75% of people own their own homes in Portugal, which is 10% higher than the average homeownership rates in the UK or USA. There are no restrictions to buying a home in Portugal as a foreigner, and the real estate sector is well developed. Let’s discuss the cost associated with buying Property in Portugal. Every Property purchase in Portugal associated with buying costs and vary on the basis of Property price and type of development.
Outline of These Costs are as Following:
Transfer Tax (IMT) and Stamp Duty: in includes taxes charged by the Portuguese Government and apply to all property transactions.
Lawyers Fees: A lawyer can take care of all the legal issues involved in purchasing a property in Portugal. He/she look after your interests at all stages of the transaction, making sure that all licenses are in place, that the contracts are in order to be signed and they will clarify any legal questions that you may have.
Notary Fees: The Notary is the official department of the government that will give you the official certified documents that prove that you own the property.
Mortgage Stamp Duty: In includes additional tax based on the amount of mortgage that you may take.
Registration Fees: The land registry will record you as the legal owner of the property and provide the lawyers with official confirmation.
Portugal is Totally safe, stable and family friendly country for the home buyers. Fortera group is best property developers in Portugal real estate market and has more than 7 years of vast business activity in Portugal. To know more about this successful Group Visit Fortera.pt