Why Should You Buy in Portugal?
Portugal is one of the safest countries in the world. According to surveys by Gallup, Lisbon, the capital of Portugal was deemed to be the safest city in Europe.
Portugal is the third most popular option, after Spain and France, when it comes to second home buyers in Britain. Over 60,000 British citizens reside in Portugal. Portugal is also a terrific holiday destination because of its lovely coastlines, picture perfect natural scenery, excellent infrastructure and a fine weather. The Portuguese cuisine is delightful as well.
The people of Portugal are a particularly friendly bunch, willing to go the extra distance to help out a foreigner who is lost or in distress. They are a particularly cool bunch, living an easy, stress free lifestyle, which you too, can aspire for.
Are You Eligible to Buy Property in Portugal?
Yes, it is easy to buy property in Portugal, however, as a non-resident, you should appoint a Fiscal Representative and get the very important Fiscal Number, called Número Fiscal de Contribuinte, from tax office which is used on all documents related to the property transaction.
Buying Property in Portugal – The Essentials
How to Find a Property in Portugal?
There are a plenty of real estate portals online where you may look for Portuguese properties for sale. You may also get in touch with the expat community in Portugal and ask them for tips on the best Portuguese properties for sale in their area. Also, you may want to contact major property developers or real estate agents by email as well.
The Financial Aspect of Buying Property in Portugal
In addition to the purchase price, you will be required to pay the real estate agent’s commission, which is likely to be around 3 to 5% of the purchase price, the solicitor’s fee, around 1 to 2%, a Municipal Transfer Tax, around 0.2 to 0.8%, Land Registry charges, around 0.5% of the purchase price and finally, the Property Registration fee, which consists of the Stamp Duty and the Notary fees.
For newer properties the process is simple. Value Added Tax or VAT will charged on all new properties, amounting to 20% of the property price.
# Importance of Hiring a Solicitor
Hiring a solicitor or an advogad to stand by your cornder during a property negotiation in Portugal is a must. But you must ensure that the solicitor hired by you is qualified and is a member of the Portuguese Bar (the Ordem dos Advogados). Do ask for their registration number as well.
# Importance of Hiring a Real Estate Agency
Aim to hire 2 or 3 real estate agents with the hope that at least one would get you a great deal. While the real estate commission of 3 to 5% may appear to be a little too much, it would be worth it if you get a decent real estate agent who is well aware of the local property scenario in Portugal, the best property prices and the best houses on sale. Worldwide Group have sold many properties in Portugal contact us today to buy a property in Portugal.
# Importance of Hiring a Translator
A Portuguese translator reads out the documents and contracts, translates each word in them, so that you don’t get fooled by the other parties involved in the transaction. He or she acts as a buffer in your talks with government officials, property owners, and estate agents, translates everything that is said in a negotiation.