
Yup, the word essentially there is key. 98% of it has been stopped.
The EU forcing Portugal's hand on what? Is that about pensions? In what way?
There are some sore losers who are blaming the EU for their inability to no longer spoil the local socio economic situation (like the housing market) for the Portuguese. It is to the Portuguese governemt themselves to take the decision to serve the local people first rather than "golden visa" foreigners.
Good that the corrupt government is being dissolved. Let’s hope the new government will look into public housing. Astonishing that Portugal doesn’t have one. Increase the supply and prices will drop.
My two cents : AirBnb has done more to housing prices than golden visas, BUT golden visas have priced out a lot of people, who then scoop up what's left, compounding the effect. It seems very likely Portugal will enter a period of instability, similar to what Spain has been through the last years. No party will have majority, and therefore, coalitions of three, maybe more parties will be necessary, therefore, very brittle, and it's unlikely any major decisions can be made. The things you mentioned, the high-speed line, the third bridge, are just memes . They are to be taken as seriously as the border wall Trump promised. As for the airport, we've been hearing about it before color tv was invented. It wasn't the current prime minister that came up with those promises. They go way, back. Every prime minister wannabe did those exact same promises.
BlackRock is killing pretty much the middle class as they are HUGE investor in real estate - So much money is being made in buying houses and renting them out so they can outbid pretty much any buyer are you fighting against companies who make more then most countries have for GDP. One thing I think they should do not just for Portugal but for all countries is that you Can NOT buy a house if you are not going to live in it. That would not allow AirBnb and people from foreign countries form buying houses that some locals would buy with never wanting to live there just want to use it for making them money
Interesting idea, but if there were no landlords, how would people be able to rent houses? Everyone would have to buy and its just not possible for a lot of people.
The prices in london go up because the foreigners ( Russian, indians, etc ) buy the house in london to have access a British residence, what's happens the price the houses in london rise like a crazy, and now the English not have money to buy the house not only in london but in all uk is shame , and i not like this happens in Portugal too
Money and loans were artificially cheap. If you want to blame somebody, blame ECB and the federal reserve. Cheap money blows speculative bubbles. How many of these properties were financed, with other over inflated assets as the Collateral? Now that rates are up, many loans/ equity loans are variable rate and borrowers are going to be in trouble. I expect 40% decline in home values over the next 2 years, prices are unsustainable.
The ridiculous requirement that you have to have a fully paid for annual lease on an apartment when you submit your visa application was enough to discourage making an application, not to mention that you have to travel to a Portuguese consulate for an interview which is burdensome in the US due having to travel a considerable distance in many cases which can be costly. No thanks, there are equally good options in other countries without this BS.
Real estate speculation by foreigners is making impossible for locals to buy or rent a house
Do I still book that family trip in Spring to scout out potential retirement villages? Was the no double-taxation scheme dependent on the NHR scheme? Maybe my answer is here. The double taxation stuff (not having to pay tax in portugal if you're already paying in the country where the income is generated, eg. retirement savings dividends, interest, etc.) should still be in force, meaning that a D7 visa plus passive retirement income for someone in the US (who is going to have to pay tax on it no matter where they live) the dissolution of the NHR shouldn't matter. th-cam.com/video/X0KkcntV_zE/w-d-xo.htmlsi=mpEkWL-nHfo2h8Kl&t=995
If you live in Portugal more than 183 days a year, you're a tax resident. The NHR lets you pay taxes in your home country, but not in Portugal. Without the NHR, you owe Portuguese tax rates and credit your foreign taxes that you paid against your Portuguese taxes. That's all the double-taxation treaty does.
@@necksquad3222 So if you were a US married couple getting, say, $100,000 per year in retirement income (dividends, interest) in the US you'd likely be in the 24% tax bracket, but you'd be in the 37 or 43% bracket in Portugal, meaning you'd have to top off the difference to Portugal?
@@SethJayson Portugal typically taxes all income. The NHR is still available for now though so you would be best off talking to a Portuguese tax expert for your exact situation.
@@SethJayson In practice it will be really worse. Though you may in the 22% tax bracket in the US, if you use standard deduction which is inching closer to 30K now, you will deduct that from 100K ending up with a taxable income of 70K in the US. For that, tax would be approx. 8000 dollars, resulting in actual tax of 11% or so. If Portugal taxes 40%, you will end up paying the difference in taxes in Portugal (without NHR), which will be about 20K on the residual income. It would be an obvious no to settle in Portugal. Now on top of this if the 100K income includes, social security, roth ira etc, resulting in say 5% effective tax in the US, you will get beat up even more in Portugal. It makes no logical sense to migrate from US to Portugal for retirees from a tax perspective. NHR if available eases this a little bit for sometime. Thanks.
More people buting houses will of course affect locals, theres no denying that
It's not a housing crisis, it's a political crisis - there is more land than the country knows what to do with, they just need to loosen planning regulations so that existing residents can build their own houses on cheap land - the land is only expensive because planning regs are so tight. In Brittany, the local councils purchase 2 hectares of land, portion it up into sections, put electric, sewage and services in, and charge €8,000 - €14,000 per plot. Housing crisis over...
It ain't overjust become part of the system shoot move to the US didn't get any free rides made a living for 37 year's now moved to Portugal and also not looking for a free ride and guess what im working in PT and paying taxes and own over ten properties pfff
The show must go on🎉
get prepared for 15% interest rates.
That's mambo jambo for Foreigners
Dont destroy their lovely people with your money.
5:44 *the EU, forcing Portugal’s hand*
yep ⬆️ Spot on sir.
Portugal should leave the EU.
@@GleeSmeeI’m not sure about that …
Maybe 😂.
However; I do know that Italy should (in order to resuscitate its engineering and shipbuilding sectors, and fix illegal immigration) ..
However when your government signed you up to the Euro you are screwed ! As in Hotel California… You can checkout but you can’t leave !
It’s like being in a room … with no doors, you basically have to smash the walls down to leave.
It’s heartbreaking for Italy. The EU fucked them.
This applies to Greece too.
Eu and euro a system to enslave the Mediterranean countries
@@GleeSmee The EU will disintegrate soon unless the neoliberal sorosoids are kicked out!.
Of course it’s the EU forcing their hand. More socialist than any government.
Go to Spain
Learn Spanish and go to Spain.
It’s not he same 😞.
There are lots of places that offer sun sand and sea. Money goes where it's treated best. Enjoy saying goodbye to the money and innovation Portugal. Back to the dark ages they will go
Portugal is a sovereign country with millions of citizens just trying to live their lives as best they can; it's not a retirement resort for wealthy pensioners or some sort of Disneyland for influencers and digital nomads who want to live cheap and pay zero taxes. The money you bring in isn't actually making anyone's life better, but rather worse. That's kind of the whole point.
The UK has had to put up with several hundred thousand immigrants per year flooding into the place for over 20 years. This has placed extreme demands on infrastructure, including housing, forcing prices up and displacing local people. So yes, many of us sympathise with Portugal
This video sums up how people turn a country into a commodity rather than the reality of the place. Then present it with the usual preface superfical hypberbole "great culture, food, etc etc" - when it is really nothing that out of the ordinary, no more than anywhere else, if you like meat and potatoes every day. It rains as much as Amsterdam. The suicide rate amongst the older people is some of the highest in Europe. The restrictions on Portuguese people is a lot. Farm workers get paid around 6 euros an hour if they are lucky. Shepherds take sheep in parched land in summer, right next to watered Golf courses in the Algarve. Summer water quality is very poor in places like Faro. Cost of living is through the roof in Lisbon making it next to impossible for people to progress and save now. Last year Portugal had a minus population growth as so many went to Luxembourg, France, England and so on to save for a few years. Meanwhile, videos like this really promote an unhealthy expatriate-centric and frankly, sometimes spoilt, expectant and demanding attitude from this bubble. Some of the business class in Portugal, still have attitudes from the 1800s towards workers. Some people do not like to hear this reality but you can't bear in mind your visa without the big picture, as it is just naivety. Romanticising the tourist brochures of the old people in rural areas, when in reality they have been in poverty since the revolution really and see little benefit from Golden Visas.
Actually videos like this don't do that. All they set out to do is translate what the government has just said without all the sensationalism in the media. Mais nada.
There is one fool-proof way to obtain residency. A friend of mine married a local knowing full well (each), this was a marriage of convenience. She needed the money for university..and he wanted
to live in Portugal. Cost was $10,000 USD. He will obtain long term residency at some time in the future..and that time the "marriage" will be terminated. Sounds reasonable to me..comments.
that's what a lot of people do here in the USA also!
Nope … Whatever you do, you need to be able to sleep at night.
Lawbreaker behaviour shouldn’t be recommended here…
Gee... I wander what could go wrong???
Why bother? If you have a paying job/income and a few thousand Euros in the bank, and can prove both, it is not hard to get residency here, from most western countries. It only took me a morning. And once you have residency, if those conditions continue, it keeps renewing unless you break a law or similar. After 5-6 years, you can apply for a passport/citizenship, which takes longer and has more requirements including A2 level testing. So, no need to go to this. Also, they are pretty stringent on it. I know a Brazilian woman who was genuinely married to a PT guy, and they had to have their home inspected and attend a range of interviews over a 12months period, to ensure the marriage was genuine
Comment: This is immigration fraud, as in an actual crime. Do you generally support criminal behavior in all would-be immigrants, or just think it's acceptable when those immigrants come from wealthy countries?
"The show ain't over until the fat lady sings" 😄
Portugal here: I couldn't be happier to hear that "the show" - we locals actually call it life - is over for you guys.
Sure, blame others for the lack of competence and planning of our governments. Now, instead of foreign people with money to spend, we're having 100x the number of foreign people without any money and no skills at all.
As an EU citizen from the south with a job and an actual life here, it's really annoying watching a bunch of people from other countries complain about how it won't be as easy for them anymore to spontaneously decide to move, get on a plane, scoop up property for next to nothing and live out some strange "Under the Tuscan Sun" fantasy. Get over it. The reality is that you don't make life better for the natives and a lot of them are starting to resent you and don't want you here permanently. Why not try using your vote to make conditions better in your own countries, instead?
I get what you're saying and while some may have that dream, others actually want to just want to reset and live a better, simpler life here. It's not all doom, greed and selfishness.
@@AlgarveAddicts Fair enough. To be honest, I'd watched a few of these videos in a row and was just getting really irritated. Obviously, it's not fair to lump everyone together like I did.
What a weird pair of gibberers.
Hehehe, do you need a translation?