Buy Property In Portugal

Buying property in Portugal is easy with the proper advice and guidance. Oceânico will help you find the right professional advisors to provide:

Legal advice to ensure legal and planning enquiries are conducted and a proper private contract negotiated
Tax advice on the most tax efficient way to structure the acquisition of the property
Financial advice on how best to finance the acquisition

These are the 4 short steps to owning your own place in the sun!

1) Reservation

Complete a Reservation Form and pay a deposit of €5,000. There will be conditions attached to the Reservation Deposit which should be carefully read and understood.

2) Inspection Visit

Under the terms of the reservation form you will be given a period of time to confirm your decision and visit the site and location if you wish.

If you decide not to go ahead then the deposit is refundable less the costs indicated on the Reservation form which are usually the inspection visit costs.

3) Promissory Contract
(Contrato Promessa de Compra e Venda)

In order to arrange the Promissory Contract of Sale and Purchase, the details previously given on the Reservation form together, with the terms of purchase are then included on a simple contract with an English translation, in order that all parties understand the formal buying process. A copy of this is forwarded, to the client and their chosen lawyer. Upon signing the contract, an agreed deposit normally 20%, will also be required and the purchaser, will be then legally bound to purchase the property. Some contracts may include stage payments, where properties are under construction.

4) Fiscal Representations

The Portuguese Government has enacted a law regarding non resident individuals who own property in Portugal and as a consequence the tax departments are tightening up their systems to ensure that individuals that own property are represented by a Fiscal Representative. Oceanico in their strive to assist clients with purchasing property, has arranged a special deal with Sovereign Trust to find the correct solution. We would mention that there are other Organizations with similar facilities therefore it is up to the individual to make the choice. See the Individual Fiscal Representations document or in the case of a Limited Company, the Corporate Fiscal Representations document .

5) Deed and Registration

Once your property is complete, a deed ("escritura") is booked and the property is transferred to you on payment of the final balance due. The property is then legally yours!