The Resort Section brought to you by Boavista Golf & Spa

By Advertiser, in Resort · 23-10-2020 01:00:00 · 0 Comments

“With regard to performance, commitment, effort, dedication, there is no middle ground. Or you do something very well, or not at all.” Ayrton Senna

Here at Boavista Golf & Spa we concur whole heartedly with this statement. It reflects our ethos and philosophy and the way in which our business is driven from property development to the services provided on the golf course, in the restaurants, the spa, or at our five-star holiday village. Simply - do it well, or do not do it at all!

If you have not already succumbed, let us tempt you to make the move!
Portugal, and in particular the Algarve, has an enviable and long-established reputation for climate, stunning scenery, civil stability, and the warm welcome extended to tourists and settlers by their people. This enticement should have been encouragement enough to visit or relocate but faced with economic austerity in the early years of this century, the government put two fiscal incentives in place to encourage international investment – Non-Habitual Residency and Golden Visas.

A winning formula!
The government’s strategy was guileful and has, indeed, been successful having built a reputation as a new tax haven attracting affluent and high-net-worth individuals seeking relocation to a safe EU country. This was possible through a tax regime, first introduced in 2009, for non-habitual residents (NHR) that offered considerable tax-saving benefits. For those taking up the option, it has allowed private pension income earned abroad to be tax exempt. This also applies to some other forms of income earned outside Portugal. Additionally, there is a low tax incentive of 20% on income derived from high value-added activities earned in Portugal. For many, the knowledge that the country has no wealth or inheritance tax may add a further incentive when considering relocation. To qualify and enjoy 10 years of such fiscal benefits, one must apply for residency and become a Portuguese taxpayer and be able to spend at least 183 days a year (non-consecutive) in the country. The scheme is still available, however, those who applied after 31 March 2020, will pay 10% tax on the income from their pension but some other incomes (dividends, royalties etc.) remain tax exempt.

The Golden Visa Scheme was launched in 2012 and has attracted nearly €6 billion in investment and is responsible for stimulating the property market with foreigners from countries outside the Schengen area being able to invest in homes and business in exchange for a visa allowing residency/citizenship status. The property sales department at Boavista Golf & Spa have welcomed many such overseas clients who have benefited with a home investment of just €500,000. However, the Portuguese government, this month, have announced the end of this concession in Lisbon and Porto for property purchases, in a concerted effort to boost the investment and grow of wealth in the country’s secondary cities. It is envisaged that this directive will directly benefit the Algarve due to its established reputation as a desirable destination.

When considering a property purchase for investment, holidays or relocation, we strongly advise our clients to seek reputable advice, at the outset, from an established lawyer and an expert in tax planning and wealth management.

Boavista Golf & Spa in pole position .....
With a highly enviable reputation for financial stability and longevity of management, Boavista’s parent company, The Emerson Group, has more than 1 billion pounds-sterling in worldwide assets thus making the purchase of a home on resort a secure investment.

Despite the advent of a global pandemic and its associated impositions, the senior management remain resolute in their conviction to build. This interloper, Covid-19, could be likened to a little-known racing driver that starts in last position on the grid, and then hares past the others to try and win. No one expected such speed or saw him coming but he will not be the victor. Such is our confidence that the market will burgeon again, an extensive new-build program of luxury villas and apartments are under construction with recently completed properties available for occupation.Our future is bright!

A first resort, not a last ...

The benefits of resort living are myriad. It is a fallacy to think that a golf resort is just for golfers. People flock to us because of an environment that is clean, well organised and safe. At Boavista Golf & Spa we are also proud to be able to claim that none of our residents have ever paid a resort maintenance fee. If the purchase of a home is made outside a condominium area, then there are no charges for the benefits of a utopian environment.

The location of the resort is prime as it lies immediately to the west of the historic market town of Lagos with its international restaurants and bustling marina, home to luxury ocean-going yachts from all corners of the world. A fifty-minute drive via the A22 motorway connects to Faro International Airport with flight connections throughout Europe and beyond. However, with some of the world’s most acclaimed beaches on the doorstep, you may be tempted to travel no further!

Take your place on the winning podium and visit our sales office.

+351 282 000 170



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