Buying a property in Portugal

1. Obtain the Tax Identification Number (NIF):

A NIF is the first step to buying a property in Portugal. In Portugal, this number is essential for all tax and real estate transactions. Foreigners must request this at the Tax Office or through a tax representative, who can be a lawyer or a specialized company.

2. Opening a Bank Account in Portugal:

Foreign buyers must open a bank account in Portugal to facilitate financial transactions, such as the payment of the property and other related expenses. A local bank account facilitates payments and helps you comply with regulations and compliance. Also, when it comes to real estate transactions in Portugal, it is necessary to issue a bank check for the deed.

3. Hire Qualified Professionals:

To assist in the process of buying a property, it is recommended to hire specialists. At The Real Estate Shop, we are willing to help you complete this process efficiently and smoothly.

4. Signing of the Promissory Purchase and Sale Agreement (CPCV):

After finding the desired property, a CPCV is usually signed. This agreement sets forth the terms of the purchase, including price and time frame for finalizing the sale. 

5. Payment of Deposit and Associated Costs:

A deposit, usually between 10% to 30% of the value of the property, is paid when signing the CPCV. Additionally, be aware of additional costs such as taxes, notary fees, and agent fees. 

6. Finalization of the Purchase - Public Deed:

The transfer of ownership is formalized through a public deed. This step is carried out at a notary, in the presence of all the parties involved. 

7. Property Registration:

After the deed, it is essential to register the property in your name at the Land Registry Office, guaranteeing your legal rights to the property.

Buying property in Portugal by foreigners is a difficult process, but it can be made easier with proper preparation and help from professionals. It is essential to stay informed and seek expert advice, considering the current ever-changing regulations and market trends. On our website you can always find updated news and whenever you need more information you can contact us.

Portugal's real estate property law is considered one of the strongest and most reliable in the world. This idea is influenced by several factors:

Consolidated Legislation: Portuguese laws provide a solid legal framework for real estate ownership, with clear laws on buying, selling, inheriting, and renting real estate.

Property Registration: The Portuguese property registration system works well. Real estate transactions are more transparent and legally secure when all properties are registered with the Land Registry Office.

Protection of Property Rights: The Constitution and laws of the country protect and protect property rights, including protection against unjust expropriations.

Real Estate Market Stability: The Portuguese real estate market has attracted investors from all over the world for its sustainable stability and growth.