The new office in Portugal will focus on the Algarve and is situated in the southern coastal town of Tavira, just 25km from the Spanish border.
DeVere also confirmed to International Adviser that it plans to expand existing offices in France, focusing on the Cote d’Azur, as well as further develop its presence in Germany, Italy, Spain and Switzerland within the first quarter of 2018.
The Portuguese relaunch and European expansion plans are further milestones for the business under James Green son of deVere founder Nigel Green, who was appointed head of western Europe in May.
Since then, deVere has re-opened its Madrid office, which is run by David Owen, and overseen by Andrew Oliver, deVere senior area manager in Spain. It has also opened its first ever office in Austria run by David Mihelic and overseen by deVere Italia’s Colin Eldridge who reports to Paul Dodds, the senior area manager.
The Portuguese operation will be headed by Oliver and James Green, head of western Europe.
Oliver said: “The decision to relaunch in Portugal has been driven by consistent and increasing client enquires for specialist financial advice by Portugal-based expats and international investors.
“Six years ago, our offices in the Algarve and Lisbon were closed and all clients of those offices continued to receive the same high-quality service from our highly qualified consultants across the border in Spain.
“However, demand for expert, cross-border independent financial advice is soaring in Portugal and, as such, it now makes it more sensible to once again have a team based in the country itself.
“The Tavira office, which is the first stage of our far-reaching strategic plans for Portugal, will have eight consultants and their support teams. We forecast that we will need to double the headcount to meet demand within three to four months.”
According to Oliver much of the demand is being fuelled by the blooming Portuguese economy, which “has spectacularly come back from the brink”.
This year will see the highest economic growth registered in country during the 21st century. The IMF has said Portugal’s near-term outlook has strengthened considerably, supported by a pick-up in investment and continued growth in exports.
The boom in tourism, residential tourism and measures such as reduction of VAT (value added tax) from 23% to 13% have also boosted the economy considerably. This is all attracting an increasing number of expats and investors from overseas.
However, it was reported in September that the country is considering imposing a tax of up to 10% on expat pensions, which could make the country less attractive to sun-seeking retirees and expats.