(+351) 932 224 792 
info@luznurcapital.com Portugal, head to head.
Lisbon against Madrid. Vilamoura against Marbella. Quinta do Lago against Sotogrande. Comporta against Cap Ferret and the Hamptons. Then the country against seven jurisdictions, and the calendar that brings money to each. The same scorecard every time: the money, the rules, the operators, the life and the access. Comparisons, not rankings; every figure is tied to its source.
Figures verified as at 14 October 2026. Pairings were chosen on evidence that the same buyers weigh both places; where that evidence is thin, the page says so.
Greater Lisbon vs Madrid
Vilamoura vs Marbella
Quinta do Lago vs Sotogrande
Comporta vs Cap Ferret
Comporta vs the Hamptons
Portugal vs seven others
Four things the figures have in common.
Portugal's prime markets have caught up. Comporta's asking prices match Cap Ferret's; €3 million buys more space in Lisbon than in Madrid. The real differences sit in holding cost, operators, events and risk.
The 7.5% transfer tax for non-residents makes Portugal the most expensive purchase of the set. But it has no wealth tax, which France, Spain above €3 million and Switzerland all levy, and inheritance to children is exempt.
Marbella has nine branded-residence projects to Vilamoura's one; Madrid has 31 Michelin stars to Lisbon's fifteen. Portugal's answer is its pipeline: Six Senses and Park Hyatt in Comporta, Formula 1 in 2027, the World Cup in 2030.
Cap Ferret was evacuated for wildfire in July 2026; the Hamptons' whole ocean frontage sits in the highest flood zone; Marbella flooded in 2024. Portugal's own exposure is water: the Algarve's dams stood at 41% this summer.
Prime price growth, 2025
Knight Frank Prime International Residential Index, selected locations
Data table
Knight Frank, The Wealth Report 2026, PIRI 100, via ECO News and Spanish pressS. Vilamoura, Sotogrande, Cap Ferret and the Hamptons are not in the index.
Reaching each place by air
Passengers at the nearest international airport, 2025
Data table
Aena (Madrid, Málaga); INE and ANA (Lisbon, Faro); Union des Aéroports Français (Bordeaux)S. The Hamptons are served by New York's airports two to three hours away; Sotogrande by Gibraltar (15 minutes) and Málaga (one hour).
Greater Lisbon vs Madrid.
The pairing with the strongest evidence. Knight Frank's 2025 survey of where wealthy Europeans would relocate ranks Lisbon first and Madrid third; its Lisbon research sets Madrid in Lisbon's peer group; Savills names the two as Europe's best-performing prime markets. Cascais and Estoril are included on Lisbon's side.
The money
| Item | Greater Lisbon | Madrid |
|---|---|---|
| Median sale price, city | €5,292/m² (Q1 2026) | €6,547/m² asking (Jul 2026)S |
| Prime district | Santo António €6,986/m²; Cascais €5,000/m² | Salamanca €10,841/m²; Chamberí €9,209/m² |
| Prime price change 2025 | +2.7% (Knight Frank); +4.4% (Savills) | +5% (Knight Frank)S; +4.2% (Savills) |
| Forecast 2026 | +4% to 5.9% (Savills) | +4% to 5.9% (Savills) |
| Homes sold, 2025 | 8,235 (Lisbon municipality) | 84,015 (Madrid region) |
| Gross rental yield | 4.4% | 4.7% |
| Foreign buyers | Foreign-born paid €6,325/m² vs €5,000; US, France, Brazil, UK lead | 5.8% of regional sales; China, Romania, Italy, Latin America lead |
| Short-term letting | Containment zones since Dec 2025; absolute in the historic core | Plan Reside (Aug 2025): no tourist flats in residential buildings in the centre |
INE; idealista/data; Knight Frank PIRI 2026 and Savills World Cities Index via pressS; Registradores; Madrid city council. Lisbon's 2025 Knight Frank change is from a smaller base after years of faster growth.
What €3 million buys
| Greater Lisbon | Madrid |
|---|---|
| Chiado–Príncipe Real penthouse duplex, 3 bedrooms, 199 m², terrace with river view, €2.59m | Jerónimos, 3 bedrooms, 253 m², €3.69m; renovated 174 m², €3.25m |
| Cascais centre, 3 bedrooms, 284 m², €3.5m; Birre house 250 m², €3.58m | La Moraleja: a mid-range house; the cheapest large villa seen (800 m² on 2,500 m²) €4.95m |
| At the Santo António median, about 430 m² | At the Salamanca asking price, about 277 m² |
Current asking prices from Imovirtual, Baerz, aProperties and Sotheby's (Oct 2026), availability not verifiedU; areas derivedD.
The rules
| Item | Lisbon | Madrid |
|---|---|---|
| Purchase tax, €3m home, non-resident | €249,000 (IMT 7.5% + stamp 0.8%) | €180,000 resale (ITP 6%); €322,500 new (VAT 10% + 0.75%) |
| Annual property tax | IMI 0.3% + AIMI above €600,000 of tax value | IBI 0.414% of cadastral value |
| Wealth tax | None | Madrid waives its own; state solidarity tax applies above €3m net (1.7% to 3.5%) |
| Regime for new residents | IFICI: 20% on qualifying income, 10 years | Beckham: 24% on employment income to €600,000, 6 years |
| Inheritance to children | Exempt | 99% relief in Madrid |
Portal das Finanças; Guía Fiscal; Agencia Tributaria; Comunidad de Madrid. Non-resident capital gains: Portugal taxes half the gain at progressive rates; Spain 19%.
The operators
| Item | Lisbon | Madrid |
|---|---|---|
| Luxury hotels | Four Seasons Ritz, Tivoli Avenida, Bairro Alto Hotel, Pestana Palace; pipeline: Six Senses (Palácio Lavra, 114 keys), Andaz, The Standard, KimptonU | Four Seasons (2020), Mandarin Oriental Ritz (2021), Rosewood Villa Magna (2021), Santo Mauro, EDITION (2022) |
| Michelin stars 2026, city | About 15, with three two-star restaurants; Cascais gained a starD | 31, including Spain's only three-star in the capital (DiverXO) |
| International schools | 27 | 92 |
| Golf within 30 minutes | Oitavos Dunes, Penha Longa, Estoril, Belas | La Moraleja (four courses), Club de Campo, RACE |
| Marina | Cascais, 650 berths | None; the sea is 350 km away |
Michelin Guide 2026 lists via esmadrid.com and Portuguese pressS; Savills Spotlight on Wealth Trends 2025 (schools); hotel groups' announcements.
The life, the access and the risk
| Item | Greater Lisbon | Madrid |
|---|---|---|
| Climate | January 11°C, July 23°C; 723 mm of rain; 36 days above 30°C a year | January 6°C, July 26°C; 421 mm; about 2,500 sunshine hours; 38.7°C recorded in July 2025 |
| Sea | Cascais and Guincho beaches 25 minutes from the centre; Cascais chose not to fly Blue Flags in 2026U | None |
| Events 2026–27 | Web Summit (9–12 Nov 2026); Estoril Open ATP 250 (Jul 2026); Open de Portugal on the DP World Tour at Oitavos Dunes (13–16 May 2027); The Ocean Race in Cascais (May–Jun 2027); Rock in Rio (Jun 2028) | Formula 1 Spanish Grand Prix at Madring (from Sep 2026); NFL at the Bernabéu (8 Nov 2026); ARCOmadrid (Mar 2027); Mutua Madrid Open (Apr–May 2027); Champions League final (5 Jun 2027) |
| Culture, 2025 visitors | MAAT 380,000 (2024); Gulbenkian closed for works, reopening 2026 | Prado 3.5 million; Reina Sofía 1.6 million |
| Airport, 2025 | 36.1 million passengers; direct New York, Miami, Doha, Dubai | 68.2 million; three daily New York, three daily Mexico City, São Paulo |
| Risk | Seismic exposure: a 1755-type event costed at about €50bn, 19% of homes insured for itS; wildfire alerts in the Sintra-Cascais park | Heat: days above 30°C rising; reservoirs 72% in Aug 2026; air quality improving |
IPMA and AEMET climate normals; Aena; organisers' dates; La Moncloa (museums); Swiss Re via APS (seismic)S; Comunidad de Madrid (water).
Vilamoura vs Marbella.
Two planned resorts built around a marina and golf, with a year-round rental economy and a British-led buyer base. No published research compares them directly; the pairing is Luznur's, on the match of product.
The money
| Item | Vilamoura | Marbella |
|---|---|---|
| Asking price | €5,265/m² (Quarteira parish, May 2026, +20.8%)S | €5,956/m² (Aug 2026, +4%); Golden Mile €8,336S |
| Prime index 2025 | Not covered | +8.1%, 12th of 100 (Knight Frank) |
| Municipal median / average | Loulé €3,993/m² (INE, 2025) | €4,424/m², average home €736,866 (notaries, 2025) |
| Homes sold, 2025 | Loulé count not published by INE in its summary | 4,379, down 8.5%; 62% to foreign buyers |
| Marina | 825 berths plus 68 superyacht berths (2024) | Puerto Banús, 915 berths, vessels to 50 m |
| Short-term letting | Registrations reopened Nov 2024; no Loulé containment rule foundU | Highest density in Spain (48 per 1,000 residents); communities can veto with a 3/5 vote since Apr 2025 |
| Owner | Vilamoura World: Arrow Global with Portuguese investors since 2021; the €650m "lake city" plan dropped | Fragmented; Four Seasons site held by Immobel and Fort Partners |
idealista/data via pressS; INE; Spanish notaries via BrainsRES; Knight Frank PIRI 2026; marina operators.
What €3 million buys
| Vilamoura | Marbella |
|---|---|
| 4-bedroom villa opposite the Laguna course, pool, 865 m² plot, €3.0m | Golden Mile, 4-bedroom villa below Sierra Blanca on 1,430 m², needs updating, €2.6m |
| 4-bedroom contemporary villa by the golf, heated pool and spa, 5 minutes to the marina, €2.95m | Golden Mile renovated 4-bedroom townhouse, 471 m², near Puente Romano, €2.6m |
| Newer 4-bedroom on the Millennium course, 423 m², €3.15m | New-build Golden Mile villas start above €3m; a contemporary 4-bedroom with infinity pool, €4.1m |
Current asking prices (A Place in the Sun, Savills, Your Overseas Home, Marbella For Life, Oct 2026), availability not verifiedU.
The rules
| Item | Vilamoura | Marbella |
|---|---|---|
| Purchase tax, €3m, non-resident | €249,000 (8.3%) | €210,000 resale (ITP 7%); €336,000 new (VAT 10% + 1.2%) |
| Annual property tax | IMI 0.3% of tax value + AIMI (0.7% to 1.5% above €600,000) | IBI 0.65% of cadastral value, typically well below market |
| Wealth tax | None | Andalusia waives its own; state solidarity tax above €3m net, with a €700,000 allowance for non-residents |
| Non-resident capital gains | Half the gain at progressive rates | 19%, with 3% withheld by the buyer |
Lei 73-A/2025 and DL 97/2026 (Portugal); Ley 5/2021 (Andalusia); Marbella IBI ordinance via Guía Fiscal; Cuatrecasas on the solidarity tax.
The operators
| Item | Vilamoura | Marbella |
|---|---|---|
| Luxury hotels | Anantara (280 keys, 2017), Tivoli Marina (383), Hilton (177) | Marbella Club (1954), Puente Romano (269), Nobu (81), Anantara Villa Padierna (132) |
| Pipeline | Barrière boutique hotel with 76 residences and 21 villas at Cegonha, €90m, undatedS; InterContinental (323 keys, 2027) and Canopy (155, 2026) nearby | Four Seasons (€700m, deliveries 2029–32), W (2027), Meliá (2027), Waldorf Astoria (2029), Angsana (2026) |
| Branded residences | One project (Barrière) | Dolce & Gabbana, Fendi, Lamborghini, Karl Lagerfeld, Elie Saab, Missoni, W: about nine |
| Michelin stars 2026 within 20 km | 3: Gusto by Heinz Beck (Almancil), Vila Joya (two stars, Albufeira) | 5: Skina (two stars), BACK, Messina, Nintai |
| Golf within 30 minutes | 6 in-resort courses, plus the Golden Triangle | About 20, including the Golf Valley |
| Tour golf | Portugal Invitational (PGA Tour Champions, Els Club, five-year deal from 2026); the Portugal Masters ended in 2022 | No tour event found in 2026; Solheim Cup 2023 at Finca Cortesín, 40 km |
| Schools and hospitals | Vilamoura International School; HPA Gambelas (Faro) | At least six international schools; Quirónsalud, HC Marbella, Vithas Xanit |
Michelin Guide 2026 lists; Panorama Marbella and hotel groups' announcementsS; PGA Tour (21 Jul 2025).
The life, the access and the risk
| Item | Vilamoura | Marbella |
|---|---|---|
| Climate | Faro: mean 18.2°C, 455 mm of rain, 115 days above 25°C | Málaga: mean 18.5°C, 534 mm, about 2,900 sunshine hours |
| Beaches | Loulé flies 10 Blue Flags in 2026, including Vilamoura and the marina | 8 beaches and 2 marinas; Puerto Banús-Levante lost its flag |
| Events | Portugal Invitational (Aug); 49er sailing Grand Prix (26–29 Nov 2026); MotoGP at Portimão (20–22 Nov 2026); Formula 1 at Portimão (18–20 Jun 2027) | Starlite festival, June to August, costed by PwC at €315m a year to Spain's GDP; Concurso de Elegancia (Oct) |
| Season | August takes 30% of Portugal's hotel nights; Algarve nights fell 0.2% in 2025 | Costa del Sol hotel nights at a record in H1 2026; the fuller year-round calendar |
| Access | Faro, 10.4 million passengers, 25 minutes; A22 toll-free since 2025; seasonal direct New YorkU | Málaga, 26.8 million, 45 minutes; daily New York; high-speed rail to Madrid in 2h30 |
| Risk | Algarve dams at 41% (Jul 2026); Quarteira beach losing about 3 m a year, with a €14.9m nourishment under way | Flooding in the Nov 2024 storm (DANA), including the hospital; Sierra Bermeja wildfire 2021 (about 9,700 ha); reservoirs at 95% in Mar 2026 |
IPMA, AEMET; Blue Flag 2026 lists via ABAAE and ADEACS; INE Portugal and Spain; APA; Aena; organisers.
Quinta do Lago and Vale do Lobo vs Sotogrande.
The same product, built for the same buyers: gated golf estates from the 1960s and 70s with a British-led ownership, now drawing Americans. A Country Life comparison found Sotogrande "more international" and Quinta do Lago "smaller, more discreet"; the figures below test that.
The money
| Item | Quinta do Lago / Vale do Lobo | Sotogrande |
|---|---|---|
| Prime index | +5.2% in 2025, 24th of 100; +61.2% over five years (Knight Frank) | Not in the index; nearest proxy Marbella +8.1% |
| Asking price | Loulé median €3,993/m² (INE); central-Algarve luxury villas €6,250 to €10,000/m²S | €3,842/m² (idealista, Jun 2026, +14.5%); Alto €4,081; prime golf-front €7,000–8,000S |
| 4-bedroom villa with pool | €3.5m to €7m in the estates | €1.6m (Costa) to €5m (frontline Almenara) |
| Gross yield proxy | About 4.9% | About 5.0% |
| Estate and owner | Quinta do Lago: Denis O'Brien since 1998; a €220m sale suspended in 2024. Vale do Lobo (450 ha): funds advised by Davidson Kempner since 2022 | Sotogrande S.A.: Orion Capital since 2017 (bought with Cerberus for €225m in 2014); 2024 sale talks reportedU |
| Sales | Loulé count not published in INE's summary | Sotogrande S.A. 2024: average sale above €1.9m, top sale €17mS |
Knight Frank PIRI 2026 via ECO NewsS; INE; idealista and Engel & Völkers listing data; QP Savills (marketing); Spanish Property Insight.
What €3 million buys
| Quinta do Lago / Vale do Lobo | Sotogrande |
|---|---|
| Entry for a detached 4-bedroom in core Quinta do Lago is about €3.5m: a 4-suite villa with guest annex and heated pool at Pinheiros Altos | €1.59m: 4 bedrooms, 280 m² on 1,298 m² with pool, Sotogrande Costa |
| €3.95m: 4 bedrooms, 281 m², walking distance to the beach | €2.49m: villa over 500 m² on 2,120 m², Altos de Valderrama |
| €4.95m: 4 bedrooms, 275 m², heated pool | €4.95m: 4 en-suite bedrooms, frontline Almenara golf |
Savills, Quinta Property and Hello Spain Properties listings (Oct 2026), availability not verifiedU.
The rules
| Item | Loulé | San Roque |
|---|---|---|
| Purchase tax, €3m, non-resident | €249,000 | €210,000 (ITP 7%) |
| Annual holding cost on a €3m home | IMI 0.3% plus AIMI: up to about €36,800 if the tax value equals the price; usually less, as tax values run below marketD | IBI about 0.5% of a cadastral value near half the price, plus imputed-income tax: about €11,000 to €15,000D |
| Wealth tax | None | Andalusia waives its own; the state solidarity tax starts above €3m net after a €700,000 allowance, so nil on this home |
| Short-term letting | Loulé tourist tax applies; no containment rule foundU | Andalusia bars tourist lets where community statutes prohibit them; registrars enforce it (2026 rulings) |
Portal das Finanças; San Roque IBI ordinance (2015, latest found)U; Guía Fiscal; BOE (DGSJFP, Jan 2026).
The operators
| Item | Quinta do Lago / Vale do Lobo | Sotogrande |
|---|---|---|
| Luxury hotels | Conrad Algarve (154 keys, 2012; bought by Denis O'Brien in 2024), Wyndham Grand (131 suites), The Magnolia, Dona Filipa | SO/ Sotogrande (152 keys, Accor, 2021); Finca Cortesín (67 suites) 15 minutes away |
| Pipeline | None on the estates; Conrad Meia Praia (Lagos, 2027) and InterContinental Vilamoura (2027) in the region | Village Verde apartments and The 15 villas, both largely sold; no new hotel found |
| Michelin stars 2026 within 20 km | 3 (Gusto, Vila Joya, Alameda in Faro) | None; the nearest cluster is Marbella, 55 km |
| Golf | About 12 courses within 30 minutes: Quinta do Lago South, North and Laranjal; San Lorenzo; Vale do Lobo Royal and Ocean; Vilamoura | About 10: Valderrama (1997 Ryder Cup; LIV Golf Andalucía, 4–7 Jun 2026), Real Club de Golf Sotogrande, La Reserva, Almenara, La Hacienda, Finca Cortesín |
| Marina and polo | Vilamoura marina (825 + 68 berths), 20 minutes; no polo | Puerto Sotogrande, 683 to 1,382 berths depending on sourceU; Ayala Polo Club's international tournament, 27 Jul–29 Aug 2026 |
| Schools and hospitals | Nobel Algarve (over 1,400 pupils, IB); HPA Gambelas 15 minutes | Sotogrande International School (over 1,300); Quirónsalud Campo de Gibraltar 20 minutes |
Hotel operators; Michelin Guide 2026 lists via pressS; LIV Golf; Andalucia.com (polo); school websites.
The life, the access and the risk
| Item | Quinta do Lago / Vale do Lobo | Sotogrande |
|---|---|---|
| Climate | Faro: mean 18.2°C, 455 mm of rain | Málaga station: mean 18.5°C, 534 mm; Tarifa, nearer, is windier and wetter (about 590 mm) |
| Beaches and nature | Quinta do Lago, Ancão, Garrão and Vale do Lobo all fly the 2026 Blue Flag; Ria Formosa Natural Park, about 18,000 ha | Torreguadiaro, Alcaidesa and Cala Sardina flaggedS; Guadiaro estuary reserve (35 ha); Los Alcornocales (167,767 ha) inland |
| Events | MotoGP and, from 2027, Formula 1 at Portimão an hour away; PGA Tour Champions at Vilamoura | LIV Golf at Valderrama; a six-week polo season; the DP World Tour event last held in 2024 |
| Access | Faro 25 minutes: direct London, Dublin, Frankfurt, Paris; seasonal New YorkU | Gibraltar 15 minutes (London, Manchester, Bristol); Málaga one hour for everything else, including daily New York |
| Risk | Algarve dams at 41% (Jul 2026); Forte Novo beach stripped by a March 2025 storm; wildfire in the Loulé interior, 35 km inland (Jun 2026) | Campo de Gibraltar reservoirs fell to 26% in the 2024 drought, with night-time restrictions; Guadiaro flooding and evacuation orders (Feb 2026)S; Sotogrande beach has retreated over 140 m beside the estuaryS |
IPMA, AEMET; ABAAE and press for Blue FlagsS; Junta de Andalucía (reservoirs, 2024); Postal; Gibraltar ChronicleS.
Comporta vs Cap Ferret and the Hamptons.
The Financial Times called Comporta "Portugal's answer to the Hamptons" in 2019, and the phrase has followed it since. Cap Ferret is the European match: pine, dunes and oyster villages on a lagoon, low-rise by rule, owned by families who prefer not to be seen. No publication compares Comporta with Cap Ferret; the pairing is Luznur's, on the overlap of French and Belgian buyers. All three are tested below on the same terms.
The money
| Item | Comporta | Cap Ferret | The Hamptons |
|---|---|---|---|
| Asking price, prime | Grândola homes listed above €1m: median €14,286/m² (Q2 2026); beachfront above €16,000 (Knight Frank) | €14,500 to €16,000/m² for houses on the peninsula; the best spots about doubleS | Median sale $2.2m (Q2 2026), up 57% in five years; the top tenth from about $11.75m |
| Broad average | Grândola €2,250/m² (INE); Engel & Völkers Comporta average €4,625 | €9,661/m² across the commune, +0.4% over five years (notarial data) | Average sale $3.4m; new construction about $10,100/m² (2022) |
| Sales a year | Grândola 270 and Alcácer 201 (2025) | Between 63 and 254 depending on sourceU | About 1,200 a quarter across the East End |
| Second homes | Not published | 62% to 66% of all dwellings; about 70% French-owned; Belgians and British the main foreigners | Population 28,500 in East Hampton, about 100,000 in summer |
| Short-term letting | No regulation; under 1,000 registrations so none required | National registration mandatory from May 2026; the commune applies the maximum 60% surcharge on second-home council tax | Rental registry; lets under 14 days limited to twice in six months (East Hampton); 14-day minimum (Southampton) |
| Peak-week rent, prime house | Not published | €5,000 to €15,000 a week (village)S | $150,000 to $500,000 for the summer; trophy oceanfront from $900,000S |
idealista/data; Knight Frank Lisbon Insight 2026; INE; PAP (DVF) and SeLoger indices; La Libre (24 Jul 2026)S; Douglas Elliman/Miller Samuel and Corcoran Q2 2026 reports via pressS; town codes. Dollars at the ECB rate of 14 Oct 2026 ($1.12 per euro).
What €3 million buys
| Comporta | Cap Ferret | The Hamptons (about $3.4m) |
|---|---|---|
| At the prime asking median, about 210 m²; at the Engel & Völkers average, about 650 m² of villa away from the beachD | Village of Cap Ferret: 200 m², 5 bedrooms on 1,138 m², €3.55m | Sagaponack, north of the highway: 5 bedrooms, about 480 m² on 1.4 acres, heated pool and tennis, $3.45m |
| Resort supply: Six Senses residences (58) and Park Hyatt villas from 2028–29; Terras da Comporta plotsS | Hills of Le Canon: 230 m² villa built 2019, €2.84m | Sagaponack woods: 5 bedrooms, about 560 m² on 2 acres with pool, $4.0m |
| 44 Hectares: 130 m², 3 bedrooms on 2,000 m² of pines, €3.66m | "South of the highway" starts well above this budget |
Barnes, Sotheby's, Leading RE and Nest Seekers listings (Oct 2026), availability not verifiedU.
The rules: buying and holding a €3 million home
| Item | Comporta | Cap Ferret | Hamptons |
|---|---|---|---|
| Purchase cost | €249,000 (8.3%) | About €223,000 (7.4%): transfer duties 6.3% plus notary | About €121,000 (3.9%): 2.5% Peconic Bay transfer tax, 1% mansion tax, title |
| Wealth tax, each year | None (AIMI on the tax value: up to €27,800 if it equalled the price; usually far less) | IFI on French property above €1.3m: €15,690 a year on €3m | None |
| Property tax, each year | IMI 0.3% of tax value | Taxe foncière plus the 60% second-home surcharge | 0.4% to 1.0% of value: $15,000 to $35,000U |
| Selling as a non-resident | Half the gain at progressive rates | 19% plus 17.2% social charges (7.5% for EU residents), tapering to nil after 22 to 30 years | 15% of the gross price withheld at closing (FIRPTA); federal gains tax up to 20% |
| Inheritance | Exempt to children and spouse | €100,000 allowance per child, then 5% to 45%; forced heirship applies | US estate tax above a $60,000 exemption for non-residents, up to 40%; Portugal has no treatyU |
Portal das Finanças; Legifiscal and Calcunet (Gironde 2026); CGI art. 977; NY State and Southampton Town; Golding Lawyers and SingerLewak on FIRPTA and estate tax.
The operators
| Item | Comporta | Cap Ferret | Hamptons |
|---|---|---|---|
| Hotels | Sublime Comporta, Quinta da Comporta, Spatia, JNcQUOI Club, Tróia Design Hotel | Small by design: La Coorniche (29 keys), Haaitza (38), Hôtel des Dunes (13), La Maison du Bassin (17), Côté Sable (15) | The Maidstone (19), Topping Rose House (22), Baker House 1650 (13), Shou Sugi Ban House (13), The Roundtree; Gurney's in Montauk |
| Pipeline | Six Senses (70 keys + 58 residences, 2028); Park Hyatt (58 keys, 22 residences, 2029) | None found | Reopenings only (Faraway Sag Harbor, Hotel Corduroy, Bentley Southampton); zoning blocks new build |
| Michelin 2026 | None in the Alentejo Litoral; Lisbon's 15 stars an hour away | Le Skiff Club (two stars) at Haaitza; Le Patio (Arcachon) and Nacre (Arès); Bordeaux's 11 starred restaurants an hour away | The US guide does not cover the Hamptons |
| Golf | Terras da Comporta Dunas (2023) and Torre (2025); Tróia | Golf International d'Arcachon; Golf du Médoc | Shinnecock Hills (US Open, Jun 2026), National Golf Links, Maidstone, Sebonack, Atlantic, The Bridge: private, initiations from $200,000 to $1mS |
| Marina | Tróia | Arcachon, about 2,600 berths; small ports on the peninsula | Montauk Yacht Club (200+ slips, to 300 ft); Sag Harbor |
| Hospital | Setúbal, 50 minutes | Arcachon (204 beds), 30 minutes by ferry; Bordeaux CHU | Stony Brook Southampton (125 beds) |
Hotel websites and the Michelin hotel guide; Michelin Guide France 2026 via JDS; Golf Digest and The Real Deal (initiations)S; Dan's Papers (marinas); Stony Brook Medicine.
The life, the access and the risk
| Item | Comporta | Cap Ferret | The Hamptons |
|---|---|---|---|
| Climate | Setúbal coast: Atlantic, dry summers; sea about 18–20°C in August | Bordeaux: 2,118 sunshine hours, 1,174 mm of rain, 130 rain days; July 27°C, January 11°C | July 27°C, January 4°C with frost; about 1,245 mm of rain; sea about 21°C in AugustU |
| Beaches and nature | Sado Estuary Nature Reserve; Natura 2000 Comporta–Galé; 60 km of unbuilt beach | Bassin d'Arcachon marine park (435 km²), Banc d'Arguin reserve, Dune du Pilat; the Pointe's dunes owned by the Conservatoire du littoral | Main Beach (East Hampton) 5th in the 2026 Dr Beach list; Peconic Estuary; Napeague State Park |
| Events | None of scale; Tróia and Setúbal regattas | Cap Ferret Music Festival (4–11 Jul 2026); oyster festivals; 18 Heures d'Arcachon; Bordeaux Fête le Vin (Jul 2027) | US Open golf at Shinnecock (Jun 2026, over $200m to the region); Hampton Classic (23–30 Aug 2026); Fine Art Fair (Jul); film festival (Oct); polo |
| Season | Open all year; quiet from October to May | 8,000 residents, "tenfold in summer"; hotels close mid-November to spring | Population roughly triples in summer; "Tumbleweed Tuesday" after Labor Day |
| Access | Lisbon airport 1h15 by road, or the Tróia ferry | Bordeaux airport (5.9 million passengers), about one hour plus the ferry; Paris by TGV in 2h04 | JFK 2 to 3 hours by road; helicopter from $795 a seat; the Cannonball train; East Hampton airport open under litigation |
| Risk | Wildfire: Grândola burned in 2017 and 2023; water from the Sado basin | The Pointe loses 4 to 5 m a year; about 200 villas threatened by 2100, one demolition ordered by a court in 2024. In July 2026 the Saumos wildfire burned about 42,000 ha in the Gironde, destroyed over 240 homes and forced the evacuation of the whole peninsula by road and seaS | The entire ocean frontage sits in FEMA's highest flood zone (VE); sea level projected to rise 23 to 53 cm by the 2050s; nourishment paid by owners through an erosion-control tax ($22m for six miles, 2024) |
Météo-France and NOAA normals (Hamptons figures third-partyU); OFB, INPN, Suffolk County; organisers; Observatoire de la Côte, Eurojuris, La Libre, Euronews and the Gironde gendarmerie (2026 fire)S; NYS DEC Part 490; 27east.
The jurisdiction, against seven others.
For a family choosing where to live and pay tax, and buying a €3 million main home there. Portugal against Spain, Italy, Greece, France, Switzerland, the UAE and Florida, on the rules as they stand in October 2026. Residency routes are listed as routes; none of them turns on buying a home in Portugal.
The regime for new residents
| Country | Regime | What it gives | Years | Who qualifies |
|---|---|---|---|---|
| Portugal | IFICI | 20% flat on qualifying Portuguese income; most foreign income exempt | 10 | Research, innovation and highly qualified roles; not for former NHR holders |
| Spain | Beckham regime | 24% on employment income to €600,000, 47% above; most foreign income outside scope | 6 | Employees, directors, founders, digital nomads; not resident in the prior five years |
| Italy | Flat tax for new residents | €300,000 a year on all foreign income, plus €50,000 per family member (raised from €200,000 in 2026); or 7% for foreign pensioners settling in southern towns | 15 | Non-resident nine of the prior ten years |
| Greece | Non-dom regime | €100,000 a year on foreign income plus €20,000 per family member; or 7% for foreign pensioners | 15 | Non-resident seven of the prior eight years; €500,000 invested within three years |
| France | Impatriate regime | Impatriation premium exempt; 50% of foreign passive income exempt; foreign assets outside the wealth tax for five years | 8 | Only those hired or transferred by a French employer; not a retiree or investor who relocates |
| Switzerland | Lump-sum taxation | Tax on living expenses rather than income; in practice about CHF 250,000 a year in Obwalden to CHF 1 million in Zurich and Zug for non-EU nationalsS | Open-ended | Foreigners taking up residence without Swiss employment; abolished in five cantons |
| UAE | None needed | No personal income, capital gains or inheritance tax; 9% corporate tax | – | Anyone resident |
| Florida | None at state level | No state income or estate tax; US federal tax on worldwide income applies to residents | – | US residents |
Garrigues and Cuatrecasas (IFICI); Costaluz Lawyers (Beckham, 2026); DWF and De Tullio on Italy's Law 199/2025; KPMG Greece (Nov 2025); Norton Rose Fulbright (France); KPMG and Loyens & Loeff (Switzerland); PwC tax summaries 2026.
Buying the €3 million home
Purchase taxes and fees, and the annual taxes that follow
Data table
Derived from the rates in the next tableD: Portugal (IMT 7.5% + stamp 0.8%); Madrid (ITP 6%); Andalusia (7%); Italy (9% registration on a luxury-class home); Greece (3.09%); France (about 7.4% all-in); Switzerland (0% to 3.3% by canton, Zurich to Vaud); Dubai (4% DLD); Florida (about 1% to 2% buyer costs). New-build purchases carry VAT instead in Spain (10%), Italy (22% for luxury) and France (lower duties).
Holding and passing on
| Country | Wealth tax | Inheritance to children |
|---|---|---|
| Portugal | None; AIMI 0.7% to 1.5% on residential tax value above €600,000 | Exempt |
| Spain | Waived in Madrid and Andalusia; state solidarity tax 1.7% to 3.5% above €3m net; up to 3.5% in Catalonia and Valencia | 99% relief in Madrid and Andalusia; far less in Catalonia |
| Italy | None; 1.06% on foreign property and 0.2% on foreign financial assets, waived for flat-tax residents | 4% above €1m per child |
| Greece | None; ENFIA property charge | 1% to 10% above a €150,000 allowance |
| France | IFI 0.5% to 1.5% on property above €1.3m; new 20% tax on non-productive assets in personal holdings (2026) | 5% to 45% above €100,000 per child; forced heirship |
| Switzerland | Cantonal, about 0.1% to over 1% of net wealth | Exempt in most cantons |
| UAE | None | None |
| Florida | None; property tax about 0.86% | No state tax; federal estate tax above $15m per person from 2026 |
Cuatrecasas and Costaluz (Spain); PwC Italy, Greece, France and Switzerland (2026); Hagnere Patrimoine on the 2026 French budget; University of Florida (estate exemption).
Residency without local employment
| Country | Route | Minimum stay | Permanent residence · citizenship |
|---|---|---|---|
| Portugal | D7 passive-income visa; Golden Visa through a €500,000 fund | Golden Visa: 7 days a year | 5 years · 10 years (7 for EU and Portuguese-speaking nationals) |
| Spain | Non-lucrative visa (€28,800 a year plus €7,200 per dependant); Golden Visa closed April 2025 | Over 183 days a year, so tax residence follows | 5 · 10 (2 for Ibero-Americans) |
| Italy | Elective residence (about €31,000 income); investor visa €250,000 to €2m, property excluded | Absence over six months breaks it | 5 · 10 |
| Greece | Golden Visa on property: €800,000 in Athens and the main islands, €400,000 elsewhere, €250,000 for conversions | None | Renewable 5-year permit · 7 years with Greek language |
| France | Visitor visa on sufficient means, no work | Residence expected | About 5 · 5, with B2 French from 2026 |
| Switzerland | Residence through lump-sum taxation, by cantonal agreement; 496 such residents in 2025 | Genuine residence | 10 · 10 |
| UAE | Golden Visa on AED 2m of property; ten years, renewable | None | No citizenship route in practice |
| USA | EB-5 investment ($800,000 to $1.05m); "Gold Card" at $1m, one approval reported by April 2026S | Green card: avoid long absences | – · 5 after the green card |
AIMA; Costaluz Lawyers (IPREM 2026); Mondaq and Moving To (Italy); Private.law (Greece); Service-public.fr; IMI Daily (Swiss lump-sum residents); Middle East Briefing and Taylor Wessing (UAE); Miller Mayer (Gold Card). For the Portuguese routes in full, see Moving to Portugal.
The quieter measures
| Country | Peace index 2026 | Price level, EU = 100 | English | S&P |
|---|---|---|---|---|
| Portugal | 7th | 87 | 6th | A+ |
| Spain | 27th | 92 | 36th | A+ |
| Italy | 35th | 97 | 59th | BBB+ |
| Greece | 53rd | 87 | 20th | BBB |
| France | 99th | 110 | 38th | A+ |
| Switzerland | 3rd | 171 | 30th | AAA |
| UAE | 73rd | – | 72nd | AA |
| USA | 134th | – | – | AA+ |
Institute for Economics & Peace, Global Peace Index 2026; Eurostat comparative price levels 2025, preliminary (via Statistics Norway); EF English Proficiency Index 2025; S&P ratings via pressS.
Events that move money, dated.
Only confirmed events with dates from their organisers, and the money figure where an official or commissioned study exists. "Announced" means press reports without an official document.
The year, on one line
Every confirmed event placed by its dates in the year. Portugal above the line, the alternatives below. Hover for the dates and what each brings.
Portugal, 2026 to 2030
| Event | When | Status | What it brings |
|---|---|---|---|
| Formula 1 Portuguese Grand Prix, Portimão | 18–20 June 2027, and 2028 | Confirmed | Government estimate of at least €140m a year and about 200,000 visitors, more than half from abroad; a two-year deal with the state, Turismo de Portugal and the circuitS |
| FIFA World Cup 2030, Lisbon and Porto | June–July 2030 | Confirmed co-host | PwC for the football federation: €707m to €859m of GDP, 18,000 to 23,000 jobs; a semi-final at the Estádio da Luz; match allocation pending |
| Web Summit, Lisbon | 9–12 Nov 2026; contract to 2028 | Confirmed | 71,386 attendees from 157 countries in 2025; local impact estimated at about €300mS |
| MotoGP, Portimão | 20–22 Nov 2026; contract to 2029 | Confirmed | Weekend crowds projected above 150,000 in past editionsS |
| Open de Portugal, DP World Tour, Oitavos Dunes, Cascais | 13–16 May 2027; three-year deal to 2029 | Confirmed | Returns to golf's top European tier after six years; no impact figure published |
| The Ocean Race, Cascais stopover | Arrival about 26 May 2027, restart 6 June | Confirmed | Race headquarters moving to Porto in 2028S |
| Portugal Invitational, PGA Tour Champions, Vilamoura | 31 Jul–2 Aug 2026; five-year deal | Confirmed | The Portugal Masters ended in 2022; the Algarve recorded 1.46 million golf rounds in 2024 |
| Millennium Estoril Open, ATP 250 | 18–26 July 2026; July slot offered for 2027 | Confirmed 2026 | Record budget above €6mS |
| Rock in Rio Lisboa | 17–18 and 24–25 June 2028 | Confirmed | About 330,000 attendees in 2026; the 2024 edition was costed at €120m by Nova SBE |
| WSL Championship Tour, Peniche; Nazaré big-wave window | 22 Oct–1 Nov 2026; Nov–Mar | Confirmed | Global broadcast of the Portuguese coast |
| ARCOlisboa; Michelin Guide Portugal gala; Golegã horse fair; Nations Cup show jumping, Lisbon | May 2026; Mar 2026 and 2027; 6–15 Nov 2026; 22–24 May 2026 | Confirmed | 83 galleries from 17 countries; 53 starred restaurants in the 2026 guide; show jumping secured to 2030 |
SportsPro, DN and the FIA 2027 calendar (16 Sep 2026); Portugal Global and the FPF; Web Summit via Essential BusinessS; Autódromo do Algarve; DP World Tour via DN and RTP; The Ocean Race via RTP and ECO; PGA Tour; ATP via Flashscore; RTP (Rock in Rio); WSL; IFEMA; Michelin; Visit Portugal; Jumper News.
The alternatives, 2026
| Place | Event | When | What it brings |
|---|---|---|---|
| Madrid | Formula 1 Spanish Grand Prix at Madring; NFL at the Bernabéu; Champions League final; ARCOmadrid; Mutua Madrid Open | Sep 2026; 8 Nov 2026; 5 Jun 2027; Mar 2027; Apr–May 2027 | A capital's calendar: the only city in this comparison with Formula 1, the NFL and a Champions League final within a year |
| Marbella | Starlite festival; Concurso de Elegancia | June–August; October | PwC costed Starlite at €315m a year to GDP (2022 study); over 350,000 attendees in 2024 |
| Sotogrande | LIV Golf Andalucía at Valderrama; Ayala Polo international tournament | 4–7 Jun 2026; 27 Jul–29 Aug 2026 | The DP World Tour's Andalucía Masters has not been held since 2024 |
| Cap Ferret and Bordeaux | Cap Ferret Music Festival; oyster festivals; 18 Heures d'Arcachon; Bordeaux Fête le Vin | 4–11 Jul 2026; summer; July; 7–11 Jul 2027 | Small by design; no 2026 edition of the wine festival |
| The Hamptons | US Open golf, Shinnecock Hills; Hampton Classic; Fine Art Fair; film festival; polo | 18–21 Jun 2026; 23–30 Aug; 9–12 Jul; 2–12 Oct; July | USGA projected over $200m of regional activity for the Open, with attendance capped near 150,000 |
Madring; NFL; UEFA; IFEMA; Starlite and PwC via Moncloa; LIV Golf; Andalucia.com; organisers; USGA via Riverhead News-Review and News12S.
How to read this comparison.
Each pairing was chosen on evidence that the same buyers weigh both places: broker research and press for Lisbon and Madrid; shared buyer profiles for the resorts; a Financial Times comparison for Comporta and the Hamptons. Where no published comparison exists, the page says the pairing is Luznur's. Transaction prices come from statistics offices and notaries where they exist; asking prices from portals and agencies are labelled as such, and the "what €3 million buys" examples are current listings whose availability was not verified. Tax figures are computed from published rates on a €3 million home and are illustrations, not advice. Climate figures are official normals; Michelin and Blue Flag counts are from the 2026 lists. Stage readings and the summary are Luznur's assessment. Markers: D derived by Luznur from sourced figures; S secondary source quoting the original; U a single source we could not confirm.
- INE (Portugal); Registradores, Notariado and INE (Spain); notaires de France; Douglas Elliman/Miller Samuel and Corcoran (Hamptons)
- Knight Frank: The Wealth Report 2026 (PIRI 100), European Lifestyle Report 2025, Lisbon Insight 2026
- Savills: World Cities Prime Residential Index 2026, Spotlight on Wealth Trends 2025
- idealista/data, Engel & Völkers, QP Savills and agency listings (asking prices, marked as such)
- Tax: Portal das Finanças; Agencia Tributaria; Legifiscal; CGI; NY State; PwC tax summaries 2026; Garrigues, Cuatrecasas, Costaluz, De Tullio, Norton Rose Fulbright, KPMG, Loyens & Loeff, Golding Lawyers
- Michelin Guide 2026 (Portugal, Spain, France); Blue Flag 2026 lists (ABAAE, ADEAC, Pavillon Bleu)
- IPMA, AEMET, Météo-France and NOAA climate normals
- Aena, ANA/INE, Union des Aéroports Français; airline schedules
- Risk: APA, Junta de Andalucía, Observatoire de la Côte Aquitaine, Gironde prefecture and gendarmerie, FEMA, NYS DEC, East Hampton Town
- Events: FIA and Formula 1, FIFA and FPF/PwC, Web Summit, DP World Tour, PGA Tour, ATP, WSL, The Ocean Race, LIV Golf, USGA, organisers
- Institute for Economics & Peace; Eurostat; EF; S&P
Weighing Portugal against somewhere else?
These scorecards compare places. A decision compares one family's objectives, tax position and timeline against each of them. We are glad to walk through that comparison with you, and to bring in our legal and tax partners on the jurisdictions where they should.
This comparison is for information only. It is not investment, tax, immigration or legal advice. Figures are attributed to their publishers; tax computations illustrate published rates on a €3 million home and must be confirmed for a specific case; listing examples are current asking prices whose availability was not verified; assessments are Luznur Capital's own.
Weighing Portugal against somewhere else?
These scorecards compare places. A decision compares one family’s objectives, tax position and timeline against each of them. Tell us which places you are weighing
Contact us today at info@luznurcapital.com