Bureaucracy exists almost everywhere, right? Portugal is no different, and there are some requirements if you are going to buy a property in this country.
1 – First, you need to have a Portugal taxpayer number, commonly known as NIF (Fiscal Identification Number).
2 – The second step is to open a local bank account.
3 – If you are requesting a bank loan, the bank will ask for several documents, which must be translated (Portuguese or English). For non-residents, banks usually propose a loan of up to 70%.
4 – Regarding taxes, be aware that you’ll have to pay IMT (property transfer tax), stamp duty, and notary and land registry fees.
5 – The final step is the signing of the contracts. First, the CPCV (purchase and sale promissory contract). Although is not mandatory, it may be recommended in some cases, because it defines the main conditions of the purchase. It implies a down payment, agreed upon by both parties. Afterward, the signing of the final deed, that can be done at the bank or a notary.
These steps can be done by you, in person, if you are in Portugal, or you can hire a lawyer to do it for you. With the help of a Power of Attorney (POA), the lawyer can be your representative in Portugal, open the bank account, request the NIF, and even represent you at the deed.
Worry not, Azimute Advisers are specialized in this type of service and can help in all matters related to the purchase of properties in Portugal by foreigners.
Interested in investing and living in Portugal? Find out more about our Relocation Services.