According to ECO, with the aim of attracting talent and retaining more population to develop the municipality economically, the Municipal Council of Horta, in Faial, is encouraging young people to return to the island of the Azores to pursue their professional activity after finishing higher education. The “Backhome – Back to Faial” program returns the tuition fee paid in public higher education (697 euros) for each year of declared work on the island.

“This support extends for the period corresponding to the number of years of the course”, says Mayor Carlos Ferreira, in a statement. With this measure, the mayor wants to attract and retain qualified young professionals to “boost the job market, wealth creation, and demographic growth”.

Also with the aim of keeping young people in the municipality, the municipality decided, for those up to 35 years old, to be exempt from paying IMT on the acquisition of permanent housing up to 200 thousand euros. “This measure is part of the municipality’s strategic vision of the future”, explains social democrat Carlos Ferreira.

The IMT exemption has already been approved by the Municipal Assembly and will be implemented through an amendment to the regulation for attributing tax benefits in this municipality, which is currently in force.