JEDDAH/RIYADH — Monte Rei, a luxurious residential community, golf and country club set within a thousand acres of unspoiled countryside in Portugal’s Eastern Algarve, is attracting investors from Saudi Arabia.

The Portuguese developer has just completed a visit to Riyadh and Jeddah, as part of a seven-date Middle East roadshow which was organized to showcase Monte Rei’s stunning million-dollar villas and luxurious clubhouse residences as well as our wide-range of exclusive facilities and amenities including the and award-winning Jack Nicklaus signature golf course and country club.

Investors and holidaymakers from the Kingdom, and indeed across the GCC, have been visiting the Algarve since the 1960s – and with existing tax and visa incentives – its popularity as both a second home and holiday destination shows no sign of slowing down.

Declan McNaughton, Commercial Director, Monte Rei, said: “With a resilient market, good returns on investment, relatively low cost per sqm when compared with other European countries and a stable and safe environment combined with no inheritance tax, the non-habitual residence (NHR) tax and the ‘Golden Visa’ – Portugal continues to be an attractive location for Saudi Arabian investors.”

The Golden Visa Program launched by the Portuguese Government is a fast track for foreign investors from non-EU countries [investing more than $414,000 (€350,000) into real estate or Portuguese-qualified investment funds] to obtain a fully valid residence permit, with the only requirement being a minimum stay of seven days per year in Portugal.

“This residence permit will allow investors and their immediate family members to enter and or live in Portugal, as well as travel freely within the 26 European states that make up the Schengen Area. What’s more, after five years, investors become eligible for citizenship in Portugal,” said McNaughton.

One of the other major incentives is the Non-Habitual Residence (NHR) status which offers foreign investors the opportunity to pay little or zero tax on things such as inheritance, the disposal of assets and income from pensions.

McNaughton added: “Investors from Saudi Arabia given NHR status can effectively receive tax free income for up to ten years, whether generated in Portugal, in the GCC, or anywhere else in the world.”

Located in the heart of Monte Rei, Miradouro Village, which boasts views overlooking the Atlantic Ocean and the resort’s lakes and fairways, features 37 luxurious three-bedroom fully furnished villas, with prices starting from $1.32 million (€1.2 million).

While, the two- and three-bedroom Clubhouse Residences – which feature their own private gated entrance, swimming pool and gymnasium start from $912,000 (€825,000).

Located between the Serra do Caldeirão mountains and the Atlantic Ocean, Monte Rei Golf & Country Club, also features a swimming pool, fully equipped gymnasium, spa, tennis courts, children’s play area, various high-end bars and restaurants and 24/7 concierge service as well as the award-winning 18-hole Jack Nicklaus Signature golf course, the only one of its kind in Portugal.

“Monte Rei presents an unbeatable opportunity for investors from Saudi Arabia looking to buy a luxury holiday home in Europe, or indeed an attractive buy-to-let investment property,” McNaughton noted. — SG