What are the steps?
1. Get a NIF number (Tax Identification Number)
- Required for all property transactions in Portugal.
- Non-residents can obtain one through a Portuguese tax representative who will get it at the local tax office (e.g., a lawyer or accountant).
2. Open a Portuguese Bank Account
- You´ll Need it for transactions, mortgage payments, utility bills, etc
- Some banks allow non-residents to open accounts remotely.
3. Find a sollicitor/lawyer to assist you in the buying process
- He / She knows the laws and defends your interests and makes sure the buying transaction is legally sound.
- The role of the notary is very limited in Portugal.
- It is not mandatory to have a sollicitor assist you, but it is extremely recommended.
4. Sign a Promissory Contract
- This legally binds both buyer and seller, requiring the transfer of a deposit (typically 10%)
- The contract includes the final price, payment terms, and completion date
5. Check up of Legalities
- It is strongly advisable to have this work done by a sollicitor
- Check on the property’s legal status (no debts, loans or disputes).
- Check of the property on the Land Registry (Registo Predial) and Tax Authority (Finanças) for outstanding taxes.
- Check the conformity of the property on the property’s license. (Legality of the building
6. Final Deed or Escritura
- The final transfer occurs at a notary office, the buyer is assisted by his sollicitor
- The buyer pays the remaining balance, and the seller hands over the keys.
- The deed is registered in the buyer’s name in the Land Registry, now the buyer is officially the new owner
What are the fees?
- Notary & Registration Fees: mostly between €1,000 – €2,500.
- IMT (Municipal Transfer Tax):Varies between 0% to 8%, depending on property value, location, type, age of buyer and use.
- Stamp Duty (Imposto de Selo): 0.8% of the purchase price.
- Sollicitor´s Fees
