A rich history

By Advertiser, in Peoples page · 18-09-2020 01:00:00 · 0 Comments

With decades in the industry, John Hammond has been able to experience many changes in the country as a whole and in his sector. But which experience did he find most satisfying?

“After the revolution there were years where there were no foreign investors interested making investments in the country, not least due to the politically unstable nature of Portugal at the time which boasted some eight governments in a single year,” said John.

“At the time many companies were facing bankruptcy, while others simply closed their doors, leading to mass unemployment and bleak prospects with no help available from banks.”

Despite the difficulty of the situation, John with projects such as the Roger Taylor complex in Vale do Lobo saved the complete liquidation of São Rapheal in Albufeira, with the new investors confidence mainly due to John agreeing to stay with the planning and general assistance.
These projects marked the start of his career as an individual agent following the return of such investors while there was also interest from Trust companies and individual families.

John explained: “Portugal wisely realised that such investors were of great value and the government eased investment rules on companies which then led to what is now regarded as the recovery period in Portugal.

“Personally I don’t think the value from this source was truly realised. However such investors have been replaced by Portugal offering Residence, Non-Habitual Resident status etc. plus a future of a passport with the Golden Visa and in general a favourable tax position for individuals of any nationality, a situation that is agreeable to the EU”.

“This period remains memorable to me as it saved many redundancies and also brought about much needed new capital into Tourism and Real Estate,” concluded John.

In his 50 years report, to be published in 2022, John will share graphs and samples of the values relating to such a period, something that only a handful of others in the industry are capable of producing.


Be the first to comment on this article
Interactive Topics, send us your comments/opinion on this article.

Please note that The Portugal News may use selected comments in the printed edition of the newspaper.