The acquisition of property in Portugal by foreigners has become a highly sought after process, whether for residence, investment or leisure. This comprehensive guide is intended to provide a clear and detailed overview of the essential steps to making such a purchase, ensuring that even non-residents can navigate the process with confidence and security.
First Step: Obtaining the NIF
Before anything else, it is essential that the foreign buyer acquires a Tax Identification Number (TIN) in Portugal. This unique identifier is essential to carry out any transaction with tax implications in the country. The NIF not only enables a person to operate in the real estate market but is also necessary to open bank accounts, sign service contracts and, of course, to purchase property.
What is the NIF?
The NIF, acronym for Tax Identification Number, is a nine-digit code assigned by the Portuguese tax authorities to identify individuals and companies in all tax transactions. Obtaining it is the first formal step in the journey of purchasing a property in Portugal, serving as a type of tax passport for foreigners and residents.
How to Obtain NIF
For Portuguese citizens, the NIF is automatically generated when the Citizen Card is issued. For foreigners, the process can be carried out in person at the Tax Authority offices in Portugal, or remotely, through the appointment of a local tax representative, usually a lawyer or a specialised law firm. This tax representative assumes responsibility for interacting with tax authorities on behalf of the foreign national. Detailed information on how to request a NIF can be found on the ePortugal portal: Click here
Second Step: Finding the Ideal Property
The search for the perfect property can be the biggest challenge, given the wide range of options and the recent appreciation of real estate in Portugal. Counting on the help of a specialised company like Imovance can be a significant differentiator.
How Can Imovance Help?
Imovance offers a personalised approach to the search for properties, adapting to the profile of each client. With a vast network of real estate consultants and access to real estate valuation analyses, Imovance positions itself as an exclusive intermediary between buyer and seller, guaranteeing a transparent and advantageous purchasing process.
Imovance can search for properties based on your profile. We present reports with real estate valuation analysis and we have a decentralised network of real estate consultants. We will be the only interlocutors with the sellers and will help you make the best deal possible with clarity and transparency.
To get an idea of property values we recommend search portals such as Idealista.pt which will present a generalised search, our difference is that we use our time to carry out a search according to your needs and present a moulded and noise-free result. We take your shopping experience to a higher level.
To start using Imovance’s services for free, click here and fill out the form.
Third Step: Sign the Purchase and Sale Promise Agreement (CPCV)
The CPCV is a key document when purchasing property in Portugal, acting as a guarantee for both parties until the sale is completed. This contract details all the conditions of the deal, from the description of the property, the agreed price, payment terms, to the obligations and rights of each party.
Importance of CPCV
This contract is fundamental, as it guarantees the buyer exclusivity in purchasing the property, allowing time to obtain financing or resolve pending issues. For the seller, it represents a serious commitment from the buyer, minimising the risk of withdrawal and stipulating a defined deadline for the sale.
Fourth Step: Signing the Public Deed of Purchase and Sale
The final stage of the process is the signing of the public deed, the document that formalises the transfer of ownership of the property. This step is carried out in the presence of a notary, who verifies the documentation and identities of the parties, reading the deed aloud before signing.
What is a Public Deed?
The public deed is the legal document that confirms and formalises the transfer of ownership of a property. It details all transaction specifications, such as the identification of the parties, the description of the property, the purchase price, and any existing charges on the property.
Subscription and Registration Process
After signing, the deed must be registered in the Land Registry so that the transfer of property can be made official in the official records. This final step legally confirms the buyer as the new owner of the property.
Final considerations