Azimut, the independent European group with over €83bn in total assets, has opened a branch office in Estoril (Lisbon) through its Luxembourg subsidiary Azimut Investments.
In a statement on 5 May, it said the move will provide access to the group's investment solutions and strategies across public and private markets to foreign high net worth Individuals living in Portugal, as well as to local asset management industry.
Azimut highlighted how it sees Portugal becoming a growing strategic market for the international community of High Net Worth Individual, having introduced several incentive schemes over the past decade such as Golden Visa, Non-Habitual Residency tax regime and urban renewal projects to attract wealthy foreigners from around the world.
Most recently, the treatment on cryptocurrency income in Portugal has generated significant interest in the country, it further said.
Portugal is emerging as one of the top choices to move for foreign High Net Worth Individuals due to its incentives, digital environment, and high quality of life, it added.
Giuseppe Perrucci, Country Manager of Azimut Brazil, who will lead the new Portuguese branch, said: "The idea behind opening our office is to be closer to these communities of High Net Worth Individuals living in Portugal. Non-habitual residents, some 50,000 people from around the world, typically have complex and unique Wealth Management needs that align well with the international experience and product solutions offered by our Group."
The new Estoril office will report to Azimut Investments S.A., a company present in the Grand Duchy of Luxembourg since 1999 and which today is the Group's largest management hub, with more than 125 investment strategies in public and private markets.
