Rich Brazilians heading back to the Old Country

For decades, the upper crust of Brazilian society has had a thing for Miami. With a love for everything American, property in South Florida has always been a must-have for this slice of the population. However, after a tightening up of immigration policy by U.S. President Donald Trump, wealthy Brazilians are beginning to flock to Portugal instead—with the Old Country already being dubbed the “new Miami.”

Brazilians have become the leading foreign property buyers in the cities of Lisbon and Porto, and come in second place in the country as a whole, with 19 percent of Portugal’s foreign property investment.

Millionaire Brazilian businessman Ricardo Bellino is one of those who have made the switch from Palm Beach to Portugal, telling Bloomberg that it was an opportunity “to live in a tax haven that isn’t an island in the Caribbean.”

While technically not a “tax haven,” Portugal does have some...