Question 1

Can foreigners buy property in Portugal?

Accepted Answer

Yes, Portugal has no restrictions on foreign property ownership. International buyers enjoy the same rights as Portuguese nationals. Foreign buyers are required to obtain a Portuguese tax number (NIF) to purchase property, and they may be eligible for special tax programs, such as the Non-Habitual Resident (NHR) status, which provides significant tax incentives.

Question 2

Can you outline the property search process?

Accepted Answer

Understanding Your Needs: The first step in the buying process is to understand what you are looking for in a home. Lagos Homes will work closely with you to determine your specific needs and requirements, such as location, size, and budget.

Property Search: With your needs in mind, your buyer's agent will search the real estate market to find suitable properties that meet your criteria. We will provide you with a comprehensive list of options, along with detailed information about each property.

Viewings: Once you have identified properties of interest, your buyer's agent will arrange viewings so that you can see the properties in person. We will accompany you on these viewings and provide expert advice on the properties and their suitability for your needs.

Negotiating the Price: When you have found the perfect property, Lagos Homes will help you negotiate the price and terms of the sale. We will use our expertise and knowledge of the real estate market to ensure that you get the best possible price for your new home.

Closing the Deal: We will support you to handle the paperwork involved in closing the deal. But in order to secure legal details, we recommend working with our Portuguese partnered law firm. They will work with the seller's agent, lawyers, and other professionals to ensure that the transaction goes smoothly.

Question 3

Am I going to pay extra, working with Lagos Homes?

Accepted Answer

Real estate buyers often assume that hiring a buyer's agent incurs an additional cost. However, this is not the case. The services of a real estate buyer's agent are typically provided at no cost to the buyer because the commission is covered by the sales agency.

When a real estate property is sold, the sales agency representing the seller typically pays a commission to both the listing agent and the buyer's agent. This commission is a percentage of the sale price and is typically divided between the two agents.

Question 4

Are there restrictions on how I can use my property in Portugal?

Accepted Answer

Property use is generally unrestricted for residential and personal use. However, if you plan to rent the property, especially short-term (like on Airbnb), you may need a local lodging license (Alojamento Local or AL). Compliance with local zoning, safety standards, and tax requirements is also necessary.

Question 5

How long does it take to buy property in Portugal?

Accepted Answer

The process usually takes 1-3 months, depending on the complexity of the sale and due diligence requirements. Obtaining financing and completing legal checks can influence the timeline. International buyers should allow extra time for administrative tasks like securing an NIF or opening a Portuguese bank account.

Question 6

Which banks are available for opening an account in Portugal?

Accepted Answer

Portugal has several reputable banks, including Millennium BCP, Caixa Geral de Depósitos (CGD), Novo Banco, Santander Totta, BPI, Montepio, Crédito Agrícola, EuroBic, and ActivoBank. We partner with top banks to provide the best account options to suit your needs, whether in-person or online.

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