INVEST IN
LISBON THE HISTORICAL CENTER & BELEM
March 2017
TABLE OF CONTENTS
INVEST IN LISBON
THE REAL-ESTATE MARKET
PAGE 03-17
PAGE 14-17
A rich cultural heritage, a high level
Well-located real estate in Lisbon is
educated people, a stable political
therefore primed to be one of
system, a touristic attractiveness and a
the best performing assets over the
low cost workforce make Lisbon a very
next 10 years.
interesting investment spot.
THE GOLDEN VISA PROGRAM
VIAE PROPOSAL
PAGE 18-21
PAGE 22-37
The Golden Visa Program launched
We deal with the most exclusive loca-
by the Portuguese Authorities is a fast
tions in Lisbon, offering advisory support
track for foreign investors from non–EU
to meet our clients investment and life-
countries to obtain a fully valid residen-
style requirements.
cy permit in Portugal.
INVEST IN LISBON
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PORTUGAL Situated in the extreme south-west of Europe, just a few hours travel from any of the other European capitals, Portugal is on the western side of the Iberian Peninsula and is the western most country of mainland Europe. The country is bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The capital and largest city is Lisbon, a major seaport situated in the west-central part of Portugal at the mouth of the Tejo River.
Integrating many years of experience with a hand-selected team, VIAE was formed in 2001 to create a firm specialised in really sustainable real estate development. Driven by the passion and local knowledge, VIAE has become a brand based on discretion, efficiency, trust and excellence; a reference for international clients wishing to invest in real estate. We deal with the most exclusive locations in Lisbon and surrounding areas, offering in-depth market knowledge and advisory support to meet our clients investment and lifestyle requirements. Be it Golden Visa or Non-habitual residency, whether you are an individual investor or simply looking to relocate to Portugal, we ensure that the entire investment experience is addressed with consistent quality and service.
04 I N V E S T I N L I S B O N
INVEST IN LISBON
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INVEST IN LISBON
« Lisbon is fast emerging as one of the world’s most attractive capitals to both live and invest in.»
QUALITY OF LIFE An intimate city of historic beauty flanked in surf beaches, Lisbon combines low-cost living, with low crime, low pollution and an excellent transport network. With 300 days of sunshine, its temperate year-round climate means you can be on the beach in March and October. REGENERATION As Lisbon’s economy has picked up since the 2011 bail-out, so has its property market. Today the combination of flexible investment and immigration policies’ and excellent value prime real estate is causing a significant surge of investment activity from around the globe. THE SAN FRANCISCO OF EUROPE Characterised by an entrepreneurial spirit fostered in the wake of the crisis and a surf-before-work culture, recent government incentives are attracting a growing wave of international start-ups and tech-innovators to call the capital their home. VALUE Combined with its low-cost of living, Lisbon offers some of the best value real estate of any progressive capital city in Europe. TAX AND RESIDENCY INCENTIVES Portugal’s ‘Golden Visa’ programmes pave the way to European residency, combining attractive tax incentives with important fiscal and lifestyle benefits for foreign investors.
CLIMATE INDICATORS OF LISBON AN N UAL AV E RAG E AI R TE M PE RATU R E
21.6°
13.1°
maximum
minimum
17.4° mean
AN N UAL PR E C I PITATI O N
DAYS W ITH O UT RAI N
743
265
mm
no.
AREA
100
km² lisbon city
3 015
km² lisbon region
92 225 portugal
km²
ALTITUDE
227
m lisbon city
528
m lisbon region
2 351 portugal
m
Perched on the edge of the Atlantic Ocean, this picturesque city stretches along the northern bank of the Tagus River as it fl ows into the ocean. An intimate city of 7 hills, Lisbon’s is defined by captivating light, a wonderful restaurant scene, excelent museums and vibrant nightlife culture that plays out through winding streets and squares of polished whitestone. Lisbon’s charismatic café culture is increasingly interwoven with a dynamic business environment. There’s much to be done in this renaissance capital — it’s a hot-bed for start-ups, while its low-rents and excellent value living att ract artists from across the globe, earning it the reputation of the ‘new berlin’. Head 30 minutes out of town, and you’ll be exploring the wilder surf beaches of its surrounding coasts, golfs, or enjoying the vineyards and lush, tranquil scenery of the Alentejo.
08 I N V E S T I N L I S B O N
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CULTURE & EDUCATION
As expected in a great European capital, Lisbon has a wealth of excellent museums, from the world-class Calouste Gulbenkian Museum to the outstanding Ancient Art Museum, and the more recent and acclaimed MAAT - Museu de Arte, Arquitetura e Tecnologia. There are dozens of public and private collections, many housed in former palaces and convents that would be worth a visit even without their museum displays. Other museums have some of the world’s most valuable collections of their kind like the Coaches Museum and the Maritime Museum in the Belem district, also home to the Archaeology Museum and the lavish collection inside Ajuda Palace. For contemporary Portuguese art there’s the Gulbenkian Foundation’s Modern Art Center, the Chiado Museum, and the Arpad Szenes - Vieira da Silva Museum, all featuring works by the country’s most prominent artists. Also look out for the Berardo Museum, a jaw-dropping collection of modern art with works by the great international artists from Warhol to Picasso inside Belem Cultural Center.
Education in Portugal is regulated by the State through two ministries - the Ministry of Education, and the Ministry of Science, Technology and Higher Education. There is a system of public education and also many private schools at all levels of education. With a long history of well-respected universities, Portugal’s higher education system was ranked on the top of the QS Higher Education System Strength Rankings. Five universities in Portugal feature in the QS World University Rankings® 2016/17. As well as strong universities, Portugal is also home to a number of well-reputed polytechnics. The main difference between the two formats is that the universities have a greater focus on academic research, while the polytechnics are more focused on preparing students for a specific career path. Both universities and polytechnics offer degrees in engineering, management and humanities subjects. At graduate level, it’s common to find English-taught programs.
RESIDENTIAL PRICES AND QUALITY OF LIFE RANKINGS
R E S I D E NTIAL R EAL E STATE
QUALITY OF LIFE
(mainstream price per square meter)
(cost of living, crime, pollution, weather)
LISBON SYDNEY MADRID BERLIN SHANGHAI SAN FRANCISCO LONDON PARIS Source : Savills World research
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Exportations + Importations (million euros)
Source: Equipa de projeto DMEI, a partir de dados do INE, I.P. Anuario Estatico, Ed. 2013, Year: 2012
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AN ECONOMY OPEN TO THE WORLD Capital city, with several ports in its hinterland, Lisbon is considered from long time a privileged commercial platform for different continents. With easy access to 500 million European consumers, it has a modern network of highways, railroads and other transport and logistic infrastructures. Lisbon has an excellent geostrategic location, with strong business and economic connections with the seven Portuguese speaking countries, that makes this city the ideal place for companies who want to export or invest in those markets. The importance of international trade has been growing in the region, originating more than 1/3 of national exports, and the destination of more than half of national imports. In 2013 the exports registered a growth of more than 30% facing the last 5 years. Lisbon is the destination of more than 4.4 million tourists per year, Half of them originated from foreign markets, in particular from Spain, Brazil, France, Germany, United Kingdom and Ireland.
« A rich cultural heritage, a high level educated people, a stable political system, a real touristic
Lisbon is often choosed for international congresses, as demonstrated by the main international rankings, being a capital full of dynamism and creative events all year long. Lisbon positioning in international rankings is becoming more relevant each year, proving that Lisbon is seen and felt as an Atlantic city with unique characteristics to study, live, work and invest.
and a low cost
The Lisbon region concentrates a significant number of high technology companies, and 317.000 companies’ headquarters are located in this area. It’s also the region with most employees in foreign enterprises and in high technology, comparing with
workforce make
the national average.
attractiveness
Lisbon a very interesting investment spot. »
Lisbon has a good performance in foreign investment attraction (with the set up and expansion of several multinational companies), and reveals potential for the location of shared and near shoring services, as well as for ICT, health and well-being companies.
In terms of economy, Lisbon has made significant progress in recent years. Following in Ireland’s footsteps, it applied for early repayment of its bailout loans, while its GDP grew 1.4% in 2015, just 0.2% behind the European average. Crucially, the bailout package included a series of reforms to improve long-term growth, productivity and competitiveness, while reducing its defi cit. It also encouraged Portuguese companies to think globally, fuelling exports to rise 29.3% since 2010. The country ranked 23rd out of 189 in the World Bank Group’s ‘Doing Business’ rankings in 2016, highlighting its mercurial approach to trading across borders. Thanks to its charming culture, architecture and vibrancy, it now rates as Europe’s 4th fastest growing tourist sector (aft er Istanbul, Copenhagen and Hamburg). The real-estate sector is also providing a boost for growth, thanks to 2012 reforms that rebalanced the power between tenants and land-lords — previously highly protectionist, with rents controlled for decades at unrealistic prices. The result has seen a significant boost in interest from developers and investors.
TH E R EAL E STATE MAR K ET
15
THE REAL-ESTATE MARKET
After the IMF government bail-out in 2011, Portugal introduced a combination of investor incentives while revising residential tenancy laws.This sparked siginificant investment in the city’s real-estate, from the the regeneration of historic city centre properties to innovative new builds along the waterfront. Property prices slumped by a third aft er Portugal was tripped up in the euro-zone debt crisis and needed to be bailed out by the EU and IMF (International Monetary Fund). Now, property prices in Lisbon are up 11.9% on their 2013 low, with a 4.4% growth registered in the year to February 2016, considerably out-performing the rest of the country. Yet even as prices in the capital rebound, compared to cities such as London or Paris, Lisbon off ers incredible value for money, especially in the prime sector. In London, prime properties can command up to €33,000 p/sqm, while in Paris prices hover at €25,000 p/sqm. In Lisbon, prime real estate is currently priced at €6,000€9,000 p/sqm. Well-located real estate in Lisbon is therefore primed to be one of the best performing assets over the next 10 years.
For a more detailed analysis of a new or completely renovated housing stock in the Lisbon Region, some examples of the average prices per square meter by district: Baixa historical center: €4,000 / €6,500 p/sqm Chiado / Belem: €7,000 / €9,000 p/sqm Lapa / Santos: €6,000 / €7,500 p/sqm Santa Apolonia: €3,800 / €4,500 p/sqm
T H E R E A L - E S T A T E M A R K E T 17
LISBON NEIGHBORHOODS
Belem, Chiado, Avenida da Liberdade, Principe Real, Estrela, Lapa: the most affluent, very central and sought-after residential districts of the Portuguese bourgeois class. They are very pleasant and more valued per square meter. Avenidas Novas: Neighborhood erected at the beginning of the twentieth Century, central and with straight avenues and well organized. This neighborhood enjoys a renewal with the real estate programs of home renovations. The department stores El Corte Ingles have entered a new dynamic by setting up a decade ago. Alfama, Mouraria, Sé: the typical charming districts of the historic center in full revolution and renovations. Well located, formerly abandoned, are very pleasant places to live. They offer good potential for real estate valuation and are the favourite destinations of tourists. Baixa: neighborhood in full renewal thanks to rental investments and hotels. In Lisbon, according to the Sistema de Informacao Residencial da Confidencial Imobiliário, the ranking of the most expensive neighborhoods (freguesias) in 2016 are: 1. Santo António district which includes among others the Amoreiras, Rua Castilho or Avenida da Liberdade. A luxury apartment of 150 sq.m. costs more than one million euros while an apartment on an average range costs about 580 thousand euros. 2. Exceptional goods located on the freguesias (district) of Misericórdia (where there is the Chiado area, Estrela with Santos and Lapa) and Belem can regularly reach €10,000 p/sqm. 3. The Avenidas Novas, where the average square meter reaches €3,588 p/sqm and those of the high segments €6,800 p/sqm. 4. freguesia of Santa Maria Maior (Sé, Castelo, Alfama). This is a recent result due to the dynamic renovation of these neighborhoods in the last 2 years.
18 T H E G O L D E N V I S A P R O G R A M
THE GOLDEN VISA PROGRAM
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BUYING INCENTIVES
« The Golden Visa Program launched by the Portuguese Authorities is a fast track for foreign investors from non –EU countries
GOLDEN VISAS IN PORTUGAL The Portuguese government have implemented one of the most successful investment residency programs in the world, offering Non-EU passport holders residency permits upon a €500,000 investment in property, which enable them to travel freely around the Schengen area. After 5 years, this can be converted into permanent residency, and after 6 years, residents can petition for a Portuguese passport and European citizenship. The program extends to spouses and children under the age of 18. Applicants are only required to spend 7 days per year in the country, enabling them to use the property for investment purposes. Aimed at attracting foreign investment to Portugal, the Golden Visa is a very straightforward and flexible program, with simple and cleat legal requirements. With extremely reduced minimum stay requirements, the Golden Visa is clearly one of the most attractive residency programs for investors in the world.
permit in Portu-
NON-HABITUAL RESIDENCES For EU nationals, Portugal offers an incentive program if they have not lived in Portugal for the previous 5 years. This includes exemption on tax income from non-Portuguese sources, including pensions, rental income, and capital gains for 10 years. A
gal.»
flat rate of 20% is charged on income tax for those working in Portugal.
to obtain a fully valid residency
THE GOLDEN VISA PROGRAM
TYPES OF INVESTMENTS ALLOWED UNDER THE GOLDEN VISA RULES The Golden Visa program was recently widened to include further types of investments. As a result, the following types of investment now qualify for the Golden Visa Program: a) Property Investments - Acquisition of property above â‚Ź500,000 b) Capital Investments - Transfer of Funds above â‚Ź1,000,000 c) Job creation - Creation of a minimum 10 jobs Once issued, the Golden Visa will be valid for an initial period of 1 year and then will be renewed for subsequent period of 2 years. In general, all investors have to comply with the following requirements: a) Keep the investment for a minimum period of 5 years b) Funds for investment should come from abroad c) Entry in Portugal with a valid Schengen Visa d) Absence of references in the Portuguese Immigration and the Schengen services e) Absence of conviction of relevant crime f) Minimum stay in Portugal: 7 days during the first year and 14 days during each subsequent period of two years.
THE GOLDEN VISA PROGRAM
THE MAIN ADVANTAGES OF THE GOLDEN VISA PROGRAM The Golden Visa program will provide investors with the following advantages: - No need to obtain a visa to enter Portugal - No need to obtain a visa to travel in Europe ( Schengen area) - Living and working in Portugal, even with residency in a different country - Residency extended to family members - Extremely low minimum stay periods - Low taxes - Permanent Residency after 5 years - Citizenship after 6 years 5- Golden Visa to family members Under the Golden Visa Program, the investor’s family members may also apply and obtain a resident permit from Portugal by applying for “family reunion”. The Golden visa will be extended to family members, namely children, spouse and dependent family members. The family members will also be eligible for Permanent Residency after 5 years, Portuguese Citizenship after 6 years. PERMANENT RESIDENCY AFTER 5 YEARS Under Portuguese Law any person that has held a valid Portuguese temporary residency title (e.g the Golden Visa) for a period of at least 5 years, he will be entitled to obtain Permanent Residency in Portugal. The investor and family members will have to meet the following criteria in order to be able to apply for Permanent Residency in Portugal: - Absence of conviction of relevant crime during the last 5 (five years) - Proof of income / financial independence - Proof of accommodation in Portugal - Basic knowledge of Portuguese PORTUGUESE CITIZENSHIP The Portuguese legislation also sets out any person who has been validly resident in Portugal for at least 6 years (either under a temporary or permanent residency title ) is eligible for obtaining Portuguese Citizenship. In order to be able to obtain Portuguese Citizenship, the investor and family members will also have to comply with the following requirements: - Be at least 18 years old (or at least 16 but married or legally responsible) - Absence of conviction of any relevant crime.
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VIAE PROPOSAL
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VIAE PROPOSAL
VIAE is a French based company specialised in great value real estate operations. Beside on local authorities we managed a lot of urban redevelopment projects. Those experience made our company a trustworthy partner for many elected representatives. We consider that real estate cannot be considered as other investments and that it must be designed in order to increase its value with years. Our customer doesn’t only invest for themselves but also for their children. We are specialised in centre town luxury buildings and great institutional investments. Our motto is : what can be transmitted is sustainable. CONCEPT Our analysis of the European market conducted us to consider that Lisbon was offering significant advantages to our customer and decided to create a local subsidiary in order develop our local concept. Lisbon offers great perspective in real estate investment when considered that this investment must be dedicated mostly to foreign occupancy: short period or long term ones. Our projects are so designed for three different types of final users but they have one common basis: they all are extremely well located luxury buildings projects that will offer to their inhabitant high level services and tremendous quality of life. All will be managed buildings to guarantee high level service to the users but overall long-term impeccable maintenance and a guaranteed profitability to our investors (depending of chosen investment but with a minimum by 6% a year). Those three types of projects are: - Short term luxury tourism residences - North European seniors designed for residences - Extremely luxury flats in exclusive buildings for the direct use of our customers / families.
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Our exclusives buildings offer exclusive services as : - Large flats with great views and preserved old features - Very neat finishes with a choice of luxurious materials - Decoration by a renowned architect - Gardens or terrace with an exclusive view on the surroundings - Private spa in the basement, pool - Exclusive dining service with reception rooms - Housekeeping services - Private guard and security officers - Adapted to luxury cars parking
As we created a truly close relationship with the local authorities, in partnership with a specialized lawyers firm, for our non-European international investors we provide a global service that includes in the buying price the issuance of the golden visa and a global wealth management advising. SELECTED NEIGHBOURHOODS We selected different buildings to refurbish located mainly in the historical centre regarding to their existing neighbourhoods and their perspectives of evolution. Moreover the location must adapted to the final use of the building. We are very sensitive to our customers living condition considered a long term period, that’s why before selecting a location we research for the surroundings history and perspective. So we can guarantee ours customers that their investment will keep and increase its value with time. Not only financially speaking but above all considering the live-in quality.
VIAE PROPOSAL
25
TERMS AND CONDITIONS The standard real estate purchase process in Portugal is very simple and straightforward for non-residents. There are three different stages: The offer Once you have made offer that has been accepted you’ll then be expected to sign a Promissory Contract with the current owner and pay a deposit. The deposit is normally 20% of the agreed purchase price. The promissory contract The Promissory Contract (Contrato de Promessa de Compra e Venda) is a legally binding agreement to sell and buy. It protects the buyer and the seller, in that if the vendor withdraws from the contract they are required to return double the deposit paid, and if the buyer withdraws from the contract they lose their deposit Your lawyer should explain the laws and procedures in relation to producing and signing this contract. Completion Following the signing of the Promissory Contract, all parties must then agree a timescale for completion. The buyer pays the balance and the vendor arranges a date and time for the Completion Contract (Escritura de Compra e Venda) to be signed by both the buyer and vendor at the local Notary’s Office. Those investments are long term patrimonial investment and as we offer a global service to our customers, we intend to create a confident relationship in order to help you to choose the good investment for your personal project. That is why first of all we will ask you to write to us an official letter of interest specifying your situation and your investment objective. All our projects are sold in the future state of completion, so we therefore offer our clients a financial guarantee of completion issued by a leading international bank. Once your choice of investment will be stopped, a reservation contract will be submitted to you for signature and will be the departure of your purchase. This contract shall be made by a notary. Upon signature, you will need to provide evidence of funds and a bank guarantee then payment will be made by calling for funds as the work progresses.
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VIAE PROPOSAL
27
Those investments are long term patrimonial investment and as we offer a global service to our customers, we intend to create a confident relationship in order to help you to choose the good investment for your personal project.That is why first of all we will ask you to write to us an official letter of interest specifying your situation and your investment objective. All our projects are sold in the future state of completion, so we therefore offer our clients a financial guarantee of completion issued by a leading international bank. Once your choice of investment will be stopped, a reservation contract will be submitted to you for signature and will be the departure of your purchase. This contract shall be made by a notary. Upon signature, you will need to provide evidence of funds and a bank guarantee then payment will be made by calling for funds as the work progresses. In parallel to the signature of the contract, our lawyer will proceed to the opening of your golden visa application and will follow your file until its perfect completion.Of course obtaining your visa will be one of the conditions of the notarial deed of purchase. We would like to draw your attention to the fact that the real estate market in Lisbon is very dynamic and that your ability to make a decision quickly will be essential to seize the right opportunities. For this reason, we offer our institutional clients the service of the «investment mandate». You specify your investment criteria and we realize for you your acquisition. For our customers who wish to benefit from the golden visa program but not to worry about the investment support, we propose the subscription of shares of our investment fund. The latter purchases apartments and buildings that we manage and offers a guaranteed minimum remuneration of 6%. In accordance with the provisions of the golden visa program, a minimum investment of €1,000,000 is required as well as a minimum holding period of 10 years. Finally for our most demanding customers, we propose a specific formula: the creation of a real estate investment company specifically dedicated to your acquisition. This service is available for a minimum investment of €2,000,000. 50% of this amount will be invested in the apartment you will chose and you will have a fully available credit of an equivalent amount on an account opened in a first-class European bank. These funds will be fully available and can be invested in the financial supports of your choice. This service will be included in our selling price.
28 V I A E P R O P O S A L 30 I N V E S T I N L I S B O N
SELECTED PROJECTS
In order to create absolutely exclusive residences and without any equivalent to this day we selected two buildings to refurbish located mainly in the historical centre regarding to their existing neighbourhoods and their perspectives of evolution. Moreover the location must adapted to the final use of the building, this is why we have been especially demanding about the comfort of living in choosing these two locations. These two buildings are located in the heart of the most exclusive and most soughtafter districts of Lisbon but in a serene, secured environment and immediate access to all facilities
1. CHIADO DISTRICT - VITOR CORDON STREET Chiado is the Lisbon’s most elegant and trendiest neighborhood, where everyone meets for coffee, shopping, or before dinner and a night out. Most of the buildings are from the 1700s, although many were restored in the 1990s by architect Álvaro Siza Vieira. It’s a neighborhood that flashes back to the late 19th and early 20th centuries, the Belle Époque when writers such as Fernando Pessoa and Eça de Queiroz used to write at the now-historic cafés. It’s also the neighborhood of theaters, of charming old bookshops and major international brands, giving it a lively cosmopolitan ambience at any time of the day. This investment is particularly adapted for a direct use and short term executive touristic rentals. This exclusive building will offer exclusive services as - Large flats (70 to 150 sqm) with great views and preserved old features - Roof top lounge with an exclusive view on Tagus and sea - Private spa - Exclusive dining service with reception rooms - Housekeeping services
« A residential building located in the heart of Chiado, RuaVitor Cordon, one of Lisbon’s prime neighborhoods. The building has beautiful views towards South and the Tagus River.»
VIAE PROPOSAL
« Large flats with great views and preserved old features. Picture taken before the renovation»
31
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VIAE PROPOSAL
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2. BELEM - PALACIO DAS AGUIAS Belem is the most residential area of the Portuguese capital. There are the President’s Palace, most of the embassies, as well as many major tourist monuments such as the convent of the hieronymites, the famous tower of Belem or the brandnew MAAT Museum of Contemporary Art in Lisbon. This district is also that of the marinas of the city and we find on the banks of the Tagus, many restaurants and terraces that in front of the boats always give a holiday atmosphere to the happy residents In the eighteenth century, Junqueira, near the Tagus river, was a place desired by Lisbon’s aristocracy who was searching for suburban villas to spend the Summer. The outcrops allowed the wealhty residents to build noble houses in baroque style. The Quinta das Águias palace (“Palace of eagles”) was built in this context. It was an important building, with great architectural, artistic and historical value, classified as a cultural heritage building. This extraordinary building of the seventeenth century and its gardens have passed through the centuries without experiencing great transformations and today offer us an ensemble which despite its state of great dilapidation, is of a very great architectural purity. Our renovation project will consist in re-establishing the grandeur of this monument, restoring to the identical all the rooms that compose it and creating apartments of very great luxury, worthy of its history. This will undoubtedly be the most exclusive of the Portuguese residences and one of the most exciting projects in Europe
This place will offer tremendous flats dedicated to a very high level of customer, able to offer you the most beautiful living environment. This exclusive building will offer exclusive services as: - On measure flats (from 80 to 200 sqm), with great views and preserved old features - Marble bathrooms and kitchen - Large lounge rooms restored identically with a terrace offering an unique view on the gardens and surroundings - 10000 Sq meter eighteen century gardens - Pool / tennis court - Private spa - Exclusive dining service with eighteen century reception rooms - Housekeeping services - Private guard and security officers - Secured car park
ÂŤ A sumptuous palace and a very charming farm in the middle of a beautiful garden. One of the most beautiful houses oLisbon and of the whole Portugal. Beautiful viewÂť
ÂŤ The interor rooms includes wooden floors, molded ceilings, antique painted frames, wonderful staircases, original azulejos tiles, a chapel...Âť
LISBON INTERNATIONAL RANKINGS
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