Moving to Portugal
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Hi Mike, love reading your analysis on various topics but this one interested me more than most as I moved out to the Algarve a couple of months ago, a few years earlier than I was planning due to all the Brexit uncertainty. I used TransferWise borderless account to gradually transfer money over for the property purchase. They now also offer a handy contactless Debit card too. The total bill including Stamp, IMT, notary and lawyer charges was about 5%. My council tax is 400 euros a year out here compared to £2,000 I was paying in London. I highly recommend Portugal, as you say it’s one of the few bastions left where the natives don’t totally hate us. 😉 The NHR scheme is the icing on the cake. Tax free pension drawdown; what’s not to like?!
Holy moly that’s a lots of fees for buying a property!!!
I guess property ownership is not so popular in Portugal compared to the UK?
Fees in the UK are pretty high at the top end, too – stamp duty is 12% over £1.5M.
It’s very popular and certainly the market is booming here in the Algarve buoyed by both the NHR scheme attracting UK and French ex-pats in particular and the Golden Visa scheme which basically offers anyone outside the EU when buying a 500k+ euro property with a fast track residency permit. A typical Estate Agent’s commission sets you back an eye watering 5% so if you do buy you probably won’t be in a rush to sell!