At least 700 Brazilians with a net worth exceeding 1 million euros have chosen to make Portugal their home. This trend, driven by a quest for better quality of life and security, has been mapped by the Portogallo Family Office, which operates in Lisbon, São Paulo, and Santa Catarina.
The Appeal of Portugal
Magda Portugal, CEO of Portogallo Family Office, notes that the 700 Brazilians identified have liquid assets ready for investment, excluding real estate and other non-liquid assets. This demographic is particularly drawn to Portugal for its safety and quality of life.
Gustavo Caiuby, director of Heed Capital in Portugal, suggests that the number of wealthy Brazilians in Portugal could be even higher, estimating around 1,000 individuals. He highlights that 70 out of 240 clients benefiting from Portugal’s Golden Visa program are Brazilian, managing a total of 21 million euros.
The migration of wealthy Brazilians to Portugal began in 2013, spurred by Brazil’s decision to tax overseas investments. Political and economic instability during the presidencies of Dilma Rousseff and Jair Bolsonaro further accelerated this trend. The RNH regime, which offered tax exemptions on foreign income and a 10% tax on local income, also played a crucial role.
Golden Visa Program
Portugal’s Golden Visa program remains a significant attraction, despite recent changes. While purchasing real estate in major urban centers and coastal areas no longer qualifies, other investment options remain. These include investing 500,000 euros in Portuguese companies, research, or technology.