NIF - Taxpayer Number - In order to purchase a property in Portugal you will need to obtain your 'taxpayer number' that can be issued by any local finance service. This number is also necessary to be able to open a bank account in Portugal and to pay accounts related to the property, such as water, electricity, etc. Due to new rules on tax evasion and money laundering, your lawyer will most likely inform you that foreigners wishing to own the property in Portugal must have a tax representative in the country. The lawyer may provide guidance on this.
Testament – If you own a property or property in Portugal, it is advisable that you make a Portuguese will, even if you have already made one in your country of origin, a Portuguese will make the inheritance process easier for those who eventually inherit the Property.
Inheritance Tax - As an additional incentive for tax residents in Portugal, this tax was abolished in case the heirs of the property are the spouse, children, or parents. Any other party will pay only 10%. If you are not a tax resident in Portugal you may be subject to inheritance tax on your asset in Portugal in your country of tax domicile.
Residence - If you live permanently in Portugal, or stay in the country for more than 183 days a year, consecutively, then you must apply for residency. It is an identification document entitled to it, as a member of the European Union, the same rights as a national citizen. Details such as name, address, in Portugal, date of birth, marital status, passport number, fingerprint and photography are included in this document. Obtaining the residence will not make you a Portuguese citizen nor will you have to renounce your current nationality.
Below are the taxes involved in the acquisition of a property or property:
Stamp Duty - IMT - is the property transfer tax and is paid to the Portuguese State immediately before the deed. The tax exemption limit is €80,000 in addition to this amount. There is a stopover, up to a maximum of 6% of the purchase price for the purchase of a property above €500,000, the purchase of "land" is charged at a fixed rate of 6.5%, regardless of the sales amount .
In the same way, still has the payment of deed and the regist ..