Financing and legal

Supplementary costs in Portugal

Remember that the property purchase price is not the only sum you need to account for to buy a property in Portugal. There are numerous other fees and taxes, so you need to allow around 5-10% on top of the purchase price to cover all of these costs.

In Portugal you pay IMT (Imposto Municipal sobre as Transmissões Onerosas de Imóveis) up to 7% depending of the purchase price. In addition to this, you will pay 0,8% in stamp duty.

Public Notary fees
The buyer is responsible for paying the Public Notary's fees when the partners exchange contracts. The cost can be difficult to calculate in advance as a range of different factors are involved. However, a reliable rule of thumb is that the fees will be in a range of €500-€1,000. 

Registration duties
The buyer also has to pay to register as the new owner in the property register. Again, it is difficult to calculate the exact cost in advance, but a good rule of thumb is to budget up to €250 for the registration.

Connection fees
When you take over a property in Portugal, you have to pay connection fees and/or duties in order to change the name on the utility contracts for water, drainage, electricity and gas.

Financing costs
If you choose to take out a mortgage to finance part of your property purchase, then some additional costs will apply. Generally, allow 1000 € on set up fees. The precise cost will depend on the lending agreement in place between you and your bank.

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