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Nuno da Rocha Correia is Managing Director and Head of Business Development Department at Bison Bank.
Portugal has been in the limelight for several years, consistently ranked as one of the best places in the world to live, according to Internations, and for ultra-wealthy investors to relocate to. With low levels of social conflict and a high degree of adaptability, this democratic, stable Western European country with solid institutions promises political and social stability.
The figures don't lie. Data shared by Agência para a Integração, Migrações e Asilo (AIMA) showed that in 2023 more than one million foreign people lived in Portugal, more than 10% of the total population. According to the latest Henley Private Wealth Migration Dashboard, Portugal is projected to be the ninth most popular destination globally for relocating millionaires in 2024, with a net inflow of 800 high-net-worth individuals with liquid investable wealth of USD 1 million or more expected. The same dashboard shows that at the end of December 2023, there were 62,700 millionaires calling Portugal their home, including 108 centi-millionaires, while the Centi-Millionaire Report 2024 reveals that Lisbon alone — one of the Cities to Watch — is home to 37 of these ultra-wealthy investors, which is a remarkable 34% of the centi population. Even more — 45 centi-millionaires, or 42% — reside in the Algarve region, where the centi population explodes to over 250 in peak season.
But why are so many wealthy families moving to Portugal?
Portugal might be a small country, but it is rich in many ways. From its delicious traditional cuisine, warm hospitality, and vibrant heritage to its varied natural landscapes and moderate climate — our ‘rectangle’ of Europe is much loved by all. The Portuguese are known for being a very welcoming, open, peaceful, and tolerant people. Indeed, we have a culture of peace, and in 2024, Portugal ranks 7th in the Global Peace Index, which measures the level of peacefulness in 163 independent states and territories. Portugal has consistently ranked among the most peaceful countries in the world, with low scores in indicators such as violent crime, terrorism, and political instability.
Furthermore, according to the Milken Institute’s Global Opportunity Index 2024, which examines the economic and financial factors that influence investment activities, and considers factors relevant to both foreign direct investment and portfolio flows, Portugal ranks 30th globally, making it highly attractive to both potential investors and multi-millionaires.
As the center of Portugal’s political, financial, and commercial activities, the capital city of Lisbon hosts the headquarters of numerous multi-national corporations. Facilitating imports and exports through its harbor, the busy port city is an asset, fostering trade activities and growth in the region.
There are additional factors that add to Portugal’s appeal: the freedom of movement that comes with being a passport or resident permit holder, and the quieter, more secure life that is available — highly valued by everyone, and high-net-worth individuals are no exception.
The Portuguese passport is one of the most powerful in the world, ranking 5th in the Henley Passport Index thanks to enabling visa-free travel access to 189 destinations. And those who obtain residence rights via investing in a Golden Residence Permit can travel throughout the Schengen Area without having to obtain a visa, which is highly valued by business and leisure travelers alike.
Centi-millionaires who value their privacy find Portugal to be a safe country where they can live with greater anonymity and personal freedom. Moreover, in a world where political and social conflicts are on the rise, peace and security have become rare luxuries, and therefore, highly valued. In Portugal, affluent individuals can live and move around more freely without being recognized and are able to create a home for their families in a safe and welcoming environment.
According to the Global Terrorism Index, Portugal has a very low risk of terrorism, with few incidents and a limited impact on society. Furthermore, according to data shared by Numbeo’s Crime Index, in 2023, Portugal ranked 3rd in terms of low crime, on a scale where 1st place is the safest. The Eurobarometer, an annual public opinion survey conducted by the European Commission, also shows that the Portuguese feel safe in their daily lives, with high levels of trust in the police authorities.
Today, Portugal is not only a safe harbor for many individuals from all over the world, but also an increasingly attractive option for diversifying wealth and investing in a stable, globally connected economy.
Portugal is undoubtedly an extraordinary country to live in. And when compared to other countries, it's very privileged and open. It's a country that exudes a sense of freedom that attracts many tourists and potential residents. It is common to hear many foreigners expressing a desire to spend their retirement in Portugal — and why? Because, above all, it is a calm and safe country at every level. Although a large number of centi-millionaires continue to be concentrated in the USA, followed by China and India, Portugal is well-positioned to continue welcoming these affluent individuals.
Portugal is still very much associated with seasonality, particularly in the coastal area of the Algarve, where foreign nationals most often buy homes and retire, as well as in the emerging regions of Tróia, Comporta, and Melides. However, the growing demand for investment migration programs reflects centi-millionaires’ desire for freedom and security. For this reason, they are choosing residence and citizenship options that offer tax advantages, global mobility, and asset protection. Portugal fulfils all these requirements.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
