Buying property in Portugal Q and A
If you're thinking about buying property in Portugal but don't know where to start, let Rafael and I help you. We founded MOL Portugal, a property advisory company, and we share our experience, insights and advice here and on Youtube about how to navigate the buying process. Let's dive into the most frequently asked questions we get and help you take that first step to your dream property in Portugal!
Can I buy property in Portugal as a non-European national? Absolutely! There are no restrictions on property ownership for foreigners in Portugal.
How do I buy property in Portugal? What's the timeline like? The process involves finding a property, negotiating the price, signing contracts, conducting due diligence, and finally, completing the purchase. It usually takes about one to three months, depending on the specifics of your transaction.
Are there any taxes or fees I should know about? Yes, there are taxes and fees involved, such as transfer tax, stamp duty, notary fees, and registration fees. Keep an eye out for the NHR tax exemption regime, which offers benefits for global income if you become a tax resident in Portugal.
Can non-European nationals get mortgages in Portugal? Yes, it's possible. You'll need to meet certain requirements, including proof of income and creditworthiness. Interest rates and repayment terms may vary, so it's best to explore your options with different lenders.
Are there any building regulations to consider? Yes, building regulations vary by municipality. They determine the type, size, and location of structures allowed on a property. Make sure to familiarize yourself with these regulations to avoid any surprises.
How does inheritance work for non-European nationals? Inheritance in Portugal follows specific laws that can be complex. Seek legal advice to understand the implications fully. In general, direct inheritance within close family members is tax-free, while inheritances from other relatives may be subject to a 10% tax rate.
Do I need residency if I own property in Portugal? No, property ownership doesn't require residency. However, if you plan to stay in Portugal for an extended period, you may need to obtain a visa or residency permit. There are various options available, such as the D7 visa, Golden Visa, and Digital Nomad visa.
How can a lawyer help me with the buying process? A lawyer can provide legal advice, draft contracts, perform due diligence, and ensure compliance with Portuguese law. They're essential for a smooth transaction and protecting your interests.
Should I hire other professionals like real estate agents or property managers? While it's possible to go it alone, hiring a buyer's agent can provide invaluable expertise and market knowledge. They can help you find the right properties, negotiate prices, and even manage your property after the purchase.
Can I buy property in Portugal remotely? Absolutely! Remote purchases are becoming more common. With proper preparation and guidance, you can buy property without physically visiting Portugal. This is our specialty!
We hope this Q&A has answered your burning questions about buying property in Portugal. If you need more assistance or have additional inquiries, feel free to reach out to us or check out our video with more details. Happy property hunting!