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Buy & Invest


May 2019

  • SIR-RU Statistics for the 1st quarter of 2019

  • INE Publishes House Price Statistics at a local level for the 4th quarter of 2018

  • Signs of a slowdown in the Economy, financing conditions continue favourable

  • A former building of the Ministry of Education turned into a student residence


April 2019

  • World economies slow down, interest rates rise delayed

  • National Statistics Institute (INE) discloses set of indicators for 2018

  • New projects in Lisbon and Porto

  • Lisbon Urban Renewal Week

  • Siimgroup shows its portfolio in the “Salon de Paris”


February 2019

  • Macroeconomic environment

  • Summary of changes to the leasing laws

  • Increase in Municipal Property Tax (IMI) on vacant buildings

  • Effective Right to Long-term Housing

  • Acciona acquires building in Estrela

  • Lisbon City Council will start works in the Praça de Espanha


Our Investment Consulting division provides a broad range of customized consultant services and seeks to exceed client expectations at all times.   

We act as a global coordinator and liaison office responsible for the advisory of all HENRY (high earners not rich yet), HNWNI (high net worth individuals) and UHNWI (ultra high net worth individuals).


We provide bespoke guidance for our partners in art advisory, real estate, business investments, hotel acquisitions and sales, as well as Cars & Yacht brokerage services and we conduct our business with the utmost discretion and confidentiality.


Our portfolio of partner services includes:


  • Partnerships with international banks (corporate, commercial and retail)

  • Global asset management

  • Advice concerning tax optimization in addition to inheritance and succession requirements

  • Multi-family offices

  • Coordination of international mergers and acquisitions

  • Complex financial engineering

  • Vineyards, Equestrian, Farms and Rural 

  • Specialist market reports and analytics

  • Access to exclusive, off-market properties



The InfoSIIMGROUP is a monthly publication created to provide information, insight and analysis of the real estate market.


Looking for a property and have no time to waste?  Don't worry, we can take care of everything, your new home is just a conversation away.

In today's speculation-driven market we know how important it is to have access to the right information, knowledge and experience that will prove to be very useful when searching and negotiating for a new property, so you can get what you want and at a fair value.

We also know how cumbersome such a process can be and how fundamental it is to have someone that can support you in the whole process, someone that is human, that really cares and can fully understand you and all your needs, expectations, emotions assisting you in every single aspect of it.

We will act as your representative all along the entire process of buying or renting a property, negotiating with all intermediaries, and eliminating barriers and conflicts of interest that might arise, always with the guarantee that we will try and do our best to make it the smoothest journey as possible, focusing on removing all the typical and associated frustrations, constraints and time-consuming processes and situations.

You can take a look at The Collection Selection and see if any of those curated properties suits your needs and desires or if you're looking for something more specific, contact us, so we can understand everything about you and what you're looking for and start searching the whole market for it.

Buying Guide


1. Financial Qualification (If applicable)


According to our experience, this is the first major step that you should take to avoid any unpleasant surprises when you're looking for a house and you finally find the one.


Without any obligation or bond, we’ll introduce you to our financial advisory partner - MAXFINANCE, who can help you determine your buying price range with confidence. Be prepared to dig into paperwork during this part of the process such as pay stubs and tax returns.


MAXFINANCE will do a full review and negotiate in your behalf with all the relevant financial institutions and banks to then deliver you the most competitive proposals and conditions, as well as what you will be able to borrow in order to purchase a home. This is a vital step in the home buying process!
These documents will also serve as an important proof that can be used in future home buying offers and negotiations.

MAXFINANCE its a Certified Credit Intermediary and it's constituted by a team of professionals properly trained and specialized in financial solutions.

Partnering with first line Financial Institutions, national and international, MAXFINANCE guarantees the best service and conditions adapted to the ideal solution for your needs. 

Loans and mortgages


The Portuguese domestic mortgage market is well established and competitive. Depending on the financial status of the borrower, banks will finance between 60% and 80% of the assessed value of the property as a general rule with the interest rate agreed between the bank and the borrower. Portuguese banks can now set their own terms for the loan, under the supervision of the Bank of Portugal.


Although contracts with a term of up to 50 years do exist, contracts normally have a term of 25 to 30 years. Portuguese banks generally require life assurance as security and require additional guarantees for foreign investors.

2. Looking for a House


  • Check that the location is linked up to the main infrastructures like electricity, water, gas, sewage, telephone, television and internet lines.

  • Visit the location at different times of the day and night, so as to observe the surrounding atmosphere and neighbours.

  • Analyse the good accessibility of the location, public transportation and parking spaces.

  • Proximity to Schools, Hospital, Health Centre, Public Services (Post Offices, Banks, Pharmacies, etc.) and Parks or Plazas is a factor of major relevance.

  • Inform yourself about the degree of safety of the location and closeness to police entities.

Take a Tour with Us and get to know the locations with an

expert who will guide you through all the advantages and

disadvantages of living and working around.

The Survey: Housing Condition and Features

In Portugal, a survey (inspecção) is not a compulsory part of the purchase process however they are advisable prior to purchase so you would be aware of any potential renovation and repairs.


A survey is particularly advisable if you are buying a property that doesn’t carry a builder’s warranty. A full structural survey will usually cover all the main issues.


Important things to check include:


  • The plan of the land at the Land Registry and the plan of the building which should be included with the property details.

  • It’s useful to measure the living space in square metres, as this will give an idea of the selling price per square metre, a common yardstick used to negotiate in mainland Europe.

  • Don’t just believe what it says on the plan or in the details, check for yourself, as any discrepancy could work to your advantage in any negotiations over price.

  • The land boundaries and whether there is any construction work planned on the land neighbouring the property.

  • Pay attention and ask for all available documentation that can state the age of the building and quality of the construction and materials applied. Check for cracks and fissures in the walls, the kind of interventions that might have been carried out, the type of insulation, any signs of humidity or mould in the walls, ceilings and underneath window sills.

  • Examine the good functioning of the gas, water and electricity.

  • Inform yourself about the existence and value of the condominium and if there might be any present conflict or problem associated.

3. The Purchase 

Used House

  • Ask for a copy of the acquisition deed, property registration certificate and cadastral certificate(*).

  • Check for the existence of a valid housing license.

  • On the copy of the property registration please certificate that you can confirm the identity of the property’s owner and any charges registered on it (mortgages, pledges, usufructs). If you are requesting a loan to purchase the property, the financial institution will check the respective situation and proceed with the cancellation of any encumbrances and charges. The cost of cancelling these charges will be the responsibility of the seller (if there is no agreement otherwise).

  • Check that the building or autonomous division has a cadastral entry recorded in the legal description(**), or whether its entry has been requested (Tax Authority Division).

  • Make sure that the house is not rented and that the municipal property tax (IMI) is paid up, as well as the condominium expenses.

  • The costs and taxes derived from the purchase and sale are the responsibility of the buyer (Property Transfer Tax, Stamp Duty and Notary and Registry fees).

(*) Where the acquisition deed is “Escritura de Aquisição/Compra”, the property registration certificate is “Certidão do Registo Predial, and the cadastral certificate is “Certidão Matricial”.

(**) Where the cadastral entry is “Inscrição Matricial”, the legal description is “Caderneta Predial”.

New House

  • Check that there is a housing license, technical document on the house(***) and energy certificate.

  • In the case of acquisition of land for future housing, check that the land is situated in a zone authorised for urban development and constructions, E.g. if a Land Division Permit(****) has been issued and the characteristics of the housing that can be built in that location.

  • The builder/developer should guarantee the amounts submitted as down payment during the construction stage, by means of signing a forward commitment to buy and sell with recognition of the signatures.

  • The builder/developer is responsible for the costs of the horizontal property deed and its registration in the property register.

(***) Where the housing license is “Licença de Habitabilidade”, technical document on the house is “Ficha Técnica de Habitação”.
(****) Where the Land Division Permit is “Alvará de Loteamento”.

4. The Promissory Contract of Purchase and Sale (PCPS/CPCV*)

This is a document by which the parties undertake to conclude, among them or with a third party, the definitive contract for the purchase of the property. The (PCPS/CPCV) should contain the signatures of the grantors, duly recognised, so as to establish greater legal certainty.

The (PCPS/CPCV) should include the following aspects:


  • Identification of the participants, the committed buyers and sellers (name, marital status, civil identification number, taxpayer number, address).

  • Identification of the property to be traded (including its description in the Property Registry Office and the cadastral entry registered in the Legal Description).

  • Reference to the housing/construction license of the property.

  • Price of the transaction, form of payment, value of the down payment, reinforcements of the down payment and respective time frame (reference to the loan that has or will be requested from the bank to the fact that the purchase depends on this loan and foreseeing, if the loan is not granted, the consequent return of the down payment).

  • The indication that the property will be sold free of any encumbrance and charges.

  • The maximum time limit for the conclusion of the forward contract, where the payment of penalties may be agreed if the deadline is missed due to the fault of any of the parties.


The agreement commits both buyer and vendor to complete the transaction and at this point, the buyer usually pays 10% of the purchase price as a deposit. If the buyer walks away from the deal subsequently, this deposit will be forfeited; if the vendor walks away, they are liable to pay the buyer twice the value of the deposit in compensation.


Cooling Off

There is no cooling off period when you buy a property in Portugal.

(*) Where CPCV is "Contrato de Promessa de Compra e Venda".

5. Procedural and Legal Costs 

Procedural Costs

  • Opening Expenses:
    A fee established by the financial entity for the management of the funding procedures.

  • Valuation Fee:
    A procedure by which an expert (evaluator) determines the market value of the property based on which the mortgage will be constituted to secure the loan.

  • Expenses related to Solicitors:
    A fee established by the financial entity for processing the legal documentation of the transaction.

Legal Costs

  • Registration of Acquisition and Mortgage:
    Currently, there are two ways of carrying out a deed of purchase and sale and loan with mortgage: at a Safe House (a Notary Office, which requests all the property records and cancellations online), or Over-the-Counter (at a Property Registry Office, where all previous acts and cancellations are drawn up immediately). In both cases, the values are legally established.

  • Notary Fees – Public Deed of Acquisition and/or Loan with Mortgage and/or Collateral:
    The notary fees are established by each Notary Public based on the value of each of the acts and the properties involved in the transaction. The costs of the deeds are calculated based on the declared value of purchase and sale, the number of real estate assets, the particularity of the acts, the number of copies requested, among other factors. These costs can also be increased on account of the Deed Certificate.

  • Certificate of Content:
    The Certificate of Content of all the property entries and descriptions can be obtained online or at a Property Registry Office.

  • Stamp Duty:
    Stamp Duty on the Acquisition of 0.8% of the transaction price of the property stipulated in the Deed and Stamp Duty of 0.6% of the amount of credit used. - Stamp Duty Code of Law

  • IMT (Property Transfer Tax):
    The calculation of this tax follows the values established annually in the State Budget and diverges according to the location of the properties (Mainland or Autonomous Regions) and the use of the property (Permanent Own Residence or Secondary Residence and for Rental). The calculation of this tax is incident on the higher of the following two values: the value of the property for tax purposes or the value stipulated in the act or contract (for example, the purchase and sale deed) and should be settled and paid-up before the signing of the deed. The payment documents can be obtained online or at a Tax Authority Division. - IMT Simulator - IMT Code of Law

  • IMI (Municipal Property Tax):
    This is a tax paid annually which is incident on the value of the property for tax purposes, stipulated in the Urban Legal Description, covering properties (rural, urban or mixed) situated on national territory. The local municipalities are responsible for defining the rates of this tax. - IMI Simulator

5. The Deed

Typically, there are three stages:

  • Registrations of Acquisition and Mortgage
    Currently, the deeds of purchase and sale and loan with a mortgage can be concluded at a Notary Office (Safe House Service) or Property Registry Office (Over-the-Counter Service).


  • Payment of IMT (Municipal Transfer Tax)
    If there is no exemption from this tax, the corresponding payment documents can be obtained online on the website of the Tax and Customs Authority or requested at a Tax Authority Service.


  • Purchase and Sale and Mortgage Deed
    Two distinct acts take place when concluding the deed. The purchase and sale contract, by which the buyer becomes the owner of the property, and the contract for the loan with a mortgage which stipulates everything related to the mortgage loan (the value, interest rate, repayment time limits and amounts.). After signing this contract, the bank releases the amount required to pay to the former owner of the property.


Documents required for the Deed:​

  • Documents of civil identification and fiscal identification of the parties involved.

  • Certificate of content of all the entries and descriptions in force.

  • Urban Legal Description or Request of entry of the Property in the cadastre (Form I of the IMI) issued by the Tax and Customs Authority.

  • License for use (for buildings built after August 1951).

  • Technical Document on the House (if the License for Use was issued after 30/03/2004).

  • Certificate of Infrastructures (if the Land Division Permit was registered from 1992 onwards, without provision of collateral and when involving the first transfer).

  • Certificate of Energy and Quality of the Interior Air in Buildings.

  • Confirming evidence of payment of the IMT.

  • Confirming evidence of payment of the Stamp Duty.

  • Declarations of Exercise of Right of Preference (if applicable).

  • Toponymy Certificate (if applicable).

  • Declaration of the values in debt of the loan for purposes of its settlement (if applicable).

Payment of IMI (Municipal Property Tax):
For properties that are intended for permanent residence and rental, the request for exemption of the payment of IMI (Municipal Property Tax) can be done within a period of 60 days after the conclusion of the deed, at the Tax Authority Service of the area of the property.

Land Registry:

Once the title deeds have been signed, they must be registered with the local land registry by the buyer or through a lawyer on the buyer’s behalf. A copy of the deed certified by the notary must be sent to the local office of the land registry (Conservatória do Registo Predial) along with the property tax certificate. A land registry form must then be completed and a small registry fee paid. The registration process can take some months to complete. If you decide to have us as your representative, all the legal support is included and our lawyer will arrange for the deeds to be forwarded to you which will then finalise your ownership at the land registry office and the tax office.

Tax Incentives

Certain tax benefits were created in order to promote the real estate market activity, which can be used by real estate developers and/or buyers of the final product, where the following should be noted in particular:

  • Pursuant to article 45 of the Tax Incentives Statute (EBF), acquisitions of urban properties intended for urban rehabilitation are exempt from IMT, provided that the acquirer starts the respective urban rehabilitation works within the time limit of three years counted from the acquisition. This exemption operates by means of refunding of the amount of tax paid.

  • The acquisition of rehabilitated properties, pursuant to article 71 of the EBF, is also exempt from IMT, provided that:

  1. The property is exclusively intended for own and permanent residence;

  2. It involves the first onerous transfer of the property or division that has been rehabilitated;

  3. The property is located in an “urban rehabilitation area” or involves rented urban properties whose rent can be updated in stages pursuant to articles 27 and following of the New Regime for Urban Rental;

  4. The urban rehabilitation was started after 1 January 2008 and will be concluded by 31 December 2020.

  • Pursuant to article 45 of the EBF, urban properties subject to rehabilitation are exempt from Municipal Property Tax (IMI) for a period of three years counting, inclusively, from the year that the construction license was issued.
    The exemption is only valid if the requirements referred to in point 2.1 above are met, i.e. (i) the work falls within the definition of urban rehabilitation; (ii) the energy classification is equal to or higher than A or the attribution of energy category is higher than that previously certified, by at least two levels; and (iii) the competent entity, as a rule the Municipality of the area of the property, recognises the exemption.


  • Pursuant to article 71, the acquisition of rehabilitated properties is exempt from IMI for a period of five years counted from the year when the rehabilitation was concluded. It is possible to renew the exemption for a further period of five years.

  • Urban rehabilitation contracts are subject to the reduced rate of Value Added Tax (VAT) of 6%, provided that:

  1. An urban rehabilitation contract is involved, i.e. the form of integrated intervention in the existing urban structure where the urban and real estate assets are maintained, as a whole or in a substantial part, and modernised by undertaking works for remodelling or upgrading the urban infrastructural systems, equipment and urban or green spaces of collective use and works for construction, reconstruction, expansion, alteration, conservation or demolition of buildings, as defined in the Legal System for Urban Rehabilitation (DL 307/2009, of 23 October);

  2. A construction contract has been concluded;

  3. The property is located in an Urban Rehabilitation Area.

  • Pursuant to article 71 of the EBF, the income, of any nature, obtained by Real Estate Investment Funds are exempt from Corporate Income Tax (IRC), provided that:

  1. They were constituted between 1 January 2008 and 31 December 2013;

  2. At least 75 % of its assets are real estate assets subject to rehabilitation actions carried out in urban rehabilitation areas.

  • The income from participation units in the investment funds referred to in the previous number, paid or placed at the disposal of their holders, whether by distribution or redemption operation, is subject to withholding at source of Personal Income Tax (IRS) or Corporate Income Tax (IRC) at the rate of 10% (with the exceptions foreseen in the EBF).

  • The capital gains earnt by persons subject to Personal Income Tax (IRS) resident in Portuguese territory are taxed at the autonomous rate of 5%, without prejudice to the option of aggregation, when entirely derived from the divestment of properties located in an Urban Rehabilitation Area, restored under the terms of the respective rehabilitation strategies.

  • The income from real estate property earnt by persons subject to personal income tax (IRS) resident in Portuguese territory are taxed at the rate of 5%, without prejudice to the option of aggregation, when entirely derived from the rental of properties located in an Urban Rehabilitation Area, restored under the terms of the respective rehabilitation strategies.

Non-Habitual Residents

Applicable for individuals who wish to reside in Portugal, it is a special tax regime for non-habitual residents, which may lead to a more beneficial tax rate, or even an exemption.

Specific Requirements:

  • Be considered as tax resident in Portugal under the applicable tax residency rules – staying in Portugal more than 183 days during the related year;

  • Have, on the 31st December of the relevant year, a place that they intend to use as their habitual residence, which can be the real estate they invested in the purchase or permanent rental;

  • Have not been taxed as tax resident in Portugal in the previous five years.


  • For Portuguese source employment and self-employment income deriving from a “high value-added” activity, it´s applied a 20% special rate, with an additional surcharge of 3,5%;

  • For foreign source income, a tax exemption may be applied in most cases:

  1. For rental income, investment income and capital gains, the exemption is applied if the income may be taxed in the country of its source provided, in this case, that under the Portuguese domestic rules, such income is not considered as Portuguese source income;

  2. For pensions, the exemption is granted provided that the income is taxed in the country of its source based not considered as Portuguese source income under the Portuguese domestic rules.


Once granted, this regime applies for 10 years, provided that, in each year, the individual meets the criteria to qualify as a tax resident herein.

Special taxation:

Portugal offers an income tax system for non-habitual residents, in order to attract to Portugal intellectual and industrial professionals, as well as beneficiaries of pension schemes. Non-habitual residents in Portugal will have several benefits e.g. a 20% flat tax for specific income generated in Portugal and tax exemption for foreign sourced income, and tax exemption for inheritance from spouses or parents (for inheritance from other individuals the tax is 10%). I may recommend a specialist to advise on these matters (there are more benefits and more conditions to be obeyed).

Golden Visa



  • Immediate visa for 5 years, renewed after 1 year and the subsequent 2 years;

  • Free travel within the 26 Countries in the Schengen Space;

  • Inclusion of the direct family members, without making a further investment;

  • Minimum stay of an average of 7 days per year in Portugal.

Golden Visa – Type of Investments

  1. Transfer of capitals of an amount equal or higher than 1 million euros;

  2. Transfer of capitals of an amount equal or higher than 350.000 euros to be invested in Research and Investigation Activities;

  3. Transfer of capitals of an amount equal or higher than 250.000 euros to be invested in Artistic Productions;

  4. Create a Company in Portugal with at least 10 working positions;

  5. Acquisition of a real estate asset with construction dating back more than 30 years, or located in urban regeneration areas, for refurbishing, for a total value equal to or above 350.000 euros;

  6. Acquisition of a real estate asset of the minimum amount of 500.000 euros, free of charges and encumbrances (the investor can buy more than one property);

  7. The Investment Activities can benefit from a discount of 20% of the total amount, in case they are made in Low-Density Urban areas (less than 100 inhabitants per km²).

We trust this information to be updated at the time of publication. However, you should be mindful that supervening laws and events may make them out-of-date. We recommend you to seek legal counsel to review and adapt those forms for your own use and to advise you on any specific legal questions you may have regarding the legislation and forms that are published in this website. We also recommend you to look for updates of any legislation that is quoted or published on our website.

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