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Your Algarve News Highlights - August 3rd 2024

Your Algarve News Highlights - August 3rd 2024

Dear Reader,

 

Apologies for the brief newsletter this week, we have been without our internet connection since last Saturday. We are told MEO will resolve the issue this weekend. Let's see!


Here is your brief news overview…

Portimão: paddleboarder missing in the Arade River

A 29 year old Mozambican man disappeared late yesterday afternoon, off the Port of Portimão on the Arade River, while paddleboarding with a friend.

 

The alert was given by the man's friend at 18:25 on Thursday evening, and a search by the Institute for Aid to Shipwrecked People (ISN) began and continued until 21:07, when it was suspended due to bad light.

The pair were paddleboarding on the beach next to the fishing dock off the Port of Portimão, when they encountered difficulties in the water.

Searches resumed this morning, with a jet ski and a zebra boat from the Maritime Police, plus a boat from the Portimão Fire Department with six operatives, two of them divers. As yet, the missing man has not been found.

 

Plane makes emergency landing at Faro airport

A Ryanair flight from Luton made an emergency landing yesterday lunchtime, at Gago Coutinho airport in Faro, after reporting technical problems.

 

The flight “declared an emergency due to technical problems”, said ANA, the company that manages Portuguese airports. “The Gago Coutinho-Faro Airport Emergency Plan was activated, appropriate for this type of situation”, and the plane “landed safely at 12:27”.

Civil Protection activated emergency response resources at the airport, deploying 58 personnel to the site, with 27 vehicles, but the landing was carried out safely.

 

 

New International Report Reveals Algarve’s Appeal to Wealthy Expats

The Algarve is not just a holiday hotspot but the preferred relocation destination for a growing number of the world’s affluent. The latest ‘Wealthy Expats in Portugal Survey Report 2024/25’ by the independent research organisation World Digital Foundation reveals key insights into why affluent individuals are choosing this location.

 

The report, based on interviews with over a thousand wealthy expats, highlights Portugal’s and especially, the Algarve’s appeal. Due to its friendly atmosphere, robust healthcare system, safety, security, and cost of living, as well as it’s favourable tax regimes for investors, entrepreneurs, highly qualified professionals and high-net-worth individuals.

 

Cassie Hawk, spokesman for the ‘Wealthy Expats in Portugal Survey Report 2024/25’ said: ‘’ Portugal has seen a meteoric rise over the last 10 years in terms of attracting affluent families and investors, and the country has been long famous for sardines, local produce, culture, weather and is really punching above its weight with international people looking for a safer landing place for life as well as their wealth, income and assets.’’

 

Paul Stannard, Chairman at Portugal Pathways, an online platform that supports affluent international families relocating and investing in life in Portugal, says: “There’s no slowdown in the influx of high-net-worth individuals coming into the Algarve, thanks to the region’s safety, rich culture, favourable tax regimes, the Golden Visa residency by investment program, and a thriving luxury real estate market especially in and around Lisbon and the Algarve.”

 

The updated Golden Visa program is a significant draw, offering dual residency in Portugal and freedom of movement across the EU Schengen region in exchange for a €500k investment in regulated Portuguese funds. This program no longer includes property investments, opening avenues in sectors like renewables, healthcare, technology, tourism, and hospitality. According to Stannard, this shift is beneficial: “What has replaced it is potentially better for the country and gives far more choices to investors in terms of the sectors and scope for investment.”

 

The Algarve's appeal also extends to its vibrant cultural scene and diverse, welcoming community. Mathilda Green, an expat from Amsterdam, praises the region, stating, “The Algarve feels like a sanctuary. I can walk around any time of day or night without feeling unsafe, and I haven’t been able to say that in my home country. The polarisation of politics in Northern Europe and other parts of the world are so far removed here, and it feels open and welcoming.’’

 

Similarly, Maria Santos from Brazil appreciates the cultural richness: “The culture here is so diverse and welcoming. I love the blend of old-world charm with modern amenities being developed. There is a real feeling of community, and local people, as well as international families, seem to embrace the Algarve's welcoming and friendly nature.’’

 

Portugal's favourable NHR (Non-Habitual Residency) tax regime, introduced in 2009, has been a substantial draw for wealthy expats and entrepreneurs who want to benefit from their worldwide income while resident in Portugal, specifically the Algarve region. With many families still being able to secure NHR tax status in 2024 using the grandfathering conditions, with the help of organisations like Portugal Pathways or other tax and immigration professionals. These grandfathering conditions dictate that individuals must demonstrate proof of intent to reside in Portugal to qualify this year for the existing NHR tax scheme, which was more aligned to passive income and wealthy retirees as well as entrepreneurs.

 

The NHR tax regime is soon to be replaced by the NHR 2.0 tax regime in 2025, which remains a major incentive, particularly for tech professionals, entrepreneurs, and innovators. Maria Alvarez Garcia, Tax Partner at Vida Advisors, said: “The NHR 2.0 tax regime is expected to be highly beneficial for tech professionals, entrepreneurs, and startup founders, making Portugal a hub for innovation and business growth. It will encourage investment and help build a more robust Portuguese economy as a result.

 

However, we are expecting the new government to potentially make amendments as the outline bill was originally put in place last November by the old government, but the new government has already indicated that it wants to be investor-friendly but also make sure that local people are protected and benefit.’’

 

The Algarve’s luxury real estate market is also thriving. According to the Property Market-Index’s ‘Portugal’s Property Hotspots Report,’ the demand from wealthy buyers is creating a supply shortage, driving significant capital growth. Amanda Collison from Property Market-Index explains, “The continued influx of entrepreneurs and wealthy families choosing the Algarve is delivering for investors, with quality build programs now on par with international standards.”

 

Sarah Thompson, a British expat, shares her experience: “The real estate opportunities here that we have seen in the last two years have really surprised us, both in the quality of the architecture and the amazing locations and backdrops that make these opportunities so appealing. Coupled with the quality of life on offer, I’ve never regretted my decision to move here.”

 

One luxury developer, Brookes Property Group, in central Algarve who is launching their Quinta Heights development between Carvoeiro and Ferragudo this summer, said: ‘’We are just launching, and we have 25% sold off plan already. The demand for central Algarve is very high as it offers such a rich cultural experience and luxury developments like our Quinta Heights development that offers a lot more value with comparable developments in the Golden Triangle which is just 30 to 40 minutes up the road.

 

‘’The beaches and bays, as well as the seafood and sardines in Ferragudo and Carvoeiro, mean that you can have those stunning sea views and at the same time see the inward mountain views from our soon-to-launch Quinta Heights luxury development, which will have the very highest specifications and amenities including wellness and yoga spa facilities, garden walks and even its own observatory to star gaze from the rooftops and witness the incredible night sky without the light pollution.

 

‘’We have been building international luxury real estate for more than 20 years, originally in Florida, and we are very excited about what’s going on and the opportunities coming up in the Algarve. It is no surprise that it is attracting so many international affluent families.’’

 

The Algarve is much more than a land of sardines and sunshine. Its welcoming environment, strategic tax benefits, and robust real estate market make it an attractive destination for the world’s wealthy elite.

 

 

Police arrest suspect of “Hello Dad/Hello Mom” message scam

Yesterday, the Judicial Police arrested a 29 year old foreign citizen, suspected of several crimes of qualified fraud, computer forgery and money laundering, which affected 11 people for a total of around €11,000.

 

In a statement, the PJ said that it worked together with the Oeiras Investigation and Criminal Prosecution Department, starting in mid-March 2024, “following a criminal complaint related to a computer fraud/forgery, associated with the 'modus operandi' known as 'hello dad/hello mom'”.

 

The “Hello Dad/Hello Mom” scam involves victims being messaged via the social network WhatsApp, with a message convincing them that their children have lost their phone and are therefore using a temporary mobile number. Once contact has been established, the perpetrators of the crimes ask for payment.

 

Last year, the PSP registered 4,389 complaints about this scam.

Investigations by the National Unit to Combat Cybercrime and Technological Crime (UNC3T) led to house searches and the seizure of computer and communications equipment, resulting in the man being arrested.  

 

 

British fraudster on the run after Faro police fail to act

A ruthless fraudster, who has cheated several Algarve homeowners out of more than €1 million, is on the run after Faro police failed to arrest or question him about his reported criminal activities over the past two years. 

 

A British couple, who have been residents in Portugal since 2018, raising their family on their property near Loulé, planned to build a second home on their land for their daughter and a live-in carer once their daughter reached adulthood. 

 

The couple wanted to temporarily live with their whole family in this separate home, while having their existing villa renovated.

 

In November 2022, this British couple researched how to construct their daughter’s home, including an expanded driveway and additions to their swimming pool. After finding the website www.mod-eco.com on the internet, they made an appointment to view the Eco Modular Homes Unipessoal Lda workshop in Loulé, in November 2022. 

 

They met the company’s CEO, Sam Chamberlain, and decided to order the delivery of materials and proceed with the construction of a four-bedroom modular home. Since then, they have learned via a specialist private investigator and public company records that Sam Chamberlain was previously known as Sam William Jenkins, born 14 December 1985, in Birmingham, England. 

 

He changed his name shortly after arriving in Portugal in 2016. He stole from his then employer, the Casa Fajara boutique hotel in Vale da Carrapateira, before eventually setting up Eco Modular Homes, Unipessoal Lda with a partner, Bruna Viana Cardoso, a Brazilian national, on 18 January 2023. 

 

The British couple received a quote from Chamberlain for the proposed new home, as well as for the construction of a driveway, and work on their swimming pool. The quote stipulated a project completion date of July 2023. 

 

The couple confirmed by email to Chamberlain acceptance of this quote on the following terms: 50% payment as a deposit, 35% payable upon half-completion, and 15% payment upon completion of the project.

 

In order to speed up delivery of the required building materials, the British couple paid cash or made transfers to Chamberlain via the Santander Bank in Portugal, Revolut and Lloyds Bank in the UK. The project was never completed, and Chamberlain fled with the money.

 

In April, construction work began on the driveway in front of the family’s main house. The work was delayed and progressed slowly. It was never finished and was left with a dangerous access, full of deep holes.

 

Meanwhile, through social media messages and videos, the couple has learned that €1 million has been defrauded from other residents, both Portuguese and foreign.

 

Other victims include one who was defrauded of €40,000 and another who ordered the building of two houses. At least half a dozen others have been ripped off.

In April 2023, unbeknownst to the British couple, Eco Modular employees reported Sam Chamberlain and the company to the Policia Judicaria (PJ) in Faro. They told Inspector Catia Morais about their suspicions of fraud and criminality. Another employee contacted the PJ and provided an extensive dossier of documents to Inspector Morais.

Intel Suisse, the financial fraud investigator looking into this scam, has unearthed Chamberlain’s past UK background and activities. The British couple has filed complaints with the Faro PJ, based on the belief that Sam William Jenkins moved to the Algarve from England in 2016, changed his name to Sam William Chamberlain soon thereafter, and embarked on a campaign of criminality.

Written by Len Port, based on information provided by David Mapley 

 

More news next week!

 

Ed

 

The News this week is sponsored by Portugal Pathways:

Portugal Pathways

Are you a current NHR tax holder?

Portugal Pathways offers comprehensive guidance on Portugal's visa options and tax system, supporting you in achieving a healthy and enriched life through your income and wealth.

According to a new Wealthy Expats report, just 27% of current NHR tax holders have structured their income and assets to mitigate future progressive tax rates of between 28% and 48%

Our expert team can ensure that you optimise any tax benefits from your income streams and assets when tax-domiciled in Portugal if you structure your NHR tax status in the right way for the long term.

In 2024, we will be supporting families and individuals with personalised structures that fit their needs.

CONTACT US at https://www.portugalpathways.io/

PROPERTY NEWS

What options do you have when buying property in the Algarve as a foreigner?

Buying a property in the Algarve can seem daunting to a foreigner, but with the right support, things can be simplified. Accessing a mortgage can boost your property budget and maximize your investment.

 

 

Modern 3 Bedroom Village House for sale, Almadena, Algarve

This wonderful 3 bedroom, 2 storey townhouse is located in the heart of the pretty village of Almádena (in the parish of Luz), just a 5 minute drive from the beautiful beaches at Burgau and Luz.

 

 

Special Promotion - Spacious 1 Bed apartment with communal pool and parking for sale, Carvoeiro

This spacious, renovated 1 bedroom apartment with communal pool and parking, is located in Carvoeiro, close to the beach and all amenities - 3-year rental guarantee with 5 % net annual return.

 

 

Luxury 2 bedroom apartment in a very quiet residential area of Lagos

This beautiful 2 bedroom apartment is finished to the highest specification, and boasts communal roof terrace with fabulous communal pool. 

 

 

 

Fully renovated detached house, surrounded by the countryside and wildlife of Central Portugal

A unique property, newly renovated 4 bedroom, 3 bathroom house located in a village, close to the town of Tomar in Central Portugal. 

 

 

 

 

Exquisitely Renovated Villa With Pool, Boliqueime

This renovated 5 bedroom detached house with outdoor pool is nestled in an idyllic location near the charming town of Boliqueime, offering a perfect blend of tranquility, stunning sea and country views, and convenient proximity to amenities and the coastline.

 

 

 

To see more info about events coming up in the next few weeks, check out

My Guide Algarve's event calendar

 

For latest information and advice regarding crime, wildfires and the Covid-19 pandemic, visit the

Safe Communities Portugal website

 

Everything you need to know if you are moving to, living in or visiting the Algarve.

AngloInfo website

 

‍Have a great week, from the Algarve Daily News team!

 

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