After that, it is likely amendments to the country’s Foreigners Act of 2007 will restrict property investment for the purposes of residency to smaller towns in the interior of Portugal and the autonomous regions of Madeira and the Azores islands, says Leana Nel, international relocations specialist for the Chas Everitt International property group.
This amendment to the Foreigners Act and the Golden Visa regulations has already been proposed and put on the list of legislation to be drafted, approved by the Portuguese parliament and gazetted this year, and could in fact be in force within just a few months.
“This means South African investors who intend to buy a cheaper property in Lisbon or Porto need to act fast.” The Chas Everitt International Luxury Portfolio® division is working with its Portuguese affiliates to rapidly identify suitable properties and developments in Lisbon and Porto that will be available for purchase before the law is changed.
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