Moving to Portugal

by Mike Rawson · Published · Updated
by Mike Rawson · Published January 14, 2016 · Last modified January 21, 2020
by Mike Rawson · Published November 11, 2019 · Last modified January 14, 2020
by Mike Rawson · Published June 17, 2019 · Last modified January 14, 2020
More
In theory there is no difference between theory and practice. In practice there is.
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!