Buying a Property in Portugal after Brexit - We Provide Legal Assistance
Buy a Property in Portugal after BrexitUpdated on Wednesday 24th November 2021
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With the UK's exit from the European Union, many immigration rules have been changed or replaced. However, there is freedom of movement for those who want to relocate outside the UK. British citizens can purchase real estate properties in Portugal without restrictions. However, we recommend that you consider the legal advice offered by our lawyers in Portugal if you are interested in buying a property in Portugal after Brexit.
Real estate investment in Portugal - How to buy a house
As mentioned above, free movement is a valid right for British citizens who want to relocate to Portugal. Those interested in immigration to Portugal must consider the necessary formalities, including buying a property in Portugal after Brexit. The reasons can be many: while some people are interested in how to move to Portugal and rent a house, others want to invest in this country. Whatever the reason, we present below some aspects related to property investment in Lisbon, a destination that attracts many investors:
- Once the property is chosen, a promissory agreement will be made, comprising details of the transfer of ownership.
- Our lawyer in Portugal will check the documents of the respective property so that there are no hidden litigations. Real estate due diligence may be required.
- The sale-purchase contract is then made and authenticated in front of the notary.
- Property tax will be paid after purchasing the property.
The process of selling and buying a property in Portugal is quite simple if you benefit from legal advice from our Portuguese lawyers. It is even recommended to leave this process in our hands to make sure that the documents are in order, especially if it is about property investment in Lisbon. You can discuss more about real estate investment in Portugal with our lawyers.
Buying a property in Portugal after Brexit is a fast process
British citizens are not banned from real estate investment in Portugal or property investment in Lisbon after UK's exit from the European Union. Although some people may not be familiar with the rules of investing in Portugal after Brexit, things are quite simple when it comes to buying a property in this country. British people who want to take out a bank loan to buy a home in Portugal can do so by following these formalities:
- Customers can choose fixed-rate mortgages with constant rates, for a period of no more than 30 years.
- A deposit of at least 30% of the desired property price is required, and the bank will then offer the necessary loan.
- Among the documents required to access a mortgage loan are proof of income, personal bank statements, documents of the property to be purchased, a valid passport, NIF tax number.
Some financial institutions may ask for a bank reference letter, and in the case of companies that want to purchase property investment in Algarve, another great destination for business, information about last year's tax returns might be needed.
Everything you need to know about buying a property in Portugal after Brexit can be found at our lawyers. We can offer you specialized legal help from the very beginning.
Golden Visa in Portugal for property investment in Algarve
British citizens interested in property investment in Algarve can easily access Golden Visa in Portugal, the program for foreigners who want to invest in real estate and enjoy several benefits. Golden Visa Scheme for Portugal requires a minimum investment of EUR 350,000 in the purchase of a property. The amount depends on the area where the property is located.
Upon entering this program, candidates benefit from free movement in the Schengen area with the help of the Portuguese passport and even obtain citizenship in Portugal after 5 years. The program is advantageous, and UK citizens interested in property investment in Algarve can discuss more details with our lawyers.
Why invest in Portugal
Portugal is a country that offers a friendly business climate for foreigners. The UK is an extremely important trading partner, and in Portugal, there are already many companies of British origin, which enjoy the advantages offered in the financial and investment sectors. A stable economy and an attractive workforce are other attributes that foreigners take into account when they want to invest in Portugal. Here are some interesting statistics about the economy of Portugal:
- Around USD 184 billion was the total FDI in Portugal in 2020.
- In 2019, most foreign investments were directed to the financial and insurance sector in Portugal.
- The Netherlands, Spain, UK, Luxembourg, and France are Portugal's largest investors.
- Portugal ranked 39th out of 190 economies in the world for simplified business, according to the 2020 Doing Business report.
Are you interested in buying a property in Portugal after Brexit? We invite you to contact our law firm in Portugal and benefit from tailor-made offers.