Buying a Real Estate property in Portugal
Are you trying to purchase a home in Portugal? a sunny location with good standards and lovely scenery? Portugal can unquestionably be the best option for you.
However, buying a house in Portugal as a foreigner might be confusing and complicated if you do it yourself. Before investing, you would need advice and guidance from professionals.
This article will walk you through the details you need to be aware of in order to purchase real estate in Portugal to get the Portugal Golden Visa.
What are the reasons to buy a property in Portugal?
Portugal is a picturesque nation with lovely locations to discover. The Algarve region’s coasts are a highly favored travel destination for foreign nationals.
But in addition to that, there are more factors to consider while investing in real estate in Portugal, including:
- Portugal experiences year-round sunshine.
- The country’s urban and rural areas are both developed and fantastic places to live.
- You can become a Portuguese citizen after owning property in Portugal for five years.
- Anywhere in the EU is open to study, work, and travel for those who have obtained Portuguese citizenship.
What are some great places to buy a real estate property in Portugal?
Since the introduction of the Portuguese Golden Visa, well-known locales and top choices for expats have included Lisbon, Porto, the Algarve, and the Silver Coast.
However, some locations are now only permitted for commercial properties, and the costs are going up.
The following locations are growing in popularity with investors:
- The Algarve: If you’re a foreigner purchasing real estate in Portugal, you must consider the Algarve. It is usually a smart move to invest in real estate in this area because there are many luxurious villas and condos with ocean views.
- Évora: If you’re looking for a top tourist attraction in an old city without the exorbitant cost of the Algarve, Évora is the place for you.
- Porto is a major commercial and tourism destination with views of the Atlantic Ocean and beachfront homes. It makes a great Portugal real estate investment opportunity with a blend of history, beautiful scenery, and urbanism.
What is required to buy?
The sales contract must be signed in the presence of a notary public. A Portuguese tax ID issued by a regional tax office is additionally required.
Here is a list of the additional paperwork you will require when purchasing a property in Portugal:
- Photo ID
- The property’s energy certificate
- Land register
The step-by-step process for buying a property in Portugal
Step 1: Open a Portuguese bank account and obtain a Portuguese tax identification number (NIF) from a government office. Click here for more information about Portugal’s Golden Visa application.
Step 2: If real estate investing is your method of obtaining residency, you should search for properties and a location that works for you. If you plan to take out a mortgage, decide which option is best for you and begin by haggling over the cost with the seller.
Step 3: After the mortgage has been selected, pay a down payment, which is often around 10% of the purchase price but is ultimately up to the parties. To be eligible for a mortgage, you must additionally provide the bank with evidence of your income.
Step 4: Sign the CPCV, which is necessary to provide a guarantee to both the buyer and the seller.
Step 5: Sign the property deed or sales contract and get it notarized. You will require a witness to sign it, as mentioned above, and a list of supporting documentation.
Being a foreigner looking to purchase real estate in Portugal might be challenging. To save time and money, it is imperative to consult specialists.
Golden Port Visa is here to help you with every step. We are your dependable Portuguese partner who will assist you in accomplishing your relocation goal; we are more than just an immigration consultancy.
Get in touch with us to arrange a free call or learn more about the program.