Portugal property is fast becoming more and more attractive. If you ever dream of migrating to a more developed country in search of better standard of living but feel hindered by the tightening of immigration policy in traditional countries for immigrants such as the US, the UK or Australia, then look no further than Portugal.
If language barrier is a factor deterring you from migrating to Portugal, then don’t worry, residents commonly speak English. Algarve is an archetype of an English city in Portugal. It is where many British nationals set up businesses and dining places. The reason being that the cost of living is lower than that of Britain. Therefore, if you are seeking a higher standard of living, within your means while having a chance to speak English as part of your daily life, the Algarve is an excellent choice. However, Portugal generally is a great place to live, with many modern cities such as Lisbon or the quieter Porto. The good news is that Portugal is open to foreigners who seek long-term residency via investment. Moreover, investment in property, benefits you as a foreign resident as it provides you with a dwelling place and is valid for entitlement to long-term residency visas. As Portugal is a member of the EU, a holder of a permanent residence visa in Portugal will be granted border-free travel within the EU territory. The value of a brand new property must be at least $560,000 USD, while a renovated property must cost a minimum of $394,000 USD (Golden Visa, 2019).
Portuguese Tax Number
To buy a property in Portugal, regardless of whether a resident or frequent visitor, you should have a Portuguese tax code, called NIF. This can be acquired at any administration fund office (Finanças) – You should show evidence of your location and your identification to get the tax code.
Methods for Identification
As a purchaser, you should give appropriate proof of identity document. It can either be an identification or a Portuguese ID card. Upon settling on the cost with the dealer, you can finish up the acquisition procedure by carrying out the following steps:
Stage one – Source a specialized legal advisor to ensure that all settlements involving the real estate transactions comply with the law.
Stage two – Review the terms and promissory contract with the legal specialist
Stage three – Both the seller and purchaser sign the promissory contract. Then, the purchaser is additionally required to pay a deposit (usually 10% of the total transaction amount) to ensure the buyer is committed to completing the transaction otherwise it would be relinquished.
Stage four – After the terms of the promissory contract have been signed, the purchaser and the seller meet with a notary to conclude the transaction. The purchaser pays the rest of the sum and the dealer hands over the key. The Portuguese economy has slowly picked up from its recession, driving interest in property purchase in Portuguese urban areas. This has caused the surge in property prices, for instance, in Lisbon prices have increased by 25% in the past three years. Additionally, there are numerous ongoing constructions projects of hospitality amenities including hotels and resorts to cater for tourists. This has led to the development of rural areas, albeit the rapid urbanisation rate might erode the natural appeal of Portugal. S&P Investment are experts in advising migration investment schemes. We provide a suite of premium consultancy services for obtaining visas to Portugal, Malta, Greece and Cyprus. We can help you obtain the best deal for your property transaction and assist in securing your visa. S&P is active in Vietnam to create value for high net worth Vietnamese families. For more details, feel free to contact us.
By Duc Pham
