Can foreigners buy property in Portugal?
Yes, there are no restrictions on foreigners purchasing property in Portugal. Both EU and non-EU citizens can buy residential and commercial real estate freely.
What are the additional costs when buying property in Portugal?
In addition to the purchase price, buyers should budget for around 6-10% in additional costs. These include property transfer tax (IMT), stamp duty (0.8%), notary fees, legal fees, and registration costs.
Can I get a mortgage as a foreigner in Portugal?
Yes, many Portuguese banks offer mortgages to foreigners. Non-residents can typically borrow up to 70% of the property’s value, while residents may qualify for up to 80-90%. The terms depend on your financial background and the bank’s criteria.
Can I obtain a Golden Visa by purchasing property in Portugal?
Yes, non-EU citizens can apply for a Portuguese Golden Visa by investing in property worth at least €500,000. In designated low-density areas, the minimum investment threshold is reduced to €400,000. This visa grants residency and provides access to the Schengen Area.
What taxes will I pay as a property owner in Portugal?
Property owners in Portugal are subject to annual municipal property tax (IMI), which ranges from 0.3% to 0.8% of the property’s taxable value. If you rent out the property or sell it at a profit, additional taxes like rental income tax or capital gains tax may apply.