NIF - Tax Identification Number - Fiscal Number
To be able to acquire a property in Portugal, you will need to obtain your "tax identification number", (also knowned as NIf or Fiscal number) which can be issued by any local finance service.
This number is necessary when opening a bank account in Portugal and to make payments related to the property, such as water, electricity rates etc.
Due to the new rules regarding tax evasion and money laundering, it is likely that your lawyer will inform you that foreigners who wish to own a property in Portugal must have a tax representative in the country.
Your lawyer will be able to provide guidance in this regard.
Will andTestament –
If you own a property or property in Portugal, it is advisable that you write a Portuguese will, even if you have already drawn one up in your home country.
A Portuguese will, will facilitate the inheritance process for those who will eventually inherit the property.
Inheritance Tax -
As an additional incentive for tax residents in Portugal, this tax has been abolished in the event that the heirs of the property are the spouse, children or parents. Other parties will pay only 10%. If you are not a tax resident in Portugal, you may be subject to inheritance tax on your assets in Portugal in your country of tax residence.
If you are are a resident of the Schengen area and reside permanently in Portugal or stay in the country for more than 183 days per year, you must apply for residency.
It is an identification document that gives you, as a member of the European Union, the same rights as a national citizen.
This document includes details such as name, address in Portugal, date of birth, marital status, passport number, fingerprint and photograph.
Obtaining a Portuguese residency will not make you a Portuguese citizen nor will it make you have to renounce your current nationality.
Below are the taxes involved in acquiring a property.
Stamp Duty - IMT - is the tax on the transfer of property and is paid to the State Portuguese immediately before the performance of the contract.
The tax exemption limit is €80,000, above this amount. There is a scale, up to a maximum of 6% of the purchase price for the purchase of a property over 500 000 €. For the purchase of "land", a fixed rate of 6.5% is applied, regardless of the sale value