Read today's Portuguese stories delivered to your email The area burned in mainland Portugal since Sunday exceeds 62,000 hectares according to the European Copernicus system which shows that in the northern and central regions The most affected areas are located in the Aveiro Tâmega e Sousa and Viseu Dão Lafões regions which total 47,376 hectares of burned area 75% of the burned area across the entire national territory which uses satellite images with spatial resolution of 20 metres and 250 metres the total area burned since Sunday amounts to 62,646 hectares which includes the areas between Oliveira de Azeméis the Copernicus system has recorded 19,854 hectares of burnt area since Monday Viseu Dão Lafões is next among the most affected areas where 10,650 hectares have already burned since Sunday with 4,005 hectares of burnt area in Alto Tâmega and 3,341 hectares in the Porto Metropolitan Area the area burned in mainland Portugal this year has now totalled 83,476 hectares consumed by 147 significant fires recorded by the European Earth observation system At least seven people have died and 40 have been injured in the fires that have been raging since Sunday in the North and Centre of the country They have destroyed dozens of houses and forced the closure of roads and motorways The most recent victims are three firefighters who died today in an accident while on their way to a fire in Tábua the National Emergency and Civil Protection Authority (ANEPC) had registered 173 incidents supported by 1,049 land vehicles and 40 air vehicles the flames have reached the districts of Porto in Penalva do Castelo and Nelas (with six injured) and Castelo Branco that was the centre of the largest fire outbreaks The Government extended the alert status due to the risk of fires until Thursday and announced the creation of a multidisciplinary team to deal with the consequences of the fires of the last few days coordinated by the Deputy Minister and Minister for Territorial Cohesion who held his first meeting in Aveiro today We appreciate that not everyone can afford to pay for our services but if you are able to we ask you to support The Portugal News by making a contribution – no matter how small You can change how much you give or cancel your contributions at any time Send us your comments or opinion on this article Reaching over 400,000 people a week with news about Portugal Portugal is experiencing a remarkable trend as its foreign resident population continues to soar reaching a record high of 781,915 citizens in 2022 The increasing number of foreign residents is having profound implications on the country’s finance As the seventh consecutive year of growth unfolds Portugal is on the cusp of having foreigners make up nearly 10% of its population signalling a turning point that demands careful consideration of the financial elements at play One of the most significant impacts of the rising foreign resident population is on Portugal’s economy and labour market Skilled immigrants are filling crucial gaps in the labour market injecting diverse skills and expertise into various industries This infusion of talent enhances productivity and competitiveness Businesses are benefiting from a growing labour force leading to potential foreign investment that further boosts economic prosperity The financial implications of the growing foreign population extend to tax revenues and consumer spending Foreign residents who earn income in Portugal contribute to the country’s tax coffers through income taxes This influx of tax revenue can potentially bolster the government’s ability to invest in public services and infrastructure raising the overall standard of living for both residents and immigrants alike the increasing number of foreign residents leads to a surge in consumer spending stimulating various sectors of the economy The rise in demand for goods and services can lead to business expansion and job creation in sectors like retail The real estate market is also affected by the growing foreign resident population there is increased demand for both rental properties and property purchases potentially driving up property prices in certain regions While this can benefit property owners and developers it may make housing less affordable for some locals the influx of immigrants places additional strain on social services such as education Ensuring successful integration and social cohesion requires adequate funding and support leading to careful financial planning and budget management The financial landscape is influenced by remittances sent by foreign residents to their home countries While remittances support families abroad and contribute to economic development in their home nations they can also result in an outflow of money from the local economy potentially reducing its impact on Portugal’s domestic economic growth immigrants can also be catalysts for entrepreneurship creating new businesses that generate employment and foster innovation This entrepreneurial spirit further diversifies the economy Portugal’s growing foreign resident population has far-reaching financial implications that impact various aspects of the economy and society As the country nears the 10% mark in terms of foreign residents relative to the total population and support for social integration will be essential to maximise the positive effects and navigate the challenges that come with this demographic shift By embracing diversity and leveraging the potential benefits of immigration Portugal stands to enhance its economic prospects and foster a thriving inclusive society for both locals and newcomers For more information please contact Blacktower Financial Management This communication is for informational purposes only and is not intended to constitute investment recommendations or investment research You should seek advice from a professional adviser before embarking on any financial planning activity Whilst every effort has been made to ensure the information contained in this communication is correct we are not responsible for any errors or omissions Interesting article with lots of statements made that look reasonable but without some hard stats behind them it is difficult to validate them The one in particular that stands out is the claim that there is an outflow of money to other countries by foreigners I think it would be small compared to the spend by more affluent migrants with more disposable income Migrants who send cash home tend to be in the lower socio-economic categories and are likely to be eclipsed by those from the higher income groups Well my only concern is that this foreigner will respect the costumes and culture and above will making any effort to learn the language Many still aspect constantly that the Portuguese talk in English or other languages and this isn't right or correct The only way of his people integrate is learning the language instead living in segregated colony where no one is interested to learn anything .or even to adapt to culture and costumes Here in the states we used to be a "melting pot" where different cultures and customs melted together to form a great country The only thing we have in common is that we are all on the same table No one cares to learn the language or customs THAT'S THE PROGRESS WE ALL WANT FOR OUR GREAT COUNTRY SEF IS ON THE OTHER HAND FRUSTRATING MORE THAN HALF OF THAT POPULATION BY DENYING THEM RESIDENT PERMIT TAKING THEM OUT OF LABOUR FORCE HENCE MAKING THEM A MENACE TO THE SOCIETY