The Advantages of Cambodians Purchasing Real Estate Under the Portugal Golden Residence Permit Program

• 24 October 2018
• Local News
• 1278 Views

With the backdrop of the Atlantic Ocean, the century-old rustic architectural backdrop and wooden trams are frequent sights in this ancient city of Portugal. Perched on the edge of Europe, the capital city of Lisbon boasts an average of 2,799 hours of sun and earned its nickname as the sunniest city. Portugal’s national drink, ‘porto wine’, and the freshly baked pastel de natas, better known as the infamous ‘egg tarts’, are particularly popular amongst the locals and a worldwide audience. Explore the record-breaking bridge Vascos da Gama, the exquisite coastline of sandy beaches, and indulge in the delicious Portuguese food culture. Better yet, Portugal remains the most affordable destination on the continent for luxury vacations – or residency.

Portugal started 2018 with a renewed confidence, showing a growing forecast and strong dynamism in several sectors, such as real estate and tourism. Over 359 million euros were invested in commercial real estate during the first quarter of 2017. Sales have increased hugely in 2017 and the market has seen a significant shift in buyers’ profile as increasing numbers of investors realise the potential of the Portuguese real estate sector. There are no restrictions on foreign property ownership in Portugal and transaction costs are generally low, which is one main reason why it’s catching the interest of Cambodian investors.

For the most part, income tax is usually low and property prices are extremely competitive compared to Cambodia or other Southeast Asian capitals. Conservative yields vary from 3% to 7% per year. What has been known as the “Golden Visa” was launched in October 2012 by the Portuguese Authorities in order to attract foreign investment to the country. This visa is now internationally recognised as being one of the most attractive residency programs for investors in the world in part due to the minimum of 7 days within the first year and 14 days in every period of 2 yearsresidency requirement.

As of 1 January 2017, Portuguese citizens had visa-free or visa on arrival access to over 160 countries and territories, ranking the Portuguese passport 3rd in the world in terms of mobility (tied countries such as Canada, Greece and Japan). So why not combine the Golden Visa with an interesting investment? The qualifying investment to obtain the Golden Visa consist of purchasing property(ies) worth a minimum of €500,000 anywhere in Portugal. Once the visa is granted, the investor and their dependent family members will be entitled to apply for permanent residency after five years and citizenship after six.

The advantages of the golden visas are visibly convenient. The residency permit allows the holders to work, live or study in Portugal freely, as well as to travel in Schengen countries for 3 months per 6 months’ period, therefore making it extremely convenient for Cambodian businessmen and businesswomen wanting to travel to Europe frequently to follow-up on their investment or expansion plans on the European market. The permit can be extended to qualifying family members without further investment requirements.

“Portugal has been a popular country for people who are looking to relocate themselves, their family, as well as their business into Europe. Portuguese are very friendly people, and furthermore welcomes migrants easily into their culture & society. The Golden Visa has made Portugal an accessible country to relocate more than ever, especially with the numerous advantages in being a permanent resident of the country,” says Mr.BastienTrelcat, Managing Partner of Harvey Law Group.

Harvey Law Group (HLG) is a leading multinational law firm specialising in corporate law and investment immigration with a worldwide reputation for representing high-profile clients and corporations, with over 19 offices worldwide. As the top immigration consulting law firm, HLG offers the most comprehensive residency and citizenship programs available to date.HLG was awarded for Immigration Law Firm of the Year at the 13th and 17th annual Macallan ALB Hong Kong Law Awards 2014 and 2017.

HLG in Cambodia is a company dedicated to immigration consulting and does not provide advice on Cambodian law.

For further inquiries or investment immigration program opportunities, please contact HLG Managing Partner, Mr.BastienTrelcat, or Ms.NymolSokun, Business Development Manager.
btrelcat@harveylawcorporation.com, nsokun@harveylawcorporation.com

Call +855 70 789 330 or visit FB: https://www.facebook.com/HLGcambodia/

• Analysis
• Business and Market