Besides money, what else do you need to buy a house in Portugal?

Buying real estate in Portugal is much easier than it seems, even for foreigners. If this is your dream, the CEO of Conexão Europa Imóveis, Tiago Prandi, in an interview with Inteligência Financeira explains step-by-step the investment that is attracting more and more Brazilians on the other side of the Atlantic. So check below 10 recommendations for those who want to diversify their portfolio with this foreign currency asset:

1. Availability of documents

To buy real estate in Portugal, it is necessary to have a NIF, that is, a fiscal identification code number corresponding to the Brazilian CPF. It is worth remembering that any foreigner can get it.

2. Bank account

The next step is to open an account with a bank registered in Portugal.

3. Payment methods

You can buy real estate in two ways: cash or credit.

4. Simplified financing

Many Brazilians, even with the full amount to buy a house in Portugal, opt for financing. This is because the interest rate on the loan is very low compared to Brazil. So they build up income in Brazil with fixed investment income and then pay off the loan in Portugal with single-digit rates.

5. Rising costs

Income arises from the increase in the value of real estate and also from rent. In both cases, the upward trend is driven by strong demand, especially from Brazilians.

6.

The return on investment through rent from the value of the property falls into three categories: long-term contracts (1 year or more): 3-5% p.a.; digital nomads (staying up to 12 months): 5-7% per annum; Airbnb: 7-9% per annum.

7. Account balance

When considering a loan, add up the payment amount, transaction and counseling costs. Thus, make sure that the amount of rent will be sufficient to cover all expenses.

8. Dual citizenship

There are expectations that the Portuguese government will discontinue the Golden Visa, which is a way of obtaining a residence permit with the purchase of real estate in Portugal. Prime Minister António Costa has spoken in this direction, but has not yet sent the bill to Parliament. In other words, obtaining dual citizenship through the purchase of real estate is still valid.

9. Residence permit

Observers of this market believe that the Golden Visa will only be valid for the purchase of commercial real estate or hotel businesses. So pay attention.

10. Joint investments

If you don't have the funds to buy one apartment in Portugal, you can split the purchase with family members or friends. Thus, everyone receives a percentage of the property and rent, in proportion to the investment funds invested.