5 Things to Consider When Buying a Property in Portugal as a Retiree
Let's talk about why Portugal is such a great place to retire!
Firstly, Portugal is known for its beautiful climate, with warm and sunny weather throughout the year. This makes it a great place to enjoy outdoor activities and pursue hobbies like golf, tennis, and hiking.
But it's not just about the lifestyle – Portugal also has a rich culture, with beautiful architecture, art, and music. The country has a strong
and stable economy, which makes it a good place to live and work. And let's not
forget about the friendly and peaceful culture in Portugal – the country is
known for its welcoming and hospitable people, and it has a low crime rate
compared to other European countries.
So, what should you consider when buying a property in Portugal as a retiree?
First and foremost, location is key. You'll want to think about things like the local climate, proximity to healthcare, amenities, and public transportation when choosing a location.
You'll also need to decide on the type of property you want – a house, an apartment, or a vacation home? Each has its own benefits and drawbacks, so you'll need to carefully consider which is the best fit for you.
It's also important to set a budget and stick to it. You'll need to factor in costs like mortgage payments, property taxes, insurance, and maintenance. And you'll need to consider your financing options – taking out a mortgage or using cash.
Another important factor to consider is finding someone to help such as hiring a buyers agent. A buyers agent is a professional who represents your interests in the property purchase process. They can help you find the right property, negotiate the best price, and handle all of the legal and logistical details of the transaction.
Finally, there are a number of legal considerations to keep in mind when buying a property in Portugal. This includes things like obtaining a tax number, getting a power of attorney, and obtaining the necessary permits and licenses. It's important to work with a qualified lawyer who can help you navigate the process and protect your interests.
Bonus consideration: Do you qualify for the NHR tax regime? This is a special tax regime in Portugal that allows certain individuals, including retirees, to pay a flat tax rate of 20% on their foreign-source income. This can be a significant advantage for retirees who are looking to stretch their budget and reduce their tax burden.
Até já,
Mia and Rafael