Mercan CMS

Category: Investment

  • Mercan Portugal was awarded the Most Efficient Operation Award at the IFM Summit Lisbon 2024

    Mercan Portugal’s Construction and Development team has once again demonstrated its leadership in innovation and operational excellence by winning the Infraspeak – Most Efficient Operation Award for the second consecutive year at the IFM Summit Lisbon 2024.

    This achievement underscores the pivotal role of technology and innovation in the competitive landscape of hotel operations management. It celebrates the exceptional performance of the Construction and Development teams in asset management, showcasing the effectiveness of employing intelligent, adaptable, and sustainable tools in asset management practices.

    In an era characterized by rapid technological advancements, where challenges for the Project Maintenance paradigm are evolving under the 5.0 technology Era, Infraspeak Portugal emerges as a distinctive platform for maintenance and facility management. It seamlessly integrates teams, projects, software, and hardware, while offering modern automation and optimizing resource allocation. This results in enhanced efficiency and intuitive operations within the hospitality sector.

    This accolade not only sets a new benchmark for efficiency but also reaffirms Mercan Portugal’s leadership position in the construction and development of the hotel industry.

  • Navigating Changes in Portugal’s NHR

    Mercan Group is excited to provide you with an important update regarding Portugal’s Non-Habitual Resident (NHR) tax regime. In light of recent developments, including the end of the NHR regime from January 1, 2024, and the introduction of a transition period, we are pleased to announce that the Tax Authorities have issued clarification regarding the transitory regime.

    As per Article 236 of the LOE 2024, the NHR tax regime, as previously in effect, will continue to apply until the completion of the 10th consecutive year from the year of registration as an NHR. This provision applies to individuals who fall under the following categories:

    a) Individuals who were already registered as NHRs with the Tax Authority (AT) as of January 1, 2024, until the completion of their 10-year entitlement to be taxed as NHRs.

    b) Individuals who meet the conditions outlined in Article 16 of the Personal Income Tax Code (CIRS) for qualification as tax residents in Portugal as of December 31, 2023, and apply for NHR registration with effects from the year 2023 by March 31, 2024.

    c) Individuals who become tax residents by December 31, 2024, and subsequently apply for NHR registration with effects from the year 2024 by March 31, 2025, declaring their eligibility as NHRs.

    To qualify, individuals must meet one of the following criteria:

    1) Have a promise or employment contract with duties in Portugal by December 31, 2023;
    2) Hold a lease or other property agreement in Portugal by October 10, 2023.
    3) Have a reservation contract for property in Portugal by October 10, 2023.
    4) Enroll dependents in Portuguese educational institutions by October 10, 2023.
    5) Possess a valid residence visa or permit until December 31, 2023.
    6) Initiate residence visa or permit procedures by December 31, 2023.

    Taxpayers must provide supporting documents when requested by AT services to demonstrate eligibility.

    d) Be family members of taxpayers mentioned in paragraphs a), b), or c) of Article 236(3) of the LOE 2024.

    For applications submitted after March 31, 2025, NHR status will be effective from the year of application until the end of the 10th consecutive year from 2024, the year of residency in Portugal.

    It is important to note that individuals must hold professions of high added value as specified in administrative rule n.º 12/2010, dated January 7th, to access this regime.

    We trust that this information will help you better understand the recent changes to the NHR tax regime.

  • Mercan Group’s Renaissance Porto Lapa Hotel has been elected as the ‘Opening of the Year’ at the Nit Awards 2024

    Mercan Group‘s Renaissance Porto Lapa Hotel, known for its distinctive charm and unique character, has been honored with the ‘Opening of the Year’ award at the 2024 NiT Awards. Situated in the heart of Porto, this prestigious recognition underscores the hotel’s exceptional performance since its inauguration in 2023, marking a significant milestone in the hospitality industry.

    Driven by Mercan Properties’ vision to revitalize Porto’s Lapa district, the hotel serves as a cornerstone for broader urban renewal efforts. This initiative reflects a dedication to luxury accommodations and the revitalization of an iconic part of the city, blending five-star hospitality with cultural and community engagement.

    Guest feedback consistently praises the hotel’s meticulous attention to detail, the warmth of its staff, and the unwavering commitment evident in every aspect of service. With its impressive 17-meter infinity pool and rooftop area offering stunning views and a superb cocktail menu, the hotel provides a memorable experience for all visitors.

    Looking ahead, the hotel is focused on elevating its culinary offerings, aiming to redefine Portuguese cuisine with a sophisticated flair and establish itself as a gastronomic landmark. As a vibrant gathering place for both locals and guests, the Renaissance Porto Lapa Hotel is positioned to continue playing a pivotal role in Porto’s urban landscape, with ambitious plans for the future promising even greater developments.

  • Important Update: Ruling by the Constitutional Court

    We are pleased to share an important update regarding proposed changes to immigration legislation in Portugal. Recently, the Portuguese Constitutional Law confirmed the compliance of these proposed changes with the Portuguese Constitution.

    The next critical phase in this process involves the document’s final ratification by the Republic’s President, a step we anticipate will occur shortly. Upon ratification, this amendment will significantly alter the calculation of the citizenship request timeline. Specifically, the five-year period required for submitting a citizenship request will no longer commence from the issuance date of your residency card. Instead, it will begin from the date of submission of the application. It is worth noting that the specific moment of submission of the application is yet to be defined by law but will be clarified in forthcoming regulations, expected to be published within the next three months following the publication of the law.

    We are fully prepared to offer our unwavering support and assistance with any inquiries or matters you may encounter throughout this process. Our steadfast commitment ensures you are well-informed and equipped to navigate these changes seamlessly.

  • Important Update on the Portugal Golden Visa Program!

    The Golden Visa program has recently undergone some changes which end the granting of residence permits based on real estate acquisition. Investors may obtain a permit under the Golden Visa to acquire shares/units in non-real estate collective investment funds.

    Mercan Hospitality Investment Funds:

    • Bridge View Hotel
    • Hard Rock Hotel Phase III
    • Alvor Phase II

    Key Details:
    Investment Amount: 500,000 EUROS to qualify for the golden visa

    Minimum Investment Time: 6 years

    Fund Type: Venture Capital in Hospitality

    Return: Enjoy a fixed 2% return per year

    Total Inv Fund: 140M EUR

    Exclusive Benefits: Receive 7 free nights per year in a double room at any hotel within the fund’s portfolio

    Returns are exempt from taxation in PT, if clients are not tax residents.

    Apply with Mercan Group by contacting us today!


     

  • Portugal drew in €3.5 billion in foreign investment in 2023, marking the highest influx since 2016

    There have been 36 new investment decisions totaling €2.739 billion, resulting in the creation of 6,810 jobs. Among these, 14 projects are industrial in nature. Additionally, there are 12 investment projects from existing companies in Portugal, expected to generate an extra 1,500 jobs. AICEP is currently overseeing 50 PIN applications.

    Last year, AICEP secured a record-breaking €3.5 billion in investments, the highest amount since 2016. Of this sum, over €2.7 billion comes from new Foreign Direct Investment (FDI), encompassing 36 confirmed leads and the creation of 6,810 jobs. Notably, the industrial projects account for 14 of these, generating 3,555 new positions. The remaining 3,255 jobs pertain to service centers.

    Additionally, reinvestment projects by foreign and domestic companies contribute over €719 million to the total, promising an additional 1,526 jobs.

  • Modification to the Portuguese Citizenship Law

    We wish to notify you that, on January 26th, after the parliamentary approval of the decree amending the citizenship law, the President of the Republic requested a precautionary review of the constitutionality of said decree.

    The President’s request specifically pertains to Article 6 of the decree, which is associated with pending cases related to the acquisition of nationality by descendants of Portuguese Sephardic Jews. In light of this, it has been decided that a connection to the Portuguese community must be established in the application process for pending cases. Applicants are required to demonstrate proof of real estate in Portugal, frequent travels to Portugal, or possession of residence permits valid for at least one year.

    Considering the current situation involving Israel and Palestine, the President believes that introducing additional obstacles to the granting of Portuguese citizenship may be viewed as an infringement upon the principle of human dignity, as articulated in Article 1 of the Portuguese Constitution, and potentially as a violation of the right to life, safeguarded by Article 24 of the Portuguese Constitution.

    It’s crucial to note that this article is not directly or indirectly linked to the proposed amendments aiming to expedite the counting of the five-year deadline for legal residence periods, especially for Golden Visa holders. Consequently, the Constitutional Court’s analysis is not expected to impact that particular provision.

    The Constitutional Court now has a period of 25 days to determine the (un)constitutionality of the mentioned article in the decree. If the Constitutional Court deems the article to be in violation of the Portuguese Constitution, the President is obliged to veto it, and the decree will be returned to Parliament for revisions. Should the article be found to comply with the Constitution, the President can either issue a political veto (which is deemed unlikely) or proceed with the publication of the decree.

    We will ensure to keep you updated on any pertinent developments related to this matter.

  • Mercan Group to Invest 450M Euros in 8 New Lisbon & Algarve Hotels

    In an anticipated move, Mercan Group disclosed plans to commence construction this year on multiple hotel projects, including Portugal’s inaugural Hard Rock Hotel, set to grace Vau Beach. The Canadian conglomerate will inaugurate three hotels this year, solidifying their commitment to the country.

    Miguel Gomes, Mercan Properties’ Construction and Development General Manager, indicated that construction for these hotels, constituting 1,400 rooms in total, will initiate in 2024. Acknowledging the challenges inherent in predicting the exact start date due to licensing procedures, Gomes affirmed the group’s leadership in Portugal’s real estate landscape.

    While exact locations for the eight upcoming hotels remain undisclosed, the Hard Rock Hotel at Vau Beach, Portimão, is one confirmed project. Expected to open in 2026, this flagship hotel will generate 400 job opportunities and showcase 452 luxurious rooms and suites. Boasting direct beach access, the hotel will offer an array of amenities, including a Kids Club, multiple restaurants and bars, outdoor pools, a Rock Spa, a gym, a Rock Shop, sports facilities, and a beach club. Additionally, the Hard Rock Hotel Algarve will provide a conference room.

    Before 2024 summer, Mercan Properties will inaugurate three hotels, representing an investment of around €54.6 million. These include Holiday Inn Express Porto-Boavista, featuring 91 rooms with a €21 million investment, Holiday Inn Express Évora – Mercan’s second unit in the city – with 76 rooms and an investment of €16.8 million, and Holiday Inn Beja, comprising 95 rooms with a similar investment of €16.8 million. These hotels will fall under the management of AHM – Ace Hospitality Management, a subsidiary of the Mercan Group.

    Upon completion of these projects, Mercan Properties, which has entered Portugal since 2015, will possess a portfolio of 30 hotels spread across various Portuguese locations. These encompass Porto, Vila Nova de Gaia, Matosinhos, Lisbon, Amarante, Santiago do Cacém, Évora, Beja, Algarve, and Madeira Island. Beyond Portugal, the Canadian Mercan Group maintains a global presence in China, India, the United Arab Emirates, and the United States of America.

  • Mercan Group Wishes You a Merry Christmas and Joyous Holidays

    As the year draws to a close, Mercan Group pauses to reflect on a truly remarkable journey throughout 2023. We extend our deepest gratitude to every client and every individual who has contributed to our growth and success. Your unwavering support and trust have been the cornerstone of our achievements.

    2023 has been a year of meaningful partnerships, breakthroughs, and significant milestones. We are profoundly thankful for the opportunities to collaborate, innovate, and create value together. Each experience has strengthened our resolve to continuously elevate the quality of service we provide.

    Looking ahead to 2024, we are excited about the prospects it holds. Our commitment to excellence remains steadfast, and we are devoted to exceeding expectations by delivering exceptional services and solutions. The beginning of the new year will mark the introduction of exciting new projects, showcasing our dedication to constant improvement and innovation.

    As the holiday season approaches, we extend our warmest wishes for a Merry Christmas and a joyous New Year. May this festive season be filled with moments of love, joy, and togetherness for you and your loved ones.

    We sincerely thank you for being a part of our journey and eagerly anticipate continuing to serve you with utmost dedication and sincerity in the upcoming year. Here’s to a prosperous and fulfilling 2024 filled with new opportunities and successes!

  • Fresh regulations aimed at modernizing and streamlining immigration procedures

    The Portuguese Government has set forth a plan for 2024 to expedite and streamline immigration proceedings in Portugal. This initiative is evident in the revised regulatory decree altering the legal framework for Foreign Law in Portugal (Law no. 23/2007).

    Recent amendments to the law, integrated within the “Mais Habitação” program, have notably led to the restructuring of SEF – Serviço de Estrangeiros e Fronteiras, culminating in the establishment of the new agency AIMA – Agência para a Integração, Migrações e Asilo, I. P. Consequently, it has become imperative to consolidate these recent changes in the legislation.

    The primary objective is to modernize and simplify the administrative processes currently overseen by immigration authorities. This overhaul aims to equip the new agency, AIMA, with the necessary tools to assess and expedite cases more efficiently, reducing bureaucratic hurdles while upholding heightened security standards.

    These measures align with the Government’s stated objective for the new agency to address the prevailing backlog and delays in application reviews.