Portugal attracting more rich Brazilians than ever
The deteriorating economic and security situation in Brazil is leading to more and more rich Brazilians seeking to move their assets or themselves to Portugal.
In 2017, Brazil was 7th in the ranking of nations which saw the greatest number of individuals with a HNW of US$1 million or more in assets leaving the country.
Brazil lost 2,000 millionaires last year according to the ‘Global Wealth Migration Review 2018’ produced by AfrAsia Bank.
The main destinations are Portugal, Spain and the United States. In Portugal they apply for the Authorisation for Residency through Investment scheme (ARI) or Golden Visa where they must invest €500,000 in property.
One of the main reasons Brazilians leave Brazil is because of the escalation of criminality and violence.
According to the consultants New World Wealth Brazil is in the Top 10 countries for wealth emigration over the past three years while the BBC reports that since 2015 12,000 Brazilian millionaires have left Brazil.
Brazilians are now responsible for 27% of property purchases in Lisbon according to the Portuguese Real Estate Association (APEMIP) and according to a report by Knight Frank, Portugal received 561applications for Golden Visas since 2012 worth €400 million, with 473 permits issued between 2013 and 2017.
In 2017 investors from Brazil put in almost €179 million into Portugal making it the best investment year since the introduction of the scheme.