Buying Property In Portugal
Ocean Key Property is a Licensed Portuguese Real Estate agency who will also help you with Buying Property In Portugal
When you are Buying Property In Portugal, you will also have to pay the annual tax on your property. The property tax in Portugal is also called Imposto Municipal sobre Imóveis or IMI. This is the municipal tax which is usually at the end of every calendar year. The instalments would also start from the month of April.
- If your amount owing is between 250 – 500 Euros you can pay in two installments.
- If the amount is over 500 Euros then you are allowed to pay this in three installments.
- Rates on the tax vary from 0.2 and 0.8 percent of the property value this is known as the Valor Patrimonial.
- Homes that are before 2004 have different rates between 0.4 and 0.8 percent of the registered value.
- Homes evaluated after this period their rates are between 0.2 and 0.5 percent of the registered value.
If you purchase a property in Portugal for permanent residency, you can be exempted from paying property tax for a period of 3 to 6 years. This tax exemption will depend on the value of the property.
Reasons for Purchasing in Portugal
Portugal has a very sunny climate and the crime in Portugal is among the lowest throughout Europe. Due to Portugal’s low crime it is now one of the best places in Europe for Buying Property. Portugal is also one of the most affordable places to live in Europe.
Faro airport is the most popular airport in Portugal for tourists who come to visit the Algarve. Every year millions of tourists from around the world enter Portugal through Faro airport. You will find the prices go up drastically through the summer making it hard for any buyer to view properties. Spring and winter are the best months to travel to the Algarve to look at properties. The weather through the year is quite pleasant and not as hot as the summer months.
From Faro marina you will find Porta Nova pier where you can also catch a ferry to the ilha beaches. The boat ride through the Ria Formosa is a 30 minute trip each way.
On the streets you will find many cafes and restaurants around the old town. As you move further away from the water front, you will also find modern office and apartment blocks.
Praia de Faro
Praia De Faro is the main beach of Faro and stretches for about 5 kilometres. The beach is located near the airport and the natural park of Ria Formosa. There is a bridge to the beach, so it is possible to reach it by car or by bus.
For those who are pursuing for investment in Portugal can apply for a Residence Permit. This is for example if you wish to transfer capital, create a company which also creates jobs, or purchase Real Estate. The holders of the Golden Residence Permit (also known as the Golden Visa) have the right to family regrouping and permanent residency. You will also receive Portuguese citizenship with accordance to the legal provisions when Buying Property Throughout Portugal.
The people allowed to apply for the Golden Visa are;
- Those involved in an investment activity for a minimum period of five years. Acquiring property with a value equal or above 500,000 Euros
- Transfer of capital from or above 1,000,000 Euros
- The creation of jobs for up to at least 10 people.
For more information on the Golden Visa and Buying Property Throughout Portugal please do not hesitate to contact us
If you need to know how the currency market works please follow the link https://www.currencyindex.co.uk/Agent/oceankey or information on buying process in Portugal please see the following link https://www.oceankeyproperty.com/buying-a-property-in-portugal/