分类: patricia casaburi

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“Still So Much Uncertainty Around Mobility”: 10 on the Weekend – Patricia Casaburi

Ten On The Weekend is a semi-weekly feature in IMI, the concept of which is simple: Each time, we ask the same ten questions of a different industry figure, letting readers get to know the interviewee on a more personal and informal level than they might in an ordinary business setting.

Our guest this weekend is Patricia Casaburi of Global Citizen Solutions

How do you spend your weekends? 

After twenty years in London, I moved to Lisbon about 18 months ago and have loved exploring the country. The country has so much to offer; beautiful beaches close by and amazing weather and wine. We also recently got a dog, a Portuguese Water Dog, called Sintra, so it has been lovely to take her hiking in Sintra and Arrabida National Park.

It has been a blessing spending the pandemic here, although it has also been challenging, and often the days seem to blur into very long weeks. We also have many friends moving here and clients that have become friends, and we enjoy getting together and planning weekends away to rural tourism destinations, as well as exploring off-the-beaten-track coastal towns.

What are your top three business goals this year? 

The first goal is about finding innovative ways to assist our clients in proceeding with their investments remotely. This year, another key target is to work with migration councils more proactively and collaborate with official government bodies on finding ways to facilitate the process for families looking to invest in residency and citizenship planning. And last but not least, we will continue to dedicate our time to building the most competent, multi-skilled, and relatable team in the industry.

What’s your biggest business concern right now?

Our concerns are mostly related to Covid-19. There is still so much uncertainty around mobility, process delays and backlogs, legislative changes, and the effect of such changes on clients’ mindsets. We are also heading toward structurally expanding into the Caribbean and launching a new real estate division in Portugal, Goldcrest Properties, a full-service buyer’s agency operation. I could also use some extra hours in the day.

Which book is on your nightstand right now? 

I am halfway through Machines Like Me by Ian McEwan, one of my favorite authors, who provides great writing and escapism in equal measure. We are also about to launch a book about investing in property in Portugal, and I have been quite into podcasts lately, too; I just got through Grounded by Louis Theroux.

How and when did you first get into the investment migration industry? 

I was initially exposed to the industry in 2015 as we had personal investments in Portugal in real estate. We only started the company in 2016 after helping family and friends navigate the country’s visa and investment process, so it felt like a natural progression to start our company.

What was your proudest moment as a service provider? 

There are so many clients, stories, motivations, and life plans that it is hard to select just one, as it is always rewarding to send out their new passports or residency cards.

But if I had to pick one, I would have to say that just before the first lockdown, when we still couldn’t fully grasp how much Covid-19 would impact our lives, we managed to get the whole process for a client done in ten days, and he left Lisbon on the last possible flight. Generally, in all these years of building a company from the start, I also feel an enormous sense of pride in the company and community we are building.

Which investment migration market development has surprised you the most in the last year? 

I would say the USA has been a very strong market player, especially in the Portuguese Golden Visa. We are also seeing many more Lebanese and South African clients. Malta’s citizenship by investment program has been relaunched, and British and North Americans are very interested. Hongkongers are also looking for backup plans, but the focus has changed from Portugal and Spain to the UK.

If you could go 10 years back in time, what business decision would you change?

Life is not lived with the benefit of hindsight, and I think there’s a reason for that. I believe that a combination of decisions, good and bad, has landed us where we are, so I place my focus on foresight and always paying attention to my intuition. 

What investment migration industry personality do you most admire? 

Bruno L’Ecuyer, CEO of the Investment Migration Council, is an important voice between government bodies and the industry.

If all goes according to plan, what will you be doing five years from now? 

Hopefully still working at full speed but trusting my team to handle it all, allowing me to have a few brilliant holidays and investing in some personal projects, like a Foundation for economic migrants. Often, they are doctors, engineers, and lawyers in their home countries but find it expensive and difficult to validate their profession in their new home country. It would be great to have a system to integrate and legitimize their experience and skillset fully.

More From 10 on The Weekend

Post Grid lazy load

Patricia Casaburi plans to expand into the Caribbean, admires Bruno L’ecuyer, and feels blessed to have spent the pandemic in Portugal.

Ludovic Mapessa says his firm aims to open offices in West Africa and that he’s is surprised by the astonishing success of Turkey’s CIP.

Vrinda Gupta says pandemic-related government measures have “caused a lot of delays in approvals for some of our clients.”


The post “Still So Much Uncertainty Around Mobility”: 10 on the Weekend – Patricia Casaburi appeared first on Investment Migration Insider.

Hong Kong Golden Visa Rush “Increasingly Rapidly”: Investment Migration People in the News This Week

Investment migration people in the news this week include:

  • Patricia Casaburi of Global Citizen Solutions
  • João G. Gil Figueira of GFDL Advogados
  • Dominic Volek of Henley & Partners
  • Arthur Sarkisian of Astons
  • Pedro Cortés of Rato, Ling, Lei & Cortés – Lawyers.
  • Jeffrey Ling of Bartra Wealth Advisors
  • Tina Cheng of Midland Immigration Consultancy
  • Ana Vukovic of Collier’s

New York Times: House Hunting in Portugal: A Light-Filled Retreat Near the Atlantic Coast

In the downtown area, homes in the priciest areas — specifically the neighborhoods of Baixa and Chiado — sell for an average of 6,575 euros a square meter ($727 a square foot), said Patricia Casaburi, the CEO of Global Citizen Solutions, an investment migration consulting firm. “Prices are rising fast. Rent prices in this area are also very high, making it an ideal location for investment,” she said.

She also pointed to two “up-and-coming” districts, Marvila and Beato, onetime industrial areas that now have “a number of creative spaces and industries, as well as microbreweries, and can be a good choice when it comes to investing in property in Lisbon.”


Property ownership by foreigners is not restricted in Portugal, said João G. Gil Figueira, a partner with the Lisbon-based law firm GFDL Advogados.

“Legal fees, notary and registration fees for a typical residential property transaction are in the 1 to 2 percent range,” he said. Buyers also pay a stamp duty of 0.8 percent of the purchase price and a property transfer tax, which varies depending on whether the property is a first or second home.

Henley & Partners’ Passport Index featured in a wide range of mainstream outlets this week, including:

The Week: Landmark living: how much do properties cost near famous icons?

“The global property market is wonderfully diverse and allows many investors to build a wide portfolio based on their personal criteria and requirements,” said Astons managing director Arthur Sarkisian. “Of course, investing in the global go-to destinations of Paris, New York and London will come at a considerably higher cost, but even these premier locations will offer a range of investment opportunities at varying price points.” 

BBC: Covid accelerates India’s millionaire exodus

“I think they [clients] are realising they don’t want to wait for the second or third wave of the pandemic. They want to have their papers now that they are sitting at home. We refer to this as the insurance policy or Plan B,” Dominic Volek, Group Head of Private at Henley & Partners told the BBC on a video call from Dubai.

The Portugal News: Golden visas: Asian demand increases with law change

“We have felt in the last few months and also felt last year, until the beginning of the pandemic, a greater demand from investors”, said one of the partners of the firm Rato, Ling, Lei & Cortés – Lawyers.

“This is part of the strategy of having an office in Macau that gives us access to the Chinese market, Hong Kong and the market here in South Asia, and we feel that these markets have a greater appetite to invest in Portugal”, while the office in Portuguese territory has received most of the requests, underlined Pedro Cortés.

SCMP: Some Hongkongers are arbitraging between city’s record home prices and cheaper listings overseas as they head for the exit

Ireland and Portugal, among the most popular destinations for Hong Kong emigrants looking to qualify for residency in the European Union, offer particularly attractive bargains, according to investment advisers. Ireland is popular among parents, professionals and emigrants seeking to fast track their residency, with its offer of a good living environment and low-risk investments, according to consultancy Bartra Wealth Advisors.

“We see strong demand for emigration and it’s likely to continue,” said Bartra’s regional director Jeffrey Ling in Hong Kong. “People in Hong Kong who [are] eager to move abroad with an immediate need or with less than a year’s time frame have strong buying intention towards overseas residential properties.”


“We foresee the immigration policy will have more restrictions in European countries, that’s why the number of Hongkongers using immigration investment programmes through buying property is increasing rapidly” before the gateway closes, said Tina Cheng, associate director of Midland Immigration Consultancy.

Greek Reporter: Greek Real Estate Market Set to Rebound in Post-pandemic Greece

Ana Vukovic, the Managing Director for Collier’s Greece and Serbia, who also covers the markets of Cyprus, FYROM and Montenegro, has successfully led a number of large-scale mixed-use properties and portfolio projects from concept stage to completion.

The stability in the Greek real estate market became evident after a significant increase in investment volumes over the past years, with prices gradually reaching pre-crisis levels and a rise in construction activity in all sectors by the end of 2020. Demand in all real estate sectors resulted in a significant compression of yields for prime investment products, Vukovic tells Greek Reporter.

The post Hong Kong Golden Visa Rush “Increasingly Rapidly”: Investment Migration People in the News This Week appeared first on Investment Migration Insider.

How Portugal’s Real Estate Market Has Performed During the Pandemic So Far


COVID-19 has negatively impacted economies across the world and many real estate markets have seen sharp declines but, for a mix of reasons, the situation has been different in Portugal.

The international community’s significant presence in the country’s investment property market has played an important role in this respect; foreign buyers accounted for 35% of all property investments in the Lisbon area in 2019. While this is partly attributable to Portugal’s high quality of life and affordable property prices, it is Portugal’s successful residency by investment program, the Golden Visa (ARI), that truly underpins this foreign investment boom. 

The property market after COVID: Barely bruised – for now

Looking back to the beginning of 2020 and the months immediately preceding the pandemic, the real estate market in Portugal was moving from strength to strength, displaying no signs of slowing down. From 2016 to 2020, in the cities of Lisbon and Porto, average residential asking prices increased by 49% and 83%, respectively. The Algarve also saw an increase in average property prices, climbing by about 50% during the same timeframe. 

Portugal’s property market was not left entirely unscathed by the pandemic – in Lisbon city, house prices fell in 2020, albeit by just 3% – but the sector did display remarkable resilience in the face of the largest public health crisis in a century.

On a national level and in key areas such as the city of Porto and the Algarve, prices continued to climb by 4% and 12% respectively. As such, it’s safe to assume that this will continue in the same vein once the short-term impacts of the pandemic are removed.

Mr. Luís Lima, president of APEMIP (The Association of Professionals and Real Estate Companies of Portugal) reinforces this idea, noting that “despite the difficult context, which had repercussions in all sectors of the economy, real estate managed to remain resilient throughout the year, which was also reflected in the dynamics of growth in house price transactions –  the average rate of change of the Price Index of the Housing stood at 8.4%, registering [only] a slight decrease of 1.2% compared to the pace of price growth observed in 2019.”

In fact, despite the dip in prices, 2020 showcased an increase in the volume of real estate investments – the third-highest investment turnover, due to the second and third largest transactions in four premium shopping centers and an office complex, respectively – testifying to Portugal’s property market and investors’ confidence of it prospering regardless of the pandemic. 

The risk of known unknowns

Before COVID-19, what placed Portugal in a somewhat unique position was that property prices, though increasing, remained much more affordable compared to most other European countries, in addition to an increased demand for housing. 

This has not changed and, therefore, after a bumpy 2020, the real estate market will be looking to bounce back in full over the coming year. 

Still, Mr. Luís Lima stresses the unpredictability of the current situation as “it is very difficult to anticipate scenarios, as the dynamics of the sector may somehow be held hostage to the pandemic’s performance. I would say that we will have a year of challenges ahead […] last time we managed to get through the [financial] crisis […] centralizing real estate as one of the main engines of economic recovery that happened more quickly than could have been hoped. This time, if companies and people (with regard to housing credit) are allowed to survive, we will do it at ‘lightning speed’”.

What’s more, globally renowned real estate service provider, CBRE, has published forecasts that indicate that Portugal’s GDP should fully recover by the end of 2022 to 2019 levels although the pandemic situation means many uncertainties remain to be addressed.

This unpredictability in the current climate is compounded by anticipated changes to the Portugal Golden Visa scheme, which will kick off on the 1st of January 2022. 

In terms of real estate, the “hotspots” of the country will no longer be on the golden visa map, except for some commercial and non-residential real estate. It is worth noting that the autonomous islands of Madeira and the Azores will remain eligible for the scheme.

The upcoming changes will be applicable to the big cities, such as Lisbon and Porto, and coastal regions, including the much-loved Algarve. The thought process behind the change in policy is that it will instigate foreign investment and development in the countryside. 

The changes to the golden visa in itself adds a further layer of uncertainty, in that we do not yet know how the changes will impact the influx of foreign investments into the real estate market. 

Rafael Sena, Real Estate Manager at Goldcrest, an independent property buyers service, expects that due to the changes to the golden visa, we will see “a significant increase in demand for properties in low density areas, as well as a greater offer of projects”.

This indicates that, although the changes will clearly have an effect on the real estate market, changes may spur developments in lesser-known parts of the country and significantly widen the scope of property investments across Portugal.  

A national property market with international characteristics

Portugal’s investment growth is perhaps best illustrated by highlighting real estate investments over the past 12 years, where investments have risen threefold from 2008 to 2020, and which is strongly influenced by foreign sources. 

If you look at the higher-priced properties, above €6000/m2, the share of foreign investments amounts to 59% in Lisbon. This showcases the reliance of the real estate market in the capital, and in turn, the Portuguese economy, on the influx of foreign investments. 

The real estate sector in Portugal is increasingly outward-looking in welcoming expats and foreign investors, as evidenced by the adoption of the tax-friendly non-habitual resident (NHR) scheme and the golden visa, which, since its adoption nine years ago, has become one of the most popular in Europe. 

More Intel & Data

Post Grid lazy load

Portugal’s property market is among Europe’s most internationalized, which has made its reaction to the pandemic atypical, writes Patricia Casaburi.

The most common reasons for rejection were “weakness of the business model” and “lack of innovative value of the business project”.

After a surprisingly strong first half of 2020, the pandemic appears to have caught up with Spain’s golden visa in the second half.


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