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Investing in Lisbon & the
Portuguese Real Estate Market
Agenda
Stone Capital
Economic Setting
Real Estate Market
Investor Incentives
Investment Opportunities
LAY THE
FOUNDATION
STONE
TOGETHER
Stone Capital
• Founded in 2011 by two partners with experience in management & real estate
• Award-winning developer renovating prime assets in Lisbon’s city centre
• Focused on top-end residential & commercial projects
• Proven Track-record
• 9 on going projects totalling 100M€ in investment
• Backed by established international family offices
Stone Capital
Example of finished project:
Liberdade 240
• Full renovation
• 5000m2 of retail & office space
• Prime location (Avenida da
Liberdade)
• 2 years from acquisition to
completion
• 8M€ investment
• Winner of the 2014 real estate
“Oscars” for renovation
• Cartier’s flagship store in Portugal
• Stone Capital headquarters
Agenda
Stone Capital
Economic Setting
Real Estate Market
Investor Incentives
Investment Opportunities
Fontes: IGCP, Reuters Ecowin, Bloomberg.
Yields on Portuguese public debt in the secondary market (%) Interest on short-term debt auctions (Treasury Bills),%
Information until April 10th 2015
0
2
4
6
8
10
12
14
16
18
20
22
Jan.2010 Oct.2010 Jul.2011 Apr.2012 Jan.2013 Oct.2013 Jul.2014
10Y
2Y
35
2.93
0.55
%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
15Feb.2012 17Oct.2012 19Jun.2013 19Feb.2014 17Sep.2014
3 Month
6 Month
12 Month
18
Month
0.24%
0.23%
2.29%
0.05%
9 Month
0.49%
Mar. 2015
1,63
0,015
The downward trend in the government debt interest rates reflects improvement in
the international perception
Economic Setting
Source: European Comission, European Economic Forecast Autumn 2014
-2
-1
0
1
2
2013 2014 2015 2016
Growth GNP (%)
0
5
10
15
20
2013 2014 2015 2016
Unemployment rate (%)
-2
0
2
4
2013 2014 2015 2016
Inflation (%)
-6
-4
-2
0
2013 2014 2015 2016
Public debt (% of GNP)
The downward trend in the government debt interest rates reflects improvement in
the international perception over Portugal’s economy
Economic Setting
Agenda
Stone Capital Keynote
Economic Setting
Real Estate Market
Investor Incentives
Investment Opportunities
A privileged location within Europe
Real Estate Market
• Main European cities in less than a few hours flight time
• 12 direct destinations to Brazil
• Strong ties to Southeast Asia, Africa & America
Why choose Portugal to invest in Real Estate?
Real Estate Market
“When Spain and Portugal emerge from recession, we believe that they could become a
target for a new wave of Latin American investment.”
Knight Frank
“As we move into a more normalized global economy, property investors will be looking
for development opportunities beyond the big international gateway cities.”
Knight Frank
“The house price boom that swept through most of Europe and the developed world
from the mid-1990s to 2006 missed Portugal.”
globalpropertyguide.com
“At present, the market in Portugal offers favorable conditions for first-time investors
with a long-term strategy.”
Deka Immobilien GmbH
Compared to other European countries, housing prices have remained stable
Real Estate Market
Source: ECB, Bloomberg, Confidencial Imobiliário, Ministerio de Fomento (Spain), Research.
Housing price index, 1998=100
100
120
140
160
180
200
220
240
260
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Spain
Ireland
EuroArea
Portugal
Lisbon is one of the most competitive European cities regarding housing costs...
Real Estate Market
Source: www.numbeo.com/property-investment/compare_cities
Price per sqm2 in the city center (residential) (EUR thousand / sqm2)
0
2000
4000
6000
8000
10000
12000
14000
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
Fontes: www.numbeo.com/property-investment/compare_cities 04/2015
Real Estate Market
Rate of return on income (Residential, City Centre) (%)
... and with almost the best rental returns
Tourism
Source: AICEP, World Economic Forum, Research.
o Climate & hospitality
o Safety & political stability
o Cultural diversity
o Access
o Gastronomy
o Golf courses
o Health system & infrastructures
o Educational system
Best city to invest in a 2nd home – The Times 2015
Best Country to Travel, 2013 - Condenast
Lisbon: Europe's best city break – Travel Award
CNN Travel - best destination 2015
10th safest country in the world
12th country with best health care
7th country that best welcomes tourists
Lisbon 7th best retail therapy city in Europe
World’s Leading Golf Destination 2013
10 hotels in Leading Hotels of the World
Ranking evidenceDistinguished assets
Real Estate Market
15% tourism growth in Lisbon from 2013 to 2014
Increased tourism underpins property values & rental demand
Trends
Real estate
transactions by
foreigners:
• Represent 25% of
all transactions
• Doubled between
1st & 2nd quarter of
2014
Data up to the 3rd quarter 2014 confirms the rise of sales from foreign investors
Portuguese
Foreign
1st Qrt
2nd Qrt
3rd Qrt
57,700
17,300
3,500
6,540 7,260
Sources: APEMIP, NB Research – Sectoral Research.
Portugal, real estate transactions, domestic investors vs. foreign, Jan-Sep 2014
Property Costs
o Property acquisition costs
o 4-6% of property purchase price
o Tax exemption for historical
renovations (for residency)
IMT
o 0.8% of property value
Stamp duty
o ~ €800 Registry
o €2.500 Solicitors fee
Registry/Notary
o City tax on property
o Annual payment on registry value of
the property (0.3% - 0.5%)
o 5 years exemption for historical
renovation
IMI
o Cost sharing to maintenance & costs
of common area
o ~€1/m2/monthly
Condominium costs
o Income tax for individual or entities
o Normal tax: 28%
o Resident non habitual: 15%
Income Tax
o 25% of difference between acquisition
price (minus expenses) and the resale
value
Capital Gain Tax
Acquisition ResaleRunning costs
o 0% Inheritance Tax
Inheritance Tax
PROPERTY SPECIFICATIONS:
Developer guaranty of 5 years
on interior finishes
Developer guaranty of 10 years
on structural finishes
All equipped kitchen & finished
fittings
Agenda
Stone Capital Keynote
Economic Setting
Real Estate Market
Investor Incentives
Investment Opportunities
Simplification of law allowing landlord to enforce their rights
Landlords & Tenants Law
Long term
• Law passed in 2012 in favour of landlords – (Balcão Nacional do Arrendamento)
• 2 to 3 months to evict a non paying tenant vs. 2 years
• Tenants 15 days to reply – Court 30 days to decide
• Costs: 51 Euro court fee + 1000 Euro lawyer’s fee
Short term
• Short terms rental agencies adapting to AirBnB trend (i.e. short term contracts)
Attracting property investors for buy to let & renovation opportunities
Fast track to obtain a valid residency permit in Portugal & a European passport
Golden Visa
o Temporary permit to reside in
Portugal
o Potential grant of Portuguese
citizenship after 6 years
o Same rights as Portuguese
citizens (work, education,
health)
What?
o Non-EU citizens that:
o Develop an investment
activity in Portugal for a
minimum of 5 years
Who?
o Minimum stay of 7 days during
the first year and 14 (fourteen)
days during each subsequent
period of two years
3 options:
o Invest €500K + in a property
or
o Invest €1M in equity
or
o Create 10 jobs
How
Attracting non-European investors seeking a permit to reside & travel in the EU
Golden Visa
Apply
(Valid for 1 years)
Renew
(Valid for 2 years)
Renew
(Valid for 2 years)
Apply
(Valid for 5 years)
Passport
Temporary Resident Permit
4 months to obtain
Permanent Resident
2 months to obtain
Apply for citizenship
3 months to obtain
Year 0 Year 1 Year 3 Year 5 Year 6
5 years golden visa + 1 year permanent residency Citizenship
Fast track to obtain a valid residency permit in Portugal & European passport
Favourable taxation scheme for professionals with high added-value activities and
individuals with significant income
Tax regime for non-habitual residents
o Qualify as tax resident in Portugal (minimum
stay >183 days or be a homeowner)
o Not having been a resident in Portugal for the
last 5 years
o Taxation applies to income derived from high
added value activities (liberal profession,
artistic or scientific activity, management,
investment)
Requirements
o Taxation related to IRS (personal income tax) on
labour income in Portugal is at a fixed rate of
20% - 15% on rental income
o No double taxation for pensions or for
employment & self-employment income
generated abroad (dividends, interest, capital
gains)
o Tax exemption on donation & inheritance
o Taxation related to IRS as a non-habitual
resident for a consecutive 10-year period
Advantages
Option to finance the acquisition of real estate by non-residents
Financing
• Caixa Geral de Depositos, a leading bank in Portugal
• Partnership between Stone & the bank
• Financing protocols for non-resident clients
• Financing up to 70% of the property value
• Terms up to 25 years
• Interest rates from 2.0% per year
• Personalized fast-tracked treatment and dedicated account manager
Agenda
Stone Capital Keynote
Economic Setting
Real Estate Market
Investor Incentives
Investment Opportunities
Investing in Lisbon - Presentation by Athena Advisors
Cordon 31 Chiado, Lisboa
Glamour & Elegance
Located in the most chic
neighbourhood of the city, where
culture, history, fashion & retail meet
10 exceptional apartments with
traditional charm with high-quality
finishing, private parking
4 bedroom apartments with areas
between 111m2 - 213m2
Unparalleled views of the Tagus River
from the upper floors
Rosemary 22 Chiado, Lisbon
Lisbon´s cultural heart
14 superb apartments bathed in
natural light and located in the heart of
Lisbon
3 façades of century old building, facing
the Tagus river
1-3 bedroom apartments, as well as 3
bedrooms duplex units with areas
between 68 & 195 sqm2
Liberdade 238, Lisboa
Lisbon’s most iconic avenue
Located on the prestigious Avenida da
Liberdade, the most coveted boulevard
in Lisbon
24 exclusive apartments
with amazing city views
4 bedroom
apartments with areas between
80m2 – 280m2
2 stores on the ground floor with a
total area of 800 sqm2
On Lisbon’s most known avenue, within
minutes from all areas
10 apartments between 55m2 - 122m2
1-3 bedroom apartments with open
views, facing the sunset & iconic Lisbon
buildings
Restauradores 72
Prestigious address & architecture
Grande Hotel, Monte Estoril
Air, light & water
Amazingly located in elegant &
renowned Estoril, 20 minutes away
from Lisbon
Open air architecture facing the sea in
an authentic building
11 apartments with panoramic view
over the ocean
T3 & T4 with area between 180m2 -
280m2
Amouraria, Lisbon
Hidden jewel
Located in the heart of one of the
oldest & most authentic
neighbourhoods
30 superb apartments
with a large garden, swimming pool,
spa & parking
1-3 bedroom
apartments with areas between 50 -
150 sqm2
Breath taking views overlooking St.
George’s Castle and the city
São Vicente 44
Tradition & Elegance
A traditional area & period building
situated near charming landmark of the
city
Situated in the most picturesque
“Bairro” of Lisbon
9 apartments, some with sea views and
sizes between 43m2 & 86m2
Excellent expositions & lots of natural
light
Bacalhoeiros 99
An exclusive experience
A vibrant area, between the river & the
city
A building respecting traditional
architecture, covered in Portuguese
Azuleiros (tiles)
28 apartments ranging from 43m2 &
142m2
1-3 beds with views of the river
gardens opposite
Contacts
Unit 11, Elysium Gate
126-128 New Kings Road
SW6 4LZ London
+44(0) 20 7471 4500
more@athenaadvisors.co.uk
athenaadvisors.co.uk
The information contained in this document is the property of Athena Advisors and
may not be reproduced or used unless authorised to do so in writing. Contact
more@athenaadvisors.co.uk for further information.

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Investing in Lisbon - Presentation by Athena Advisors

  • 1. Investing in Lisbon & the Portuguese Real Estate Market
  • 2. Agenda Stone Capital Economic Setting Real Estate Market Investor Incentives Investment Opportunities
  • 3. LAY THE FOUNDATION STONE TOGETHER Stone Capital • Founded in 2011 by two partners with experience in management & real estate • Award-winning developer renovating prime assets in Lisbon’s city centre • Focused on top-end residential & commercial projects • Proven Track-record • 9 on going projects totalling 100M€ in investment • Backed by established international family offices
  • 4. Stone Capital Example of finished project: Liberdade 240 • Full renovation • 5000m2 of retail & office space • Prime location (Avenida da Liberdade) • 2 years from acquisition to completion • 8M€ investment • Winner of the 2014 real estate “Oscars” for renovation • Cartier’s flagship store in Portugal • Stone Capital headquarters
  • 5. Agenda Stone Capital Economic Setting Real Estate Market Investor Incentives Investment Opportunities
  • 6. Fontes: IGCP, Reuters Ecowin, Bloomberg. Yields on Portuguese public debt in the secondary market (%) Interest on short-term debt auctions (Treasury Bills),% Information until April 10th 2015 0 2 4 6 8 10 12 14 16 18 20 22 Jan.2010 Oct.2010 Jul.2011 Apr.2012 Jan.2013 Oct.2013 Jul.2014 10Y 2Y 35 2.93 0.55 % 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 15Feb.2012 17Oct.2012 19Jun.2013 19Feb.2014 17Sep.2014 3 Month 6 Month 12 Month 18 Month 0.24% 0.23% 2.29% 0.05% 9 Month 0.49% Mar. 2015 1,63 0,015 The downward trend in the government debt interest rates reflects improvement in the international perception Economic Setting
  • 7. Source: European Comission, European Economic Forecast Autumn 2014 -2 -1 0 1 2 2013 2014 2015 2016 Growth GNP (%) 0 5 10 15 20 2013 2014 2015 2016 Unemployment rate (%) -2 0 2 4 2013 2014 2015 2016 Inflation (%) -6 -4 -2 0 2013 2014 2015 2016 Public debt (% of GNP) The downward trend in the government debt interest rates reflects improvement in the international perception over Portugal’s economy Economic Setting
  • 8. Agenda Stone Capital Keynote Economic Setting Real Estate Market Investor Incentives Investment Opportunities
  • 9. A privileged location within Europe Real Estate Market • Main European cities in less than a few hours flight time • 12 direct destinations to Brazil • Strong ties to Southeast Asia, Africa & America
  • 10. Why choose Portugal to invest in Real Estate? Real Estate Market “When Spain and Portugal emerge from recession, we believe that they could become a target for a new wave of Latin American investment.” Knight Frank “As we move into a more normalized global economy, property investors will be looking for development opportunities beyond the big international gateway cities.” Knight Frank “The house price boom that swept through most of Europe and the developed world from the mid-1990s to 2006 missed Portugal.” globalpropertyguide.com “At present, the market in Portugal offers favorable conditions for first-time investors with a long-term strategy.” Deka Immobilien GmbH
  • 11. Compared to other European countries, housing prices have remained stable Real Estate Market Source: ECB, Bloomberg, Confidencial Imobiliário, Ministerio de Fomento (Spain), Research. Housing price index, 1998=100 100 120 140 160 180 200 220 240 260 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Spain Ireland EuroArea Portugal
  • 12. Lisbon is one of the most competitive European cities regarding housing costs... Real Estate Market Source: www.numbeo.com/property-investment/compare_cities Price per sqm2 in the city center (residential) (EUR thousand / sqm2) 0 2000 4000 6000 8000 10000 12000 14000
  • 13. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% Fontes: www.numbeo.com/property-investment/compare_cities 04/2015 Real Estate Market Rate of return on income (Residential, City Centre) (%) ... and with almost the best rental returns
  • 14. Tourism Source: AICEP, World Economic Forum, Research. o Climate & hospitality o Safety & political stability o Cultural diversity o Access o Gastronomy o Golf courses o Health system & infrastructures o Educational system Best city to invest in a 2nd home – The Times 2015 Best Country to Travel, 2013 - Condenast Lisbon: Europe's best city break – Travel Award CNN Travel - best destination 2015 10th safest country in the world 12th country with best health care 7th country that best welcomes tourists Lisbon 7th best retail therapy city in Europe World’s Leading Golf Destination 2013 10 hotels in Leading Hotels of the World Ranking evidenceDistinguished assets Real Estate Market 15% tourism growth in Lisbon from 2013 to 2014 Increased tourism underpins property values & rental demand
  • 15. Trends Real estate transactions by foreigners: • Represent 25% of all transactions • Doubled between 1st & 2nd quarter of 2014 Data up to the 3rd quarter 2014 confirms the rise of sales from foreign investors Portuguese Foreign 1st Qrt 2nd Qrt 3rd Qrt 57,700 17,300 3,500 6,540 7,260 Sources: APEMIP, NB Research – Sectoral Research. Portugal, real estate transactions, domestic investors vs. foreign, Jan-Sep 2014
  • 16. Property Costs o Property acquisition costs o 4-6% of property purchase price o Tax exemption for historical renovations (for residency) IMT o 0.8% of property value Stamp duty o ~ €800 Registry o €2.500 Solicitors fee Registry/Notary o City tax on property o Annual payment on registry value of the property (0.3% - 0.5%) o 5 years exemption for historical renovation IMI o Cost sharing to maintenance & costs of common area o ~€1/m2/monthly Condominium costs o Income tax for individual or entities o Normal tax: 28% o Resident non habitual: 15% Income Tax o 25% of difference between acquisition price (minus expenses) and the resale value Capital Gain Tax Acquisition ResaleRunning costs o 0% Inheritance Tax Inheritance Tax PROPERTY SPECIFICATIONS: Developer guaranty of 5 years on interior finishes Developer guaranty of 10 years on structural finishes All equipped kitchen & finished fittings
  • 17. Agenda Stone Capital Keynote Economic Setting Real Estate Market Investor Incentives Investment Opportunities
  • 18. Simplification of law allowing landlord to enforce their rights Landlords & Tenants Law Long term • Law passed in 2012 in favour of landlords – (Balcão Nacional do Arrendamento) • 2 to 3 months to evict a non paying tenant vs. 2 years • Tenants 15 days to reply – Court 30 days to decide • Costs: 51 Euro court fee + 1000 Euro lawyer’s fee Short term • Short terms rental agencies adapting to AirBnB trend (i.e. short term contracts) Attracting property investors for buy to let & renovation opportunities
  • 19. Fast track to obtain a valid residency permit in Portugal & a European passport Golden Visa o Temporary permit to reside in Portugal o Potential grant of Portuguese citizenship after 6 years o Same rights as Portuguese citizens (work, education, health) What? o Non-EU citizens that: o Develop an investment activity in Portugal for a minimum of 5 years Who? o Minimum stay of 7 days during the first year and 14 (fourteen) days during each subsequent period of two years 3 options: o Invest €500K + in a property or o Invest €1M in equity or o Create 10 jobs How Attracting non-European investors seeking a permit to reside & travel in the EU
  • 20. Golden Visa Apply (Valid for 1 years) Renew (Valid for 2 years) Renew (Valid for 2 years) Apply (Valid for 5 years) Passport Temporary Resident Permit 4 months to obtain Permanent Resident 2 months to obtain Apply for citizenship 3 months to obtain Year 0 Year 1 Year 3 Year 5 Year 6 5 years golden visa + 1 year permanent residency Citizenship Fast track to obtain a valid residency permit in Portugal & European passport
  • 21. Favourable taxation scheme for professionals with high added-value activities and individuals with significant income Tax regime for non-habitual residents o Qualify as tax resident in Portugal (minimum stay >183 days or be a homeowner) o Not having been a resident in Portugal for the last 5 years o Taxation applies to income derived from high added value activities (liberal profession, artistic or scientific activity, management, investment) Requirements o Taxation related to IRS (personal income tax) on labour income in Portugal is at a fixed rate of 20% - 15% on rental income o No double taxation for pensions or for employment & self-employment income generated abroad (dividends, interest, capital gains) o Tax exemption on donation & inheritance o Taxation related to IRS as a non-habitual resident for a consecutive 10-year period Advantages
  • 22. Option to finance the acquisition of real estate by non-residents Financing • Caixa Geral de Depositos, a leading bank in Portugal • Partnership between Stone & the bank • Financing protocols for non-resident clients • Financing up to 70% of the property value • Terms up to 25 years • Interest rates from 2.0% per year • Personalized fast-tracked treatment and dedicated account manager
  • 23. Agenda Stone Capital Keynote Economic Setting Real Estate Market Investor Incentives Investment Opportunities
  • 25. Cordon 31 Chiado, Lisboa Glamour & Elegance Located in the most chic neighbourhood of the city, where culture, history, fashion & retail meet 10 exceptional apartments with traditional charm with high-quality finishing, private parking 4 bedroom apartments with areas between 111m2 - 213m2 Unparalleled views of the Tagus River from the upper floors
  • 26. Rosemary 22 Chiado, Lisbon Lisbon´s cultural heart 14 superb apartments bathed in natural light and located in the heart of Lisbon 3 façades of century old building, facing the Tagus river 1-3 bedroom apartments, as well as 3 bedrooms duplex units with areas between 68 & 195 sqm2
  • 27. Liberdade 238, Lisboa Lisbon’s most iconic avenue Located on the prestigious Avenida da Liberdade, the most coveted boulevard in Lisbon 24 exclusive apartments with amazing city views 4 bedroom apartments with areas between 80m2 – 280m2 2 stores on the ground floor with a total area of 800 sqm2
  • 28. On Lisbon’s most known avenue, within minutes from all areas 10 apartments between 55m2 - 122m2 1-3 bedroom apartments with open views, facing the sunset & iconic Lisbon buildings Restauradores 72 Prestigious address & architecture
  • 29. Grande Hotel, Monte Estoril Air, light & water Amazingly located in elegant & renowned Estoril, 20 minutes away from Lisbon Open air architecture facing the sea in an authentic building 11 apartments with panoramic view over the ocean T3 & T4 with area between 180m2 - 280m2
  • 30. Amouraria, Lisbon Hidden jewel Located in the heart of one of the oldest & most authentic neighbourhoods 30 superb apartments with a large garden, swimming pool, spa & parking 1-3 bedroom apartments with areas between 50 - 150 sqm2 Breath taking views overlooking St. George’s Castle and the city
  • 31. São Vicente 44 Tradition & Elegance A traditional area & period building situated near charming landmark of the city Situated in the most picturesque “Bairro” of Lisbon 9 apartments, some with sea views and sizes between 43m2 & 86m2 Excellent expositions & lots of natural light
  • 32. Bacalhoeiros 99 An exclusive experience A vibrant area, between the river & the city A building respecting traditional architecture, covered in Portuguese Azuleiros (tiles) 28 apartments ranging from 43m2 & 142m2 1-3 beds with views of the river gardens opposite
  • 33. Contacts Unit 11, Elysium Gate 126-128 New Kings Road SW6 4LZ London +44(0) 20 7471 4500 more@athenaadvisors.co.uk athenaadvisors.co.uk The information contained in this document is the property of Athena Advisors and may not be reproduced or used unless authorised to do so in writing. Contact more@athenaadvisors.co.uk for further information.