What Are the Legal Requirements of Buying a Property in Portugal

There! Are you looking for a perfect location to buy your DREAM Home to live an Eco-Friendly Life? If yes, then we got you covered! There is no better place than Portugal to live an Eco-Friendly Life within the lap of Mother Nature. The purchase of property here is financially savvy as the property market of this gorgeous country is relatively cheap. In this post, we are going to share a guide with you on what to expect and what to avoid if you are planning to Buying a Property in Portugal. But before anything else, we want you to educate with the Legal requirements that one must surely know if they imagine their Dream Home in Portugal. Aaah! Even the imagination of our Dream Home takes us to an attractive climate of beautiful and refreshing coasts. Now, stop imagining and start working on your dream to pave the path that will lead you to your Dream Home in Portugal. A Real Estate Agency in Portugal can also guide you well to find what you want.

Know Legal Requirements of Buying a Property in Portugal • Must-Have Personal Fiscal Number To buy property in Portugal, you need to have your Personal Fiscal Number. If you don’t have any, you can get it from the Local Tax Office of your area. Although, if you have a bank account, you will definitely have a personal fiscal number. • Zero Restrictions on Foreign Property Ownership You will be glad to know that there is no restriction on foreign property ownership in Portugal. Not only this, but if you are a Non-EU citizen and buy your dream home worth a minimum of €500,000, you can get a five-year residency permit, which also means Portugal’s golden visa. • Permanent Residency after Five Years Do you know the real perks of Portugal’s Golden Visa? No! Then, let us inform you. Apart from allowing you to stay in Portugal to work and study, Portugal’s golden visa also permits you to apply for permanent residency in Portugal after five years. So, this is a great opportunity for you to create lifetime memories while cherishing the beautiful Mother Nature. Grab it now! • Zero Paperwork for Foreigners When it comes to buying a property in a foreign country, the very first thing that comes to our mind is the burden of lots of paperwork. Are you also a Foreigner? If yes, you will be glad to know that there is zero paperwork for foreigners like you. And if you are partnering with a Real Estate Agency, then things will go more easy for you. • Bank Loan for Your Dream Home There are several Bank Brands available in Portugal and one can even identify them by their name as most of them have a Worldwide presence. So, if you are looking for

Bank Loan to make your dream home your own home, then you can get it from Portuguese Banks. But, they offer loans to non-residents in between 65% to 75% of the actual property purchase price. • Taxes and Fees to be Paid As a buyer of property, a non-resident like you is liable to pay fees and taxes. You need to pay the IMT transfer tax. The IMT Transfer Tax is calculated according to the purchase price of the property. If the property you purchased is going to be your main residence, you don’t need to pay IMT Transfer Tax on the first €92,407. The list of Fees and Taxes includes Stamp duty, IMT Transfer Tax, and Notary and land registry fees. So, above mentioned are the legal requirements that you must always keep in mind while buying a property in Portugal. Although, if you are partnering with a genuine and registered Real Estate Agency in Portugal, then they can also assist you well to carry out the legal process of property purchase. Make sure that the Real Estate Agency you are partnering with is registered with Associacao de Mediadores Imobiliarios. This is the organization that ensures security, credibility, excellence in real estate services. You can also ask the Real Estate Agent to show his license number. Buy or Rent? Several Non-Residents like you also struggles with this question that if they should buy or rent a property. Then, we will say that you are the one who can answer this best. The answer to this question also depends on your plan. If you plan to spend the rest of your life in Portugal after retirement, you should definitely buy property. But, if you are planning a staycation for just a few years to boost your mood and surrounding vibes, then you can definitely go with the idea of renting a property in Portugal to enjoy a serene and peaceful surrounding and environment.

Final Words! We understand that life is busy and not so easy for any of us, and everyone is struggling on their part to win this hustle of life. And in between this, the idea of buying a property in Portugal can be a daunting task if not assisted with the best Real Estate Agency in Portugal. So, before everything, find a genuine and registered Real Estate Agency to purchase a property of your own without going through any pain at all. So, if you have already decided to stay within the beauty of Portugal, then you can get in touch with Central Lisbon Real Estate. Central Lisbon Real Estate is a renowned name in the industry and is highly trusted by its clients to help them find what exactly they want. We will conclude our post by congratulating you for making the decision of property purchase in Portugal. We are very sure that you will enjoy your life there as there is an abundance of adventure and finger-licking food to explore. One can never get tired while exploring life in Portugal which is full of luxury and unsurpassed culture. The warm and beautiful climate with an unspoiled natural landscape will never let you feel bored. We wish you luck to spend your life in this beautiful country!