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Can foreigners buy luxury real estate in Portugal?

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Portugal

Delightful climate, beautiful seashores, and affable neighborhoods – Portugal has it all when it comes to attracting expats. Considered as Western Europe’s most dynamic real estate market, investing in Portugal property, especially luxury real estate, is doubtlessly a hot investment.

However, many questions must be popping up in your mind before investing. Let’s make it easier for you – here are some useful information about the property market in Portugal!


1. Can foreigners buy property in Portugal?

The answer is YES.

Foreigners can easily buy a house in Portugal, whereas the Portuguese government even encourages foreign investors with their impressive Golden Visa program. Those who are not European citizens investing in property worth a certain value, can be eligible for a Golden Visa residence permit in Portugal.

With this Golden Visa, they can live, work, and study in Portugal, and can even travel freely in the Schengen area. Moreover, this visa can make them permanent residences of Portugal in five years.

Portugal


2. So, why choose Portugal for property investment?

Apart from getting permanent citizenship, other reasons for buying a property in Portugal are–

  • The living cost in Portugal is one of the lowest in Europe.
  • Investment here is with high rental yields.
  • Political stability makes this country the safest place to relocate.
  • A very high quality of life is provided here.
  • The location is easily accessible from Europe, Africa, and the US.
  • There are exemptions in taxes through the NHR scheme.

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Read more: 4 reasons you need a real estate agent when buying property in Portugal


3. Are there any restrictions in buying Portugal property?

If you are deciding to invest in Portugal, the first thing you need know are the restrictions to buy or own property as a foreigner. Well, you can throw away all your worries, because there are NO restrictions at all!

Portugal’s real estate sector is well developed, and you can buy a property in whatever place in the country you want. Many foreigners have settled here and are living a peaceful, standard life in serenity.

Portugal

Although there are no restrictions, you still need to fulfill some requirements:

  • You will need to have a Portuguese tax number to own a property in this country. For this, you have to apply at the local tax office or the financial department. You will need to pay a small fee.
  • For non-Europeans, you will have to appoint a tax representative in the country. Your lawyer can be of help. Hiring a lawyer who speaks both English and Portuguese fluently is a smart move.
  • Generally, banks in Portugal are liberal enough in lending to foreigners, but they only lend 70% of the value of the property to non-residents. Simply said, applying at a local bank yourself will be a good option in this place.
  • Language can be an issue; hence using a mortgage broker is a good choice. They will be able to speak the language, and very likely be able to secure a better deal as well.

 

Expats are catching on since Portugal’s property market is increasingly flourishing as time passes by. Despite the ongoing COVID-19 pandemic, the year 2020 has witnessed a rise in terms of real estate transactions.

Therefore, buying a luxury real estate in Portugal might just become the most successful investment of your life!


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Our experienced agents can surely guide and secure a property according to your budgets and needs.

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