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Portugal
Purchasing Information
Dominated by the Atlantic Ocean, Portugal has a rich seafaring past with some spectacular seaside resorts, characterised by rugged sandstone cliffs and rocky coves. Inland you will discover a landscape wreathed in olive groves, vineyards and wheat fields, traditional towns and villages, and UNESCO World Heritage sites. |
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General Information
| Currency |
Euro |
| Current exchange rate (as of 5-Apr-07) |
as of 10th April 2007, £1.00 = €1.48 |
| Country Dialling Code |
+351 |
| Spanish London Embassy |
11 Belgrave Square
London
SW1X 8PP
Website -http://portugal.embassy.uk.co.uk (note that this is an information page, as the Portuguese Embassy do not have their own website)
Tel: 0870 0056970
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| Good Portugese Travel Website |
www.portugal.org |
| Languages Spoke |
Portuguese and Mirandese |
| Population |
10,605,870 (July 2006 est.) |
| Area |
92,391 km2 |
| Emergency Services |
Dial 112 |
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Visa / Residency
As a member of the EU, UK Citizens can enter Portugal for up to 90 days without a Visa using a
valid UK Passport.
EU Citizens do not need to have a residency permit, but they are useful occasionally (for instance,
for tax purposes and applying for a drivers license)
For stays of 90 days up to 1 year, a short term residence permit is required. A 5 year long term
permit can be renewed automatically for a further period of 5 years. |
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Health Cover
This tends to vary from area to area, so get the low down from a friendly local. Some
hospitals/clinics offer first rate service and facilities and yet some are decidedly average (at best).
Overall, simple ailments are usually easily dealt with, but for more serious matters, it would be
best to go private or come back to the UK. |
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Fees & Taxes
Transfer tax or SISA (re-sale properties only) can cost up to 8% depending on the value of the
property.
Legal fees between 1% and 2%
Notary fees currently fixed at about €150.
Annual local taxes 0.8% in rural areas and between about 1.1% and 1.3% in urban areas.
Deed registration fee 0.75% to 1%.
VAT is currently 21% and may apply on some of the above so ask your Lawyer to check which
fees VAT may be added to.
Overall, allow between 10% and 15% of the purchase price for the above and note that fees and
taxes can vary greatly, depending on the municipality. |
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The Buying Process
The seller and buyer come to a verbal agreement.
The purchasers Lawyer will then carry out checks to ensure that the Title Deeds, ‘Caderneta
Urbana’ (which states the property’s size, boundary position and rateable value) the habitation
license are all in order.
The fiscal number is issued by the local tax office.
A preliminary contract which lays out the terms of the sale is then signed by both parties. A
deposit, usually 10% is paid at this point. The deposit is refundable twice over (i.e. 20%) if the
buyer backs out for no good reason.
Both buyer and seller sign the Deeds (‘Escritura’) on completion in the presence of a notary public
and the completion monies are paid.
The notary public records the sale with the land registry
and the local tax office.
Remember that if you are buying off plan, stage payments are likely to be required by the
Developer during the construction process.
Overall, the Portuguese legal system can be very complicated and it is essential that you employ a Lawyer
who is fluent in English as well as Portuguese so that you understand what is happening. |
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