Are you thinking about buying in Portugal? If so, there are some important facts you need to consider before you can start enjoying the sunny beaches, the warm weather and the lifestyle of this country by the sea.
The best investment solution requires a deep knowledge of the market.
We guide private investors in the purchase and sale of real estate investments and advise our clients on the composition of their portfolio.
Are you moving permanently to Portugal? Are you looking for a property to invest in or to live in? Here is a brief summary of the buying process.
The property will be taken off the market for a period of 2 to 4 weeks in order to give time for the lawyers to prepare all the documents and perform due diligence.
The Promissory Contract is a legal binding document, signed by both parties – or by those representing them, through power of attorney – stating all conditions of the transaction. This contract will establish the terms for the transaction, mentioned above.
The signing of the Public Deed is the sole act where property ownership is transferred from seller to buyer.
The date of the deed is usually confirmed at the reservation or promissory stage.
It must be signed in front of a Portuguese Notary who will, in turn, check that all due diligence has been made, all documents are in order and ensure that all related Purchase Taxes (IMT) have been paid.
Certified copies of the deed and documents will be issued by the Notary office to each party, and it will serve as official proof of transaction and proof of payment of the agreed price.
The final step is to register you, the new owner of the property, into the Land Registry (Registo Predial), after which you can start enjoying your new property in Portugal.
Non-residents in Portugal need a Fiscal Number (Número de Identificação Fiscal) from the local tax office. To obtain your Fiscal Number, you will need a valid passport and a valid address, either in Portugal or in your home country.
If you’re a non-European Union resident, you can require a fiscal representative in Portugal.
Disclaimer: this information serves merely as guidance on the process of buying a property in Portugal, and the costs associated with the purchase, and should not be seen as legal advice or binding. Please always check the latest legal requirements and seek local legal advice.