Prince Harry, Meghan Markle’s new Portugal home first step in multimillion-dollar ‘property portfolio’

Prince Harry and Meghan Markle have reportedly purchased a property in Portugal. Photo / Netflix

Prince Harry and Meghan Markle bought a property in Portugal reportedly worth more than US$4.7 million (NZ$7.8m) last month.

The Daily Mail reported in October that the couple had purchased a home close to Harry’s cousin Eugenie’s coastal property south of Lisbon, prompting speculation they were planning to move closer to the UK.

Last year, Harry and Meghan visited Eugenie and her husband Jack Brooksbank at the luxury development CostaTerra Golf and Ocean Club in Melides. And while many saw the recent purchase as a step to moving closer to Harry’s home country, The Sun reports it’s a sign the Sussexes are adding to their property portfolio.

Prince Harry and Meghan Markle are reportedly looking to invest in property overseas. Photo / Getty Images

Harry and Meghan are investing the millions made from their deal with Netflix into the home, after signing a five-year deal with the streamer in 2020.

It’s not clear whether they’ll live part-time in Portugal, keep the property vacant, or rent it out to holidaymakers. Sources claim they plan to invest more into property in the years to come.

Prince Harry and Meghan Markle stopped over in Portugal on the way home from the Invictus Games last year. Photo / Getty Images

The Sussexes are currently living in Montecito in a seven-bedroom home worth NZ$42 million, complete with 13 and a half bathrooms, cinema, gym, library and pool.

One of George Clooney’s business partners Mike Meldman owns CostaTerra.

Last year, the head of Alentejo Tourism Board, Jose Santos, said Harry and Meghan visited for a “short stay” in September after reports the Sussexes headed to Portugal for a secret “romantic getaway” after the Invictus Games in Germany.

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Santos said, “We have no idea how many people linked to cinema, royalty, arts, design and fashion visit us, precisely because they value discreet travel, which is something they find in Alentejo like nowhere else in Europe.”

Harry and Meghan’s Portugal purchase could help them acquire a “Golden Visa”, which would allow them access to the EU’s Schengen area without a visa.

This could have been a drawcard for Meghan, who never became a British citizen following her marriage to Prince Harry.