Thinking of Moving to Portugal? Here is a Guide to Relocating Successfully

Portugal has solidified its status as a premier destination for those seeking a second home, retirement place, or investment opportunities. Continuing to attract international buyers with its stunning landscapes, welcoming climate, rich culture, and dynamic real estate market. And since we at Nomad Capital wishes to ensure a comprehensive support throughout every stage of their real estate journey, here are some guides in order to relocate successfully and without surprises.

1. Finding Your Perfect Property

Whether you’re drawn to the coastal beauty of the Algarve, or the vibrant city life of Porto, Portugal has diverse regions to explore. Here are three popular locations to choose from:

• Algarve: Renowned for its stunning beaches, golf courses, and relaxed lifestyle, the Algarve is ideal for those seeking a tranquil yet sophisticated environment.
• Porto: This urban scenario is know for its rich culture, some of the best and most popular wine in the world, and a stunning riverfront to enjoy the day.
• Gaia: Situated just across the Douro River from Porto, Gaia combines scenic river views with a vibrant local culture. Also known for its historic port wine cellars and charming waterfront, Gaia offers a more serene yet urban living experience.

Our portfolio includes modern penthouses to traditional villas to residential condominiums, each property situated in prime locations, reflecting the firm's dedication to exceptional quality living.

2. Financing Your Move

Portuguese banks offer various mortgage options for international buyers, including fixed and variable-rate mortgages. Consider consulting with a mortgage broker to find the best terms for your needs. Further,? be aware of property taxes, inheritance taxes, and potential tax benefits such as those available under the Non-Habitual Resident (NHR) regime. Here is an overall idea of each:

• Property Taxes: property transfer tax (IMT) and annual municipal property tax (IMI) costs vary depending on the property value and location, and investment type.
• Inheritance Taxes: Portugal has favorable inheritance laws, but it’s essential to understand how they may affect your estate planning.
• Tax Benefits: Also can have potential tax advantages such as the Non-Habitual Resident (NHR) regime, which offers significant benefits for new residents, including reduced tax rates on certain income depending on your condition in Portugal.

3. Navigating Legal and Administrative Processes

Having a legal advisor who specializes in Portuguese real estate is essential to guide you through the legal aspects of buying property, including contract reviews and due diligence. Once you purchase a property, you’ll need to register it with the local authorities and obtain a tax identification number, or NIF as we know it. Thanks to our partners, we are able to provide you with all necessary information in order to legalize your case smoothly. Remember to:

• Contract Obligations: Ensure that all contractual obligations are clear and fair.
• Due Diligence: Confirm the property’s legal status, ownership, and any potential encumbrances.
• Property Registration: After purchasing a property, register it with the local authorities to ensure legal ownership.
• Tax Identification Number (NIF): Obtain a Portuguese NIF, which is required for all financial transactions, including property purchases.

4. Settling In

Start think on the different necessities such as healthcare, education and the language. Portugal offers a high standard of healthcare with both public and private options:

• Public Healthcare: Register with the Portuguese National Health Service (SNS) for access to public healthcare facilities.
• Private Health Insurance: Or consider private health insurance for quicker access to services and additional coverage.

For families with children, Portugal offers a variety of high-quality educational options, including international schools.

5. Embracing the Local Culture

Embrace the Portuguese way of life by exploring local festivals, cuisine, and traditions. Engage with the community to make your new home feel like a true part of your life. It might include Porto’s S?o Jo?o Festival, and the delicious pastéis de nata.

Relocating to Portugal can be a seamless and rewarding experience with the right preparation and support. Our team at Nomad Capital is here to help you every step of the way, from finding your dream home to navigating the relocation process.

Ready to make Portugal your new home? Contact us today for expert advice and personalized support in your relocation journey.