Portugal has long been recognised as an attractive destination for expats and investors, and the latest findings from the Wealthy Expats in Portugal Survey Report 2025 confirm that this trend is stronger than ever.

The independent report by World Digital Foundation Research provides a comprehensive analysis of the motivations, experiences, and financial strategies of affluent expats who have chosen to relocate to Portugal. It delves into key factors such as quality of life, tax, property market trends, and investment opportunities, positioning Portugal as a top global destination for wealth migration.

One of the report's most striking findings is that 91% of respondents rate Portugal’s real estate market as highly attractive, while 83% highlight its favourable tax and investment landscape as a significant draw. Additionally, 88% express a high level of happiness with their decision to relocate, compared to a 72% global relocation average.

This indicates that beyond the financial advantages, Portugal offers a high-quality lifestyle and cost of living that continues to attract affluent international individuals and families.

The Changing Landscape of Tax Incentives and Financial Planning

2025 has seen a significant shift in Portugal’s tax regime with the end of the well-known Non-Habitual Residency (NHR) scheme at the end of 2024 to new entrants. The new Tax Incentive for Scientific Research and Innovation (IFICI), also known as NHR 2.0, has been introduced to attract highly skilled professionals in key industries.

This IFICI (NHR 2.0) tax scheme offers a 20% flat tax rate for professionals in sectors such as science, technology, healthcare, and engineering. Furthermore, it maintains a 0% tax rate on non-Portuguese sourced dividends and capital gains, ensuring that Portugal remains a prime location for wealth preservation and tax-efficient investment.

Despite these changes, the report highlights that only 29% of wealthy expats in Portugal have structured their tax and financial planning beyond the initial 10-year NHR tax period. This suggests a significant need for strategic estate and wealth management to optimise income and assets long-term well ahead of their NHR tax status ending, making expert guidance more essential than ever.

Portugal’s Property and Lifestyle Appeal

The report underscores the enduring appeal of Portugal’s real estate market, which remains a key driver of investment despite the removal of the Golden Visa for property purchases.

Luxury apartments in Lisbon, villas in the Algarve, and historic properties in Porto continue to attract high-net-worth individuals. Alternative investment routes, such as CMVM-regulated investment funds approved for Golden Visa residency by investment, which allow investors to obtain dual residency and access to the 29 EU Schengen region countries while diversifying their portfolios, further support the market's resilience.

Beyond financial incentives, Portugal’s quality of life is a defining factor in its attractiveness. Expats highly rate the country’s Mediterranean climate, cultural richness, safety, and cost of living, with an impressive 81% scoring Portugal’s overall quality of life as exceptional, driven additionally by its friendly and welcoming communities.

Compared to other expat destinations such as Mexico, Malaysia, Costa Rica, and Panama, Portugal has consistently emerged as a more stable and desirable location for those seeking a better work-life balance.

Exclusive Benefits for Portugal Investment Owners Club Members

For discerning investors and expats, the Portugal Investment Owners Club (P Club) offers a unique opportunity to access exclusive, money-can’t-buy experiences. Membership provides unparalleled networking opportunities with like-minded individuals and exclusive access to investment opportunities, private events, and curated lifestyle experiences.

Portugal’s economic and investment landscape is evolving rapidly, and the P Club serves as a crucial platform for effectively navigating these changes.

Whether securing high-value real estate, engaging with Portugal’s top financial and legal experts, or experiencing luxury travel and leisure, members benefit from a level of exclusivity and expertise unmatched in the market.

Portugal’s Future Investment Profile

As Portugal continues to attract global investors and expats, its reputation as a No.1 destination for relocation remains strong.

Portugal's combination of an in-demand luxury real estate market, tax-efficient investment options, and exceptional quality of life and culture ensures it will remain a top choice.

The research showed that Portugal’s Golden Visa residency by investment programme is going from strength to strength. According to Portugal Pathways’ latest Golden Visa Investment Fund Index 2025, there are over 40 alternative investment funds that are regulated by CMVM.

These cover sectors, including media and international events, tourism and hospitality, renewable energy, technology, and healthcare, which are all areas that are driving Portugal’s A+ economic rating. Portugal is also forecast to outperform the Eurozone and the UK for GDP growth in 2025, and inflation in the first quarter of 2025 has come down from 3.0% to 2.5% in Portugal, compared with North America, Europe and the UK, where it has been increasing over the same period.

Paul Sheedy, special advisor to the Portugal Future Fund, an alternative investment fund approved for Golden Visa in Portugal, said:

“We’ve seen an uptick in investors turning their interests to Portugal. The Golden Visa residency-by-investment programme continues to attract HNWIs looking to relocate to Portugal while also potentially benefitting from a €500,000 investment in one or more of the regulated and approved alternative investment funds for Golden Visa.

“Portugal offers not only stability but a high quality of life, low cost of living, and the opportunity to benefit from and contribute to the country’s economic growth.”

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About Portugal Investment Owners Club

The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.

About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.

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Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice.

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