Want to buy a property? Here's how.

Portugal has attracted foreign real estate investors due to its pleasant climate, rich culture, and strategic location. This article covers the legal, tax, and operational aspects of property acquisition in Portugal.

1. Obtain the Tax Identification Number (NIF):

A NIF is the first step to buying a property in Portugal. In Portugal, this number is essential for all tax and real estate transactions. Foreigners must request this at the Tax Office or through a tax representative, which can be a lawyer or a specialized company.

2. Bank Account Opening in Portugal:

Foreign buyers must open a bank account in Portugal to facilitate financial transactions, such as paying for the property and other related expenses. A local bank account facilitates payments and helps you meet regulations and compliance. Also, when it comes to real estate transactions in Portugal, it is necessary to issue a cashier's check for the deed.

3. Hire Qualified Professionals:

To assist in the process of buying a property, it is recommended to hire specialists. At The Real Estate Shop, we are willing to help you complete this process efficiently and smoothly.

4. Signing of the Promissory Contract of Purchase and Sale (CPCV):

After finding the desired property, a CPCV is usually signed. This agreement sets forth the terms of the purchase, including price and timeframe for finalizing the sale. 

5. Payment of Deposit and Associated Costs:

A deposit, usually between 10% to 30% of the value of the property, is paid when signing the CPCV. Additionally, be aware of additional costs such as taxes, notary fees, and agent fees. 

6. Completion of Purchase - Public Deed:

The transfer of ownership is formalized through a public deed. This step is carried out by a notary, in the presence of all parties involved. 

7. Property Registration:

After the deed, it is essential to register the property in your name at the Land Registry Office, ensuring your legal rights over the property.

 

Buying property in Portugal by foreigners is a difficult process, but it can be easier with proper preparation and help from professionals. It is critical to stay informed and seek expert advice, considering the current regulations and ever-changing market trends. On our website you can always find up-to-date news and whenever you need more information you can contact us.

 

Portugal's real estate property law is considered one of the strongest and most reliable in the world. This idea is influenced by several factors:

Consolidated Legislation: Portuguese laws provide a solid legal framework for real estate ownership, with clear laws on buying, selling, inheriting, and renting real estate.

Property Registration: The Portuguese property registration system works well. Real estate transactions are more transparent and legally secure when all properties are registered with the Land Registry Office.

Protection of Proprietary Rights: The country's constitution and laws protect and protect property rights, including protection against unjust expropriations.

Real Estate Market Stability: The portuguese real estate market has attracted investors from all over the world for its stability and sustainable growth.