After a six-year absence, deVere Group is to “shake-up” its western European operations by returning to Portugal.
The financial services company has opened a new office in Tavira, six years since the company’s Algarve and Lisbon offices were closed and clients were passed to advisers across the border in Spain.
The Portuguese relaunch is described as a milestone for the business under James Green son of deVere founder Nigel Green (pictured above), who was appointed head of western Europe in May, 2017.
The company reports that “The decision to relaunch in Portugal has been driven by consistent and increasing client enquires for specialist financial advice by Portugal-based expats and international investors.
“Six years ago, our offices in the Algarve and Lisbon were closed and all clients of those offices continued to receive the same high-quality service from our highly qualified consultants across the border in Spain.
“However, demand for expert, cross-border independent financial advice is soaring in Portugal and, as such, it now makes it more sensible to once again have a team based in the country itself.
“The Tavira office, which is the first stage of our far-reaching strategic plans for Portugal, will have eight consultants and their support teams. We forecast that we will need to double the headcount to meet demand within three to four months.”
Much of the demand is being fuelled by the blooming Portuguese economy, which "has spectacularly come back from the brink".
This year will see the highest economic growth registered in country during the 21st century with the IMF has said Portugal's near-term outlook has strengthened considerably, supported by a pick-up in investment and continued growth in exports.
The boom in tourism, residential tourism and measures such as reduction of VAT (value added tax) from 23% to 13% have helped boost the economy. This is all attracting an increasing number of expats and investors from overseas.
However, it was reported in September that the country is considering imposing a tax of up to 10% on expat pensions, which could make the country less attractive to sun-seeking retirees and expats.