Global wealth management firm, Chase Buchanan, with offices across Europe and North America has confirmed the appointment of two new professionals to its Portuguese team, strengthening its capacity to be able to accept more expatriate clients in the high-demand location.
Last year, the number of expats living in Portugal reached a record 1.4 million, of whom almost 860,000 were non-EU nationals. This sustained interest in the country and increasing need for trusted financial support was one of many drivers that led Chase Buchanan to expand its local team of specialist advisers.
Welcoming New Team Members to the Chase Buchanan Portugal Branch
Introducing Andrew Mallia, Business Development Manager, and Renaldo de Freitas, Private Wealth Manager, to the groups' well-established Portugal office, Group CEO and Head of Investment Advisory, Lee Eldridge said, ‘Over the last few months, we have seen some major changes, including tax reforms and adjustments to the visa routes British nationals use to access Portuguese residency permits. Despite these fluctuations, there has been an ongoing need for independent wealth management guidance that shows no signs of slowing.
We are delighted to announce Andrew and Renaldo's appointments and to have taken the next strategic step in ensuring all expatriates from all locations can tap into the level of personal service and up-to-date knowledge our wealth managers, tax advisers, and pensions specialists are known for.
In May, we noted the landmark news that the international community in Portugal had surpassed its highest ever level, following growth of an astonishing 33% from 2022 to 2023. Although we had already boosted our presence in Portugal, we felt that this commanded further extensions to our capable teams to keep pace with demand from our valued clients.
Understanding Ongoing Trends in Expat Relocations to Portugal
The recent reforms mentioned were primarily introduced to address the housing crisis in Portugal with the anticipation that those changes might slow the number of non-EU residents relocating to this part of Europe. Examples include:
- Governmental reforms to the residency by investment visa programme, removing the option for expats to use real estate investments to qualify for permanent residency.
- The granting of new powers to localised municipalities to introduce new rules around real estate ownership and short-term holiday rentals.
However, the metrics speak for themselves, and whilst expatriates keen to live, work and settle down in Portugal may now need to consider alternative visas, there continue to be applications from a broad scope of people, from wealthy investors to ambitious entrepreneurs and businesspeople to families and younger adults looking for opportunities and a new pace of life in Western Europe.
This reflects a position where financially independent expatriates, including retirees looking for a better quality of life, are prepared to meet more rigorous requirements to become eligible for visas and long-stay residency permits.
Roughly 12% of the permits granted to visa applicants within the last three months were awarded to non-EU nationals, with many purchasing or renting long-term housing, investing in the economy through taxation or business creation, and choosing Portugal as a relatively affordable country with a warm climate, beautiful scenery, and good infrastructure.
The Background of Chase Buchanan Wealth Management
As a firm with a long-standing reputation for independence, exceptional quality services and professionalism, Chase Buchanan now boasts 11 separate sites internationally, including offices in Belgium, Canada, Cyprus, France, Malta, Tenerife and the USA alongside two mainland Spain centres, the Portuguese office and a UK Administration Centre.
In recent years, the group has continued to expand in response to increasing interest from expatriates from every continent who recognise that tax efficiencies and bespoke advice are key to protecting their financial futures.
The Portugal team is based in Quarteira, in the Algarve. It provides comprehensive assistance regarding education fee planning, expatriate mortgages, pensions management, private client investments, corporate services, pension fund transfers, and health and illness protection, among other things.
Read more about Chase Buchanan - Chase Buchanan Wealth Management Celebrates Ongoing Growth Throughout 2024
About Chase Buchanan Private Wealth Management
Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15.
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