So, you’re considering moving to Portugal?
This might be a new dream for you, or maybe you’ve already taken the first steps. Wherever you are in the process, we’ve put together some tips to help you make it happen.
There are many reasons why Portugal might be the right place for you. It boasts year-round sunshine, beautiful coasts, thriving cities and amazing cuisine. Whether you want to live in a bustling ex-pat area or experience the local life, the country has something for everyone. Whether you’re looking for the perfect holiday home, a bohemian townhouse, a place to settle after retirement, a property investment or a great upbringing for the kids – you’ll find it in Portugal.
Not only does Portugal offer sunshine and culture, it has a high-quality healthcare system, low cost of living, great schooling and amazing transport links both within the country and with the rest of the world. There are three major airports at Porto, Lisbon and Faro, making visiting friends and family easy. Public transport is cheap and efficient, so once you’re settled you can enjoy lots of trips to surrounding areas!
The property market is affordable compared to many other European countries. Rural homes, often with land, can be bought for a steal, while city property prices still remain reasonably low. With the Golden Visa program, you can get a residence permit for your family by investing in property above €500,000 (or in some cases above €350,000), even if you only spend 2 weeks every 2 years in Portugal. It’s a great incentive whether you’re looking for a holiday home or to settle there permanently.
However, as of January 2022 the Portuguese government have removed Porto, Lisbon and the Algarve area from the initiative in January 2022. This was done to increase foreign investment in other areas in Portugal, which means the time may be right to get in early in a developing region.
WHERE SHOULD YOU BUY?
The next question to ask yourself is where you’d like to live. The real estate market in Portugal has a lot of variety. Would you prefer a sprawling country home, a resort property with the beach on your doorstep or a city townhouse next to a fresh seafood restaurant? If you can travel to Portugal, visit different areas and get lost down side streets until you get a mental map of where you’d like to live. Otherwise, find a local agent who can help you understand what makes each region special.
Sorting out your documents can be a daunting task without any help, but a professional team can help make this part a little easier. You don’t need to be a resident to get a Portuguese tax ID number, but you will need one before you can buy property or open a bank account, and it will be important to compare banks as there are many different types of mortgage available. Fortunately, your agent can help you manage all the details and make sure your paperwork is in order.
IT'S TIME TO MAKE AN OFFER
So you’ve narrowed down your search, or maybe you even have your perfect property within reach. You’ve worked out what lifestyle works best for you and which area suits your needs. You feel ready for your new start. Now it’s time to make an offer! Thorough research into the area’s real estate market values will help you determine the right offer for the property, or better yet an agent who has experience in the market can guide you and make the process less stressful.
GET READY FOR LIFE IN PORTUGAL
You’ve found it! Your move date is just weeks away. You’ve gotten through the stress of property searching and paperwork; you just need to find a moving company, buy yourself a new swimsuit and brush up on a few language basics. It might be helpful to join online ex-pat groups to meet people in the same situation or to provide a friendly face if you ever feel homesick. They might even help you discover your new favorite bars and restaurants!
So what’s your next step to making your dream home a reality? Learn about the regions and necessary documents, or find a knowledgeable estate agent who can make the process easier. And take every opportunity to immerse yourself in the culture – this is the best way to prepare yourself for your new life!
Please Note: While RE/MAX Europe has compiled the information on this page diligently and to the best of its knowledge, RE/MAX Europe does not assume any liability for the accuracy of the information or for any damages resulting from the use of the information.