Brits are flocking to one pretty European country following a year of anti-tourism protests and a wave of tax hikes in Spain. A record number of foreign nationals moved to the European spot in 2023 according to most recent figures, which was up 130% on the year before, with Brits helping to drive the trend.
With stretches of golden sands, Mediterranean cuisine and a swathe of English speakers, the European hotspot of Portugal is turning British heads due to a growing feeling of being unwelcome in Spain, according to one agent. Dylan Herdholdt of agent Portugal Realty on the Silver Coast said: “We are seeing a lot of buyers saying they were thinking of Spain but are now looking at Portugal. It’s the feeling they are not welcomed there, rather than tax increases.” According to migration agency AIMA, Brits were the third most popular national group to move to Portugal, behind Brazilians and the French. More than 2,000 British residents moved in one year, up from 45,265 in 2022 to 47,409 in 2023-24.
Tax hikes were also announced by by Spanish Prime Minister Pedro Sánchez, up to 100% on the value of properties bought by non-residents from countries outside the EU, such as the UK.
He said the "unprecedented" measure was necessary to meet the country's housing emergency, after non-EU residents bought 27,000 properties in Spain in 2023, "not to live in" but to "make money from them".
This comes on the back of a wave of anti-tourism protests in 2024, and this month a group of unions from Majorca wrote an open letter asking tourists to "stay home".
The fact that English is widely spoken in the Algarve could draw in UK citizens, as well as the fact there is no inheritance tax. It does however impose a 10 percent stamp duty on gifts, and a tax on properties valued over €600,000 (£502,000).
The most popular choice for Brits is using a long-stay D7 passive income or retirement visa, according to Global Citizen Solutions (GCS), a Lisbon migration consultancy.
One couple who used the D7, Dave and Ted Sedgewick from Southport, told the Telegraph they "considered Spain, Greece and Portugal,” but ultimately decided on Portugal, due to its easy access to healthcare, lifestyle and accessibility.
The Algarve and Lisbon continue to be favourite locations for Brits, according to General Manager of the Portuguese Chamber of Commerce in the UK, Christina Hippisley, speaking to Portugal Resident.
Recounting a 'Moving to Portugal' show in 2024, she said 49.9% of attendees listed the Algarve as their most desired location and 45.7% listed Lisbon, broadly consistent with our previous London show in autumn 2023.
