Basic Facts - Buying Process - Costs
Visa / Residency - Health

Basic Facts

Population: 10.5 million
Capital: Lisbon
Native Language: Portuguese
Currency: euro (EUR)
Dialling Code: +351
Emergency Services:112
Embassy: Portuguese Consulate General. 3 Portland Place, London W1N 3AA

Buying Process

• Following a verbal agreement between vendor and purchaser a lawyer should carry out necessary searches, for example title and building licence.
• A preliminary contract is then signed laying out terms and conditions of sale and completion date. A 10% deposit paid at this stage. If the purchaser withdraws from the sale he loses the deposit if the vendor withdraws he pays double the value of the deposit./li>
• On completion both parties sign the Deeds (Escritura) in front of a notary. Balance of purchase price and fees and taxes to be paid before signing of the Escritura.
• After signing the Deeds transfer of title should be lodged in the Land Registry and the tax office.

Cost

• Transfer tax: up to 8%
• Legal fees: 2%
• Agents fees: 1% to 10% although the average is 3%
• Notary and Land Registry fees: 2.5%
• Where applicable VAT at the rate of 19% is applied.

Visa / Residency

Portugal is a full member of the EU

Health

The health system and hospitals vary from area to area. It is advisable to take out private medical insurance.

 

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