DeVere Group said on 14 June it is to implement an "ambitious, strategic expansion plan" in Portugal for the second half of 2024.

Currently deVere Portugal, which is fully licensed by the local and regulated by the domestic authorities, has a hub office with a 25-strong team in the city of Porto and is now looking to extend operations across the country, with an initial focus on the capital, Lisbon.

Alongside Portugal, in Europe, deVere writes business in Spain, France, Italy, and Switzerland, among other countries.

James Green, director of deVere Europe, said: “This expansion and development of the Portuguese market is now a major priority for the organisation for the rest of 2024 and beyond.

“Of course, this will create a raft of new and extremely rewarding career opportunities for talented advisors to work within a growing, responsible, global organisation,” he added.

He continued: “Our decision to push further into Portugal is driven by a steadily increasing demand for professional, independent, cross-border financial advice.

“More and more expats are drawn by its stunning climate and lifestyle, tax breaks and a golden visa program.

“Although some of those incentives are being rolled back, they will remain available to wealthy applicants and remain highly appealing to expatriates.”

Government data shows the number of foreign residents increased 33% to a record 1 million last year, accounting for about 10% of the population, and a significant proportion are likely to be high-net-worth individuals.

Green added: “The expansion of our Portuguese operation will also help close an ‘advice black hole’ that exists due to the many advisers exiting the market in recent years.

“The future for Portugal is extremely bright, a truly dynamic marketplace, and it’s attracting ever-more expats and international investors, who, of course, need international advice from experienced advisors. We will expand accordingly to meet the demand.

"The Portugal expansion is part of a wider pan-Europe growth strategy for the second half of 2024 and into 2025.”