Can I afford a property in Portugal? With UK property prices increasing, many people are using equity from their current home to fund a foreign purchase.
Can I get a Portuguese mortgage? You can arrange a mortgage up to 75-80%% of the value of the property as a maximum, subject to status. We are able to put you in touch with local banks in the Algarve should you require further information in this regard.
What’s the market like in Portugal? The Portuguese property market is very robust, with expected price increases ranging from 10%-25% depending on area.
Is the health care good? Portuguese healthcare is very good and is available to all EU citizens. You will require an E1-11 form, which can be obtained and stamped at your local UK post office.
Are English speaking property lawyers easy to locate? You will need to use a Portuguese property lawyer for your purchase. Although there is no need for concern as all communications will be in English. Gatehouse is happy to recommend someone.
Do we need a deposit? Usually the deposit will be 10 - 20% of the sales price, but can be more by agreement of both parties. Normally, should the buyer default on the contract the deposit remains with the seller, if it is the seller who defaults they are required to refund twice the amount of the deposit.
What costs are involved in the purchase? In addition to the purchase price of your property it is advisable to allow an extra 10%. This will easily cover all of your costs including IMT (property tax), legal & notary fees and land registry fees.
How do I set up a bank account? Opening a bank account in Portugal is very simple although you will need a tax number which your Portuguese lawyer can obtain on your behalf for a small fee.
Do I need to be a resident in Portugal to live in or own a property there? Anyone living in Portugal for more than 6 months of the year must officially have residency. Your lawyer can obtain this on your behalf for a small fee.
When I am not using my property can I rent it out? Of course. Gatehouse International would be more than happy to supply details of reputable rental agencies and maintenance companies.
What do I get for my money? The Portuguese property market is as, if not more varied than that in the UK. Gatehouse International is confident that we will have something to offer most budgets, depending on area.
Where can I exchange my (£) Sterling for (€) Euros? Due to fluctuating exchange rates it is advisable that you do not leave the matter of currency exchange to the last minute. Whilst the obvious choice might well be your high street bank they are likely not to be the cheapest or the most experienced. Gatehouse International can supply details of currency brokers on request.
Is Portugal a good place to invest? Demand for all types of property including rentals, is very high in Portugal. Many investors are seizing the opportunity of purchasing property “Off Plan” prior to the first brick being laid.
What help can I expect when I am looking for a property? Gatehouse International can arrange appointments to view properties with our agents and if necessary help arrange accommodation and car hire.
What about inheritance tax? Gift and inheritance tax will not be levied as long as it favours surviving partners, children and parents. In case other people inherit, a stamp duty (Imposto de Selo) of 10% will replace the existing tax.
Can I work in Portugal? Anyone from the UK who becomes a resident in Portugal and has obtained a tax number has the right to work in Portugal without a permit, providing they have a valid passport.
