Ask most Singaporeans what they know about Portugal and you'd probably get a mix of Cristiano Ronaldo and egg tarts.
"I was in Portugal and at that point of time, the Covid-19 pandemic was just starting to catch wind," shared Vivien. Vivien elaborates that what truly spurred her to build Simply Portugal was her own frustrating experience and now she hopes to guide her clients from inconsistent advice on the tax and legal system in Portugal."I hope that no one will have to go through what I've experienced. Simply Portugal aims to provide a one-stop consultancy for investors to make more informed decisions," she added.
For any crypto enthusiast, you may probably have had your head turned when the news came out about the Dutch 'Bitcoin family' moved to Lisbon with $0 payable in tax. "It makes sense to accept crypto as a legitimate form of payment since so many crypto whales are flocking here. Since there is currently no tax on crypto here, I have seen many Venture Cap firms flocking here in the last two years," says Vivien.Other than the relaxed crypto policies, another possible explanation could be due to the various visas offered to foreign residencies. Some include the famous Golden Visas, Passive Income Visa and Digital Nomad Visa.
She recommends for anyone who loves the sun to check out Madeira Island, which has 365 days of sunshine and wonderful weather. "We're seeing that yields have gone up by a lot and in 2022, some areas in Lisbon have seen a 25 per cent rise in prices. Overall, mainland Portugal has seen an average rise of 15 per cent and Madeira, almost 20 per cent."
Vivien estimates that investors could have expected about an 11 to 20 per cent net yield on the property returns if they had bought back in 2019. Similar to Singapore, the people in Portugal commute via public transportation and personal modes like driving. Vivien recommends opting for properties that have convenient modes of transportation and are connected to great road networks.
"It can be variables like having a sea view, or the number of car park spaces you'd like or if it were close to public transport.""You can shortlist the cities and your options from there. It would also be good to decide whether you'd prefer a brand new unit or don't mind looking at resale units. "Come and visit the country. You should experience the beauty of the country first-hand and see what you like about the place. Then you can decide on the type of real estate and also your preferred city."
Vivien states that as a foreigner, there are some tax schemes that could be beneficial in the long run. One of them is the Non-Habitual Residents Tax Scheme. "Fruits, poultry, meats and vegetables that are produced in Portugal are cheap and tasty too," she shared.