RELOCATING TO PORTUGAL FROM THE UK
IT’S EASY TO MOVE TO PORTUGAL WITH THE RIGHT SUPPORT
Stop searching for answers on the web, and speak to a Portugal property expert for free! Schedule a session with one of our Portugal Property market specialists and find out what’s involved in moving to Portugal from the UK and buying a property. From visas to finding your dream home, our bilingual property consultancy team will show you the way and answer the many questions you will have.
We have both Portuguese and English team members, so don’t worry about confusing jargon, we can explain things clearly and ensure you are equipped to make the move to Portugal stress free!
PROPERTY CLUB CAN HELP YOU WITH…
TOP TIPS FOR NAVIGATING THE PORTUGAL PROPERTY MARKET FOR BRITISH PEOPLE
THINGS TO CONSIDER WHEN MOVING TO PORTUGAL
Yes! Property Club has a network of banks and lenders who specialise in non-Portuguese customers. We can advise what documentation you need, and which lenders will be best suited. We’ll also find you the best rates, often lower than those advertised.
This will depend on your personal circumstances, but the good news is, rates have been falling in 2024. It’s a lot more common to use a variable rate in Portugal compared to the UK. Variable rates are typically linked to the Euribor (Euro Interbank Offered Rate), with banks adding a spread based on the borrower’s creditworthiness and other factors. Historically, the 6-month Euribor has experienced significant fluctuations, peaking near 5.4% in 2008 and dropping to -0.4% in 2021. As of March 2023, it stood around 3.4%, impacting borrowing costs for variable-rate mortgages.
We can help you find the best mortgage, and understand the types of mortgage on offer in Portugal.
You’ll have your own preferences: beach or city, warmer or cooler, rural or well connected. It is well known that a lot of British movers to Portugal love the warmer climate of Algarve in the South, while many also prefer the vibrant cities of Porto and Lisbon. Within these locations, there are of course different neighbourhoods, so it’s important to research thoroughly. Our team is made up of British and Portuguese people who have made the move like you! So we can give first hand experience, and talk through the different locations in Portugal.
As with any country, navigating the property buying process can be confusing. There will be abbreviations, fees, steps in the process that are not obvious at first. Did you know you pay the deposit to the seller directly for example? There are also obviously more steps if you require a mortgage compared to being a cash buyer. Speak to one of our English speaking experts who can talk you through the process in detail, ensuring you have what you need to secure your dream house here in Portugal.The typical process:
Financial Prep:
– Set your budget and consider extra costs (taxes, fees).
– Secure mortgage pre-approval if needed.
Get an NIF (Tax Number):
– Required for all financial transactions; obtain via tax office.
Open a Portuguese Bank Account:
– Needed for payments and taxes.
Property Search:
-Research locations, work with real estate agents, and hire a lawyer.
Due Diligence:
– Inspect the property and verify legal documents.
Preliminary Agreement (Promissory Contract):
– Sign a contract with terms of sale and pay a deposit (10-30%).
Final Deed:
– Sign the final contract before a notary and pay the remaining amount.
Register Ownership:
– Update records with the Land Registry and Tax Office.
Post-Purchase:
– Transfer utilities to your name and handle ongoing property taxes.
Typically, banks offer a lower Loan To Value amount for foreigners in Portugal. This can be 80% of the property value, meaning you’ll need to have a way of financing the remaining 20%. Depending on your personal situation, there can be ways to reduce the cash needed up front, and our experts can talk you through your options.
As with any country, Portugal has hotspots where property prices are higher than average, but many Americans find the Portuguese property market to offer excellent value, especially outside the major urban centers. While Lisbon, Porto, and the Algarve can be pricey due to high demand, smaller towns and rural areas often present more affordable opportunities.
Portugal has experienced significant housing cost inflation in recent years, ranking fifth among OECD countries for rising housing costs. This is driven by strong demand, limited supply, and increased international interest. However, there are still great deals to be found if you know where to look.
At Property Club, we ensure you understand the fair market value for the properties you’re considering and provide expert negotiation support to help you secure the best deal in this competitive market.
Portugal’s healthcare system, known as the Serviço Nacional de Saúde (SNS), offers universal coverage to residents, including expatriates. The SNS provides a wide range of services, such as consultations, treatments, surgeries, and long-term care. While the SNS is publicly funded, it’s not entirely free—patients typically pay a small co-payment for consultations, treatments, and prescriptions. These costs are significantly lower than in the U.S., where healthcare is predominantly privatized and can be prohibitively expensive without insurance.
Private healthcare is also widely available in Portugal and is relatively affordable compared to the U.S., with shorter wait times and access to English-speaking doctors. Many Americans choose to supplement the SNS with private insurance for added flexibility and convenience. Overall, healthcare in Portugal is often cited as being of high quality and far more cost-effective than in the United States.
You may have heard of the Non-Habitual Resident (NHR) tax regime that allowed American’s to benefit from very attractive tax rates. However, this has come to an end, but there are replacements and different incentives coming in. As this landscape is changing daily, we advise you to speak to our tax experts to get the latest advice, based on your specific circumstances.