Portugal
What do I need to know when buying property in Portugal?
When we asked expats what advice they would give a foreigner before buying a property in Portugal, they said...
"Understand what is and is not including in the price. It is common for sellers to take appliances, light fixtures, and much more with them if it is not listed in detail in the offer. Be patient. See many properties to understand the market. It's nearly impossible to do a market analysis of the asking price since historical sales are not easily known. When you find something you like, move quickly. No two sellers are alike. Some are highly motivated and will negotiate. Many will not budge. In Portugal you are basically buying the property "as is." Inspections are almost unheard of. Be prepared for unexpected expenses and repairs after closing," explained one expat living in Matosinhos, Portugal (a suburb or Porto), Portugal.
"When buying property in Portugal, it is important to know about the Portuguese tax system, as this will affect both the costs to purchase and the costs to maintain the property. In general, both foreign individuals and businesses will be liable to pay tax on capital gains from the sale of a property and on rental income produced from property rentals. It is also important to familiarise yourself with the local laws, particularly concerning the registration of property after purchase. Additionally, due to Portuguese laws on foreigners buying property, you may need to obtain a Portuguese tax identification number, or NIF, to make your purchase. Finally, due to the legal process involved in purchasing property in Portugal, it is strongly advised to consult a professional legal advisor to guide you through the process," said another in Portugal.
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Other Questions:
- What do I need to know before retiring in Portugal?
- How do I meet people in Portugal?
- What is life like in Portugal?
- Is there a lot of crime in Portugal?
- Is there a lot of diversity? Are people in Portugal accepting of differences?
- What are the schools in Portugal like?
- Is the cost of living in Portugal high?
- What advice do you have for expats having a baby in Portugal?
- What are healthcare services like in Portugal?
- Is the cost of living in Portugal high?
- What type of recreational facilities are in Portugal?
- What is the weather like in Portugal?
- Are there good restaurants in Portugal?
- Where will I buy groceries and do other shopping in Portugal?
- What are the visa & residency requirements in Portugal?
- Are healthcare and health insurance expensive in Portugal?
- What do I need to know when buying property in Portugal?
- Are foreigners allowed to own property in Portugal?
- What appliances are typically included in a rental?
What do I need to know when buying property in Portugal?
If you live in Portugal, newcomers to Portugal would love to hear your answer to this question:
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
