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For Many Wealthy Brazilians, Portugal Is Becoming the New Miami

May 21, 2019, 10:10 AM

Brazilian entrepreneur Ricardo Bellino knows a good deal when he sees one. So after more than a decade living in Miami, he decided to move across the Atlantic to Portugal, where a booming real estate market and tax breaks are attracting a growing number of wealthy Brazilians.

The 53-year-old multimillionaire, who made his fortune in the modeling business, bought a home last year in an exclusive resort on a hill near Lisbon, where he is planning his next business ventures. In Portugal, Bellino will benefit from a flat income-tax rate of 20% and may be entitled to a tax-free pension ...