DeVere Group has announced that it is to relaunch in Portugal and “shake-up” its operations across Western Europe.
The global financial advisory firm said that it will officially launch the deVere Portugal brand tomorrow with a base in Tavira, a major coastal town in the east of the Algarve region. The Portuguese operation will be headed by Andrew Oliver, senior area manager of deVere Spain and deVere Portugal, and James Green, deVere’s head of Western Europe.
The new headquarters opens about six years since the company’s original offices in the Algarve and Lisbon were closed and clients were passed to advisers across the border in Spain.
The decision to relaunch in Portugal has been driven by “consistent and increasing client enquires” for specialist financial advice by Portugal-based expats and international investors, said Oliver.
“Demand for expert, cross-border independent financial advice is soaring in Portugal and, as such, it now makes it more sensible to once again have a team based in the country itself,” he said.
“The Tavira office, which is the first stage of our far-reaching strategic plans for Portugal, will have eight consultants and their support teams. We forecast that we will need to double the headcount to meet demand within three to four months.”
James Green, head of Western Europe, called the re-opening in the Algarve a “landmark development”.
The announcement of deVere’s Portugal relaunch follows on from the firms’ relaunching in Madrid, as reported, in May and opening its first ever office in Austria, as reported, in September. Plans are also being made to expand existing bases in France, Germany, Italy, Spain and Switzerland within the first quarter of 2018.
As reported, deVere Group founder and CEO, Nigel Green, recently called the company’s expansion and development of the region [Western Europe] “a major priority for the organisation for the rest of 2017 and beyond”.
“We’re set to shake-up the Western Europe market place. Of that, I am confident,” said Green.
DeVere Group pointed to the fact that Portugal has had its highest economic growth registered in the 21st century and a boom in tourism, as drivers for the increase in the need for expat advice in the region.
Also, Brexit, residential tourism and measures such as reduction of VAT (value added tax) from 23 per cent to 13 per cent have also boosted the economy considerably.