For the Financial Times, Portugal, it attracts immigrants because it is a peaceful country where foreigners are exempt from taxes. The absence of populist tensions, coupled with a friendly attitude towards foreigners, make the country particularly pleasant to live in.
The "open attitude towards foreigners", the "society free of divisions created by populism" and the "residence programme offering tax exemptions to qualified professionals" make Portugal a paradise for emigration, the Financial Times said in an analysis article published on 8 August 2019.
A Set of Competitive Advantages
According to the newspaper, the Portuguese crime rate - the lowest among the countries of the European Union - is one of the national assets for convincing foreigners to move here.
It's a symbiosis, suggests the Financial Times. For investors, "in an era of increasingly discordant policies, social peace perceived by the country is seen as a competitive advantage along with its business environment, skilled workforce and attractive quality of life.
"Eduardo Migliorelli decided to come with his family to Portugal when he discovered that he could walk from his hotel to a restaurant without fear of being robbed.
"I didn't dream of doing this at home," says the Brazilian businessman, who has been robbed several times in São Paulo. "In Lisbon, I don't have to look over my shoulder all the time."
Getting more security has been one of the factors that has attracted thousands of Brazilian immigrants to Portugal, since Brazil has one of the highest crime rates in the world.
Quality of life and social peace
Political stability and social peace are two important criteria for international investors at a time of as much uncertainty as that resulting from trade tensions between the USA and China, or Brexit. According to the most recent EY Portugal investment attractiveness survey, the two main decision factors were: quality of life and stability of the social climate.
It should be noted that although Portugal fell to 34th place in the World Economic Forum's Global Competitiveness report for 2018, it rose two positions in the 2019 Global Peace Index, becoming the third most peaceful country in the world after Iceland and New Zealand.
2018, with the largest foreign investment in a decade
The foreign direct investment (FDI) projects from scratch (new projects) reached in 2018 around 3 billion euros, the highest level in a decade. Between 2015 and 2018, the annual number of such projects grew by 161%, clearly the largest in Western Europe.
"Portugal is the most open, tolerant and liberal society I have ever lived in," says Chitra Stern, a Singaporean citizen who decided to invest in the south of the country in 2001.
"People need to feel welcome, especially in today's world, and the Portuguese welcome people of different religions, beliefs and colors, with open arms".
Itay Kastel, an Israeli, brought his family to Portugal in 2016 to expand the real estate business he has run for 10 years in Angola. "We are very happy with our decision. The atmosphere is engaging and friendly". Due to his descent from Sephardic Jews, he obtained Portuguese nationality due to a law of 2015 designed to reward the descendants of Jewish families who were expelled in the 15th and 16th centuries.
In 2017, Andy Yacoub, a Londoner, chose Portugal to start his new life with his Mexican wife and a minor son. After 10 years as a commercial pilot, he decided to become a real estate investor. He obtained his residency in a few weeks and found great openness from local banks to support the expansion of his portfolio. In his words, "In Portugal, we are welcome to the community. We feel at home."
Portugal needs immigrants and foreign investment
With a very low birth rate and losing population, Portugal needs immigrants if it is to maintain its current economic growth and approach the community average. For the government, this is one of the pillars for combating population decline.
In recent years, several programmes have been created to support investment and the attraction of qualified foreigners, such as lower tax rates and "gold visas" for investment, namely real estate with values above €500,000.
In 2018, there were 93,000 new residents, with the total reaching 480,000 foreigners, the highest figure in terms of registration.
Source: Financial Times and Jornal Observador online
