If your dream is to live abroad, Portugal could be the most ideal place for you. However, even before you begin your search, it is important to have all the necessary information about the process of purchasing a property there. To assist you and make it easy for you to achieve your desires, this article contains essential information you will need.
In Portugal, there are no restrictions on owning property even if you are a foreigner. In fact, the purchasing process is pretty straight forward. If you want to buy a house in Portugal, you just need to get a qualified real estate agency such as Ideal Homes Portugal. This is a good starting point because their expertise in the industry will help them locate the properties that suit your needs, taste and style. This way, you won’t be overwhelmed with so many properties to check. From the few properties, these professionals will show you, and you will likely get what you are looking for within a short time.
Why you should consider owning a property in Portugal
Portugal is among the most interesting locations in the world. It has a lot to offer right from excellent healthcare to accessibility. This is a country that can offer an affordable living standard and an outstanding quality of life. If you are still not sure if Portugal is the place you need to call home, these 5 reasons might help you decide.
1. Low taxes
If you were to reside and pay taxes in Portugal, you will realize that it offers a very impressive deal to foreigners living there. New arrivals are given special tax benefits through the country’s non-habitual resident (NHR) scheme which goes up for 10 years. The scheme was introduced in 2009 and since then, it has offered a great financial incentive to people who have bought properties and decided to live there.
The scheme is also applicable to foreigners who are working in Portugal. It aims to attract more people to reside in Portugal. For example, if you not a resident but work there, you will pay a lower income rate. If you own a property there but live abroad and are entitled to receive pension or investment, the income will be tax-free. Besides, you won’t be required to pay inheritance or gift taxes when passing on your wealth. This generous tax scheme is a good reason to consider Portugal as your new home.
2. A variety of lifestyles
Whether you are looking for some rural peace or fast-paced city life, Portugal is a country with it all. You will find high-tech hubs in Lisbon and the most exciting city life in Porto. Portugal is a dynamic country because it is in the same country you will find farmers going to work with a donkey. Since the country is not highly populated as compared to other countries in Western Europe, you are guaranteed of beautiful and tranquil countryside. It would be extremely impossible not to get the kind of life you are looking for in Portugal.
3. Very expat-friendly
The friendship between Britain and Portugal for hundreds of years has allowed these two countries to develop a strong understanding. No wonder there is a large number of people from the UK residing in Portugal. This creates a thriving expat community. This means when living in Portugal you have the freedom to indulge yourself in Portuguese culture and at the same time interact with expats.
4. Affordable living standards
If you compare properties in Portugal and other Western European countries such as Spain, France and the UK, you will find that the property market in Portugal is very affordable. This shows that if you invest in a Portuguese property, you will get a lot more value for your money.
Apart from the properties being cheaper, the living cost is generally affordable as well. You cannot compare it with many other countries. This means your money can stretch further is you decide to relocate or invest in Portugal.
5. Its accessibility
There are a lot of benefits associated with a place with fantastic connections to the rest of the world and Portugal is such a place. Living here offers you access to the country anytime. Although some routes are seasonal, most of the others are all year round. For instance, you can use a flight from the UK’s regional airports, Sud Express train or ferries via northern Spain.
As you can see, you will have no trouble when visiting your family or friends if you decide to relocate to Portugal. There are a variety of pleasant, convenient and comfortable transport options to choose from. Even within the country, buses, trains and internal flights with take you to your destination. Plus, if you opt to drive, the road system is well developed and pretty easy to adopt. You won’t have a problem to reach to your destination when driving.
How to buy a property in Portugal
If you now feel like Portugal is the place to be and can’t wait to start a new life there, here’s how to acquire a property. You will also be happy to learn that it only takes 6 months to buy a property and relocate to Portugal.
Begin by looking for a professional real estate agent to help you get a good property. You will also need to hire a lawyer and a currency specialist. At some point, you may also need a financial adviser. When you finally get the property you want to buy, the lawyer will assist you to draw up the contracts. The lawyer is also responsible for initiating the process of inspecting the property’s documentation. This is vital to clear off any chances of legal snarls coming up after the transfer.
The first search will be made at the local municipality to check the land registry. The other one will be done at the Inland Revenue to ensure the property’s tax registration is legit and all charges are paid. After that, you will acquire a fiscal number through the local tax office. If you are satisfied with the property and are willing to buy it, the details of the property, conditions of sale and other agreements concerning the property transfer will be drawn. From there, the buyer and the seller are legally bound to see the transfer through. The execution of title deed signifies the last part of owning a property in Portugal.