Lisbon’s wealth boom draws global banks, transforms city
In Lisbon, a wave of affluent foreigners is transforming the city. Rising costs and luxury eateries have replaced traditional spots, reflecting this change. Attracting wealthy expatriates through tax breaks and visa programs, Portugal's capital is a hotspot for private banks. Major players like Credit Agricole, Union Bancaire Privée, and Julius Baer are opening offices, intensifying competition. Lisbon's booming real estate market and demand for top schools highlight its allure and impact.
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By Henrique Almeida and Joao Lima
Not too long ago, Bruno de Carvalho used to pay €8 ($8.60) for a meal at a Portuguese restaurant across the street from his office in central Lisbon. Now a South American tapas and ceviche joint has taken its place, where a degustation menu costs almost 10-times as much.
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