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nuerow | 4 years ago
Why is this bad? If foreigners don't move to Portugal then they contribute zero in taxes and to the economy. If the Portuguese government convinces people to move to Portugal with tax benefits, they will pay taxes and spend their income in the local economy.
DoingIsLearning|4 years ago
It's great for Portuguese Treasury, Real Estate investors and the Hospitality Industry. But terrible for everyone else living in Portugal.
Foreign buyers have driven the housing market well above the purchasing power of locals, who still have one of the lowest salaries in Europe specially when adjusted to cost of living.
For perspective, Portuguese minimum wage is 600 euros with a mode at around 1k per month (pre-tax).
nuerow|4 years ago
Why do you believe that? I mean, is no one working in the hospitality or constructions industry, and is no one benefiting from public spending?
> Foreign buyers have driven the housing market well above the purchasing power of locals, who still have one of the lowest salaries in Europe specially when adjusted to cost of living.
If there is foreign investment in real estate increasing supply and in the process creating jobs and tax revenue, and if there is an increase in demand for this specific market segment, isn't there a net benefit to society? And why do you assume that low-wage workers would be in the market for high-end housing in tourism centers if not for these foreign investors?
> For perspective, Portuguese minimum wage is 600 euros with a mode at around 1k per month (pre-tax).
A quick Google search points out that Portugal offers golden visas to real estate investors who spend more than €500k on a home[1]. That's hardly the same market segment being serving the demand of most citizens of western Europe. Why is this being spun as a "they're taking our jobs"-kind of propaganda?
[1] https://www.ft.com/content/36e18c72-512b-4c87-a41f-8ba2a9157...
galfarragem|4 years ago
I’m not an inequality whiner but having two sets of rules is too much for me..
How would you feel if you were a local?