The water–development nexus is essential for the advancement and progress of cities in the face of problems such as climate change, water security and increasing environmental stress in the agricultural sector. Aiming for a circular economy and, at the same time, improving the resilience of water supply alternatives and achieving a goal of zero waste, this work presents a technical–economic study of a novel continuous ultrafiltration (c-UF) system with self-cleaning capacity coupled to an ozonation process, for the treatment of urban WWTP effluent. The removal efficiencies achieved were analysed both through macroscopic parameters (suspended solids, turbidity) and for the most frequently occurring contaminants of emerging concern (CECs). Consequently, an effluent suitable for irrigation was obtained, with a total recovery factor of 97.92%, a concentration of suspended solids (SS) below 1 mg L−1, 0.06 NTU turbidity and toxicity free, complying with the new European Regulation on Water Reuse (EU 2020/741). A comparative analysis of the proposed process with regard to conventional tertiary treatment revealed that the proposed process was 39.1% more economic, with a cost of 0.0325 € m−3. This alternative treatment will be of great interest because of its favourable technical–economic characteristics, being postulated as a basic process for implementation in modern water reuse plants.