Julius Baer Plans Lisbon Office to Tap the Wealthy in Portugal

Julius Baer Group Ltd. plans to open an office in Lisbon next year as it seeks to tap into the wealth of a growing number of affluent foreigners taking up residence in Portugal.

The Swiss wealth manager wants to have a presence that’s closer to its Portuguese clients and is in the process of getting regulatory approvals, a person familiar with the move said, asking not to be identified because the matter isn’t public.

Portugal has in recent years become a hotspot for rich foreigners as the Iberian country offered attractive tax breaks and a golden visa program that granted ...