A Comprehensive Guide To Buying Property in Portugal

Must Read

Heather Jones
Heather Jones
I'm Heather, an author passionate about home improvements. My writing is your guide to making homes better. Let's explore easy ways to enhance your living spaces, from small fixes to exciting projects. Join me on a journey of making your house a cozy and stylish haven.

It is essential to be aware of all the required registrations and legal processes, capital gains tax, other fees, and property transaction costs when it comes to finding the Comporta Portugal Property for Sale. And yes, if you are not keeping in mind the basic things you should know about how you can buy the property in Portugal, you’re in a never-ending battle.

In this guide, we’ll go through all the things you should know before buying a dream property in Portugal. So, here we go;

Real estate in Portugal — An Overview

About 3 quarters of people who are living in Portugal have their own homes. Plus, it is a figure that has consistently remained steady even for the last decade. Yes, you heard that right! There are zero restrictions on the property ownership for foreigners here, and the citizens that are non-EU can even get Portugal’s golden visa if they purchase property that has a worth of a minimum of about €500,000.

Rather than enabling you to study or work in Portugal, this amazing golden visa permits you to efficiently apply for residency permanently after 5 years. If you are going to buy property in Portugal, then you should have your Personal Fiscal Number; simply obtain the form from any of the local tax offices. Also, if you choose to opt for a bank account, you will also need a Fiscal Number.

Related story:
The Pros And Cons Of Buying A Home With Cash 

Finding The Best Property In Portugal For Sale In Portugal: Effective Ways

The best way to find the most efficient property in Portugal is by contacting an expert local agent. Estate agents usually work at the behest of the seller, particularly on a commission basis. But wait – there’s more!

Also, there are lots of options to choose from if you really do extensive internet research and can also seek a piece of good property advice in order to buy property in Comporta Portugal Real Estate easily.

Some of the main portals of the property are listed below:

  • IMO
  • ERA   
  • Sapo 
  • Century 21   
  • Rightmove 
  • ReMax 

Buying a House In Portugal – Expected Costs

There are some other exceptional costs involved in this, too. The most noteworthy cost is the special property transfer tax. If the property is actually your main residence, then you will not have to pay any IMT, even on the very first purchase price of €92,407.

Costs Of IMT For Residents:

  • Around 0%: €92,407
  • 2%: €92,407 to 126,403
  • 5%: €126,403 to 172,348
  • 7%: €172,348 to 287,213
  • 8%: €287,213 to 574,323
  • 6%: €574,323 plus
Related story:
Ultimate Guide: Top 5 Reasons to Move to Toronto

Additional Included Costs:

  • Lawyers fees
  • Notary & land registry fees
  • Stamp duty
  • Portuguese mortgage fees

That is all about the things that are worth considering before buying a property of Real Estate in Portugal!!

After reading this comprehensive guide, we hope you’ll have great knowledge about the important aspects you need to remember while opting for the final one.

Good Luck, people!

Latest Posts

More Similar Articles Like This