2 weeks Ago By [email protected] (Joseph Wilkes, Joseph Wilkes)
Prince Harry and Meghan Markle are diving into the real estate market with massive plans to build a hefty property portfolio, insiders claim. The couple, who wed themselves away from Royal duties for a Californian life, have snapped up a lavish pad in Portugal, neighbours to Prince Harry's cousin, Princess Eugenie, along the nation's scenic western coast. Whispers suggest this is just the first step towards purchasing properties around the globe.
There was speculation that this could be signalling a gradual move back to Blighty for Harry, but reports out this weekend now suggest it's more about investing "wisely" the millions from their Netflix deal. The couple, it is claimed, are now on a mission to be "smart" with the cash, having previously signed a $100million, five-year agreement with the streaming giant. The Portugal property purchase is the couple beginning to be "smart" with the cash, an insider has told The Sun newspaper.
They might opt to let the plush abode appreciate or rent it out as a swanky holiday spot. "They’re being smart with their money," a source told the paper. Harry and Meghan's security needs continue to ring up a hefty tab, as they allegedly insist on 24/7 protection on US soil.
Now, it's said they're planning to pour even more money into bricks and mortar over the coming years. The couple already own a lavish £19.5 million mansion in Montecito, California, complete with seven bedrooms, 13 bathrooms, and even a chicken coop.
But it seems they're not stopping there – the Royal couple are eyeing up a swish new pad on the sunny Iberian coast. With a hefty £6.5 million price tag, this purchase could also snag them a "Golden Visa" for breezy travel across the EU's Schengen zone.
To become Portuguese citizens, options include five years of residency, descent from Portuguese nationals, or being wed to a citizen for three years. However, for Harry and Meghan, investing €500,000 in local business ventures could be their ticket in. The CostaTerra Golf and Ocean Club, where the pair are reportedly looking, is part of multimillionaire Mike Meldman's empire.
Mike, who co-founded Casamigos tequila with George Clooney and Cindy Crawford's husband Rande Gerber, has long-standing ties with Princess Eugenie's husband Jack, who works in marketing, sales, and promotion for Mike's Discovery Land Company. This company is known for its opulent private golf and residential holiday communities worldwide and has been developing the exclusive 722-acre beachfront plot in Comporta since 2019. The resort, once finished, is expected to boast 300 homes, with prices kicking off at a staggering £3.
6million. This could have been a key incentive for Meghan, a US citizen, if owning a property at the resort grants visa privileges. Kensington Palace announced in November 2017 that Meghan planned to apply for British citizenship after tying the knot with Harry.
However, she dropped her application when they left the UK in March 2020. Last year, the King requested the couple to relinquish their British residence, Frogmore Cottage. This followed Harry's highly contentious memoir, Spare, in which he criticised Royal Family members including Queen Camilla and his brother Prince William .
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