Investing Talks
Name: Bruno Boris
Age: 47
Country of birth: Brazil
City of residence: São Paulo
Biographical note:
Lawyer. Law degree from Mackenzie University. Postgraduate in Consumer Relations Law from PUC-SP - Pontifical Catholic University of São Paulo - COGEAE. Master's in Political and Economic Law from Mackenzie University.
He currently practises law and is managing partner of Bruno Boris Sociedade de Advogados, a firm with a wide-ranging practice, focusing on Business Law, Banking Law, Real Estate Law, Contracts, Arbitration, among other areas.
He teaches Business Law, Company Law and Corporate Recovery at Mackenzie University.
Let's start our conversation by finding out a bit more about Bruno Boris' story and career: childhood, youth, first steps in his professional career, first dreams...
I was born in the city of São Paulo and have always lived here. Although I love the city, during the school holidays it was common for the family to travel to the beach or to the countryside in search of more peaceful moments.
I believe that my parents managed to balance city life with moments of escapism to the beach or the countryside.
As a young man, having been encouraged to read a lot as a child, and also being very communicative, I believe that life eventually led me towards professions with these characteristics, such as law and university teaching.
With this influence, I started my law degree and, from the beginning of the course, I began to work as an intern in areas related to company law (also known as commercial law).
I've had the opportunity to work in large law firms as well as multinationals in the financial sector.
From then on, my interest in the subject grew until, with the support of my partners, we decided to set up our own law firm, focused on business services, not just for companies, but also for individuals - or rather, entrepreneurs who need specialised and personalised legal advice.
"Portugal continues to be a safe harbour, with stability, quality of life and prices that are still competitive with Europe."
What has led so many Brazilians to invest in property in Portugal in recent years? What are the main financial and personal motivations of these investors?
There are several factors. Although quality of life is an important factor, Brazil, as a country of continental dimensions, has regions with a high quality of life. However, political instability (which ultimately affects the economy) means that Brazilians who can afford it transfer their investments elsewhere, seeking to preserve family wealth or even as a way of maintaining options - either for retirement or to enable their children to attend foreign universities.
At the institution where I teach, for example, Portugal is the first country chosen by students when it comes to university exchange programmes, not least because of the ease of the language. The legal system is also similar and, as it is a more politically stable country than Brazil, there is an interest - or rather preference - on the part of families to pay for this period of study. Some of these students even end up extending their period of study and seeking permanent residence.
Obviously, the demand for investment in Portugal is not new, and this demand has, to a certain extent, influenced property prices in the country. Even so, many people are still looking to invest, sometimes purely strategically, as a retirement option. The only difference is that you should seek advice, as legislation changes frequently and it is essential to be properly orientated in order to avoid financial losses.
What would Bruno Boris say to Brazilians who are considering investing in property in Portugal for the first time? What are the specific advantages for them at the moment?
Seeking specialised advice is essential because, as I mentioned, the rules change, such as the recent change in the Golden Visa regime for property investment. However, there are still ways of investing by transferring capital to Portugal that can be interesting for certain investor profiles. What's more, property in Portugal is still more affordable than in other European countries.
The country's political stability and security have always been attractive aspects, whereas in Brazil the signs of instability look set to persist until the next elections in 2026. Another positive point is the quality healthcare system, which makes Portugal a popular destination for retirement, without any significant concerns about the healthcare structure.
In short, you can buy a property in Portugal for half the price of something equivalent in other European countries - and from here you can visit Paris with a flight of just two hours.
For Brazilians wishing to finance the purchase of a property in Portugal, what are the most common credit conditions for foreigners? How has access to finance changed for Brazilian investors in recent times?
My suggested response is that, with the right advice, it is possible to obtain financing at lower interest rates than in Brazil - and you don't have to be a resident to do so. The most important thing is to evaluate the options available on the market and clearly define the purpose of the investment.
In view of the recent changes to the Golden Visa regime, it is essential to analyse the restrictions on the location of eligible properties.
Many Brazilians are interested in renting out their property in Portugal. What financial strategies do you recommend to maximise the profitability of renting? Are there types of property that are more profitable, such as short-term or long-term?
Once again, it's essential to use specialised advice, as the location, type of property and other factors will determine whether renting (leasing, in Brazil) proves to be an interesting option for investors.
How do you see property appreciation in Portugal over the next few years? Should Brazilian investors expect continued growth in the property market or should they adjust their expectations due to the current economic scenario?
Growth in the property market is a trend. Sometimes it's slower than expected, but the risks of an abrupt fall are very low.
The appreciation of property in Portugal has been an important factor for many Brazilians. What are the main factors affecting appreciation and how can investors maximise this growth in value over time?
Carefully analysing the location of the investment is essential. In Brazil, for example, properties that were excellent options in the 1990s no longer guarantee a good return, either when sold or rented - whether due to the social decline of the region, inefficient public policies or even new market trends. That's why it's essential to have the support of consultants who know the market well.
How does the profitability of property investment in Portugal compare with Brazil? Have Brazilian investors found better financial conditions in Portugal? What competitive advantages does Portugal offer over Brazil?
Financing in Portugal is very interesting for Brazilian investors, especially at a time when interest rates in Brazil are high - with a tendency to rise further as a way of controlling inflation - in addition to the aspects already mentioned in the other questions.
Considering the current scenario in Brazil and Portugal, are Brazilian investors looking for more opportunities in luxury, commercial or tourism property in Portugal? And which of these segments has the greatest potential for financial return?
The luxury market is the least affected by the crises, but there is a high demand for commercial and tourist property. The tourism sector, in particular, represents an excellent investment opportunity, since Portugal has a significant part of its economy based on tourism. Investing in this type of property can therefore offer a secure return in the medium and long term.
For Brazilian investors who already own property in Brazil, diversification is a common strategy. What would you recommend to those who want to diversify their property investments in Portugal? Which areas are the safest in terms of long-term appreciation and stability?
Yes, diversifying is always a good mantra for investors. However, when it comes to safe areas in terms of appreciation, it's essential to have advice that first understands your objectives - and then presents a more personalised portfolio in line with your expectations.
Many Brazilian investors are looking to Portugal as a "safe harbour" for their capital. What strategies can they adopt to guarantee the security of their investment, especially in times of global economic instability?
Using specialised advice is essential and, as a conservative investor, it is important to make this profile clear to your advisor so that they can identify the best type of investment within these characteristics. Investing in property, when done carefully, tends to offer safer returns over the long term than other types of investment, as well as allowing investors to accumulate wealth to leave as an inheritance.
The tourist property market in Portugal has attracted many Brazilians, especially in the context of short-term rentals. What are the best practices for those who want to monetise their property in this way, and what should be considered from a financial point of view?
Analysing the market and the place where you want to invest is fundamental. Once again, I would stress the importance of using specialised advice, as professionals in the sector have the necessary knowledge and experience to identify the most suitable locations for short-term rentals (locação, in Brazil). I know of people who have bought property abroad without any kind of consultancy and ended up not getting the return they had hoped for. Some have even found it difficult to sell these properties to other potential investors.
What are the financial expectations for long-term Brazilian investors in the Portuguese property market? Do you believe that this will continue to be an advantageous market for foreign investors, or are there signs that opportunities are diminishing?
I believe that Brazilian investors' expectations for long-term investments remain positive. Of course, those who entered the Portuguese property market 10 or 15 years ago certainly had good advice and are still reaping the rewards of those decisions, as they invested at a very favourable time, when Brazilian investors' interest in diversifying abroad was beginning to grow. However, the success of these first investors has attracted the interest of many others. The Portuguese themselves, by observing this movement, end up opening up new market fronts for investors - in other words, new opportunities continue to emerge.
In times of economic crisis, property is often seen as a safe haven for investors. Do you think this trend will continue, even with the global financial challenges?
Yes, investing in quality real estate - i.e. well-located and built by well-known companies - adds value to assets and is less subject to economic turbulence.
Would you like to leave a message for the stakeholders in the property sector who are with us at the Investing Talks at Invest 351?
Quality, assertive information is essential. Therefore, before investing, look for professionals recommended by the market, consult them and, in short, follow the safest way to invest your capital.
