How can US citizens buy property in Portugal

Portugal is the Europe’s most diverse and beautiful country lying along the Atlantic Coast of the Iberian Peninsula and, for that reason, and many others, is also the main choice of countless people to visit or to do a long period of vacation and even so, to enjoy retirement. Buy property in Portugal has been a choice that greatly benefits staying in Portugal of US citizens and, like it seems, has many advantages. Portugal has special programs for US citizens who want to buy a home in Portugal. Let's meet them and find out how can US citizens buy property in Portugal.

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Real Estate in Portugal

The Portugal Real Estate market has suffered many changes over the last few years, mostly due to the higher demand of the country for tourism, the transition to a more sustainable economy that the PortugueseGovernment has been promoting, and also the public requirements in terms of property quality, a pandemic consequence, that are showing a huge potential of growth.

All these changes have highlighted the need for real estate rehabilitation, as well as the need for new construction in the Portugal Real Estate.The Residential and Commercial/Touristic categories are those that most ask for investment.

Why US citizens should buy property in Portugal

In addition to favorings the staying of foreign citizens, having a home in Portugal can bring other benefits, especially for non-EU citizens. Investing in Real Estate and buy property in Portugal has plenty of benefits, but only if you do it through the Golden Visa Program.

The Golden Visa in Portugal is a Portuguese Government initiative whose goal is to boost the economy through foreign investments. It benefits the investors by granting them, the Portugal Investment Residency.Investment opportunities range from apartments, residences, hotels, among others, from which you can obtain a passive income. You also get eligibility to Visa-free entry to Schengen area countries becoming an EU resident.

Being an US citizen and investing in Portugal you have the opportunity to work and conduct a business in Portugal and in the other countries of the European Union. You and your family can obtain thePortuguese citizenship and enjoy free education for the children (if it’s your case).

How to buy property in Portugal?

If you’re interested in buying a property in Portugal and benefit from that, you must apply for Golden Visa which is a 5-year program, even though divided into 3 residency cards with 2 renewals, so you are required to maintain the investment for 5 years.

The amount that would be necessary to invest through the Program starts from €280.000. The funds for the investment should arrive from outside of Portugal whereas the transfer of the funds from US to Portugal is totally free.

The Procedure to invest in buying a property and obtain the Portugal Investor Visa is quite simple. The steps are as follows:

Step 1: Signing a contract with a law firm for the provision of Golden Visa service

Step 2: Sign a power of attorney for lawyers to act on behalf of you

* Submit for Tax number

* Open a bank account in Portugal

Step 3: Choose the right property investment together with our team

Step 4: Make the investment

Step 5: Gather the documentation

* US Passport

* Proof of evidence of the investment made

* US Criminal record

* A sworn declaration on compliance with the minimum investment time period

* Documents outlining good standing with the TaxAuthority and Social Security

* Receipt of application payment

Step 6: Submit online the Golden Visa application to SEF

Step 7: Biometric data appointment with SEF

Step 8: Golden Visa approval

You will need to come personally to Portugal when submitting the biometrics; all the other steps can be done remotely with the DRP Advisers Remote Assistance Services. Also, the investment has to be made from a bank account in Portugal.

It can take up to 8 months for the application to be approved and for the appointment date. After this appointment, it typically takes around 6-8 months to receive your Golden Visa Cards, also known as residence permit cards.

Our DRP Advisers team it could be an essential help that you will certainly need, so feel free to contact us.

DRP ADVISERS

DRP is the leading pioneer in Portuguese real estate consultancy and Golden Visa Program. Since 2015 our company has grown and have become a one-stop shop solution for this program offering bespoke services, expert knowledge, and custom-tailored services towards client needs. Our company works directly with you to provide expert advice on the investment and acquisition of property within Portugal – suitable for your investment requirements.

We use our extensive connections within the industry to access suitable investment opportunities ahead of the competition. The Lisbon area property market can be highly competitive, so early access is crucial. We find prime properties that are hand-picked from our leading partners, we offer expert advice on the locations most appropriate for your investment requirements, guiding you on how rental yields and capital values vary from area to area.

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WE HAVE THE RIGHT PROJECT FOR YOU, LET’S DISCUSS

+351 912 585 085

renata@drpadvisers.com

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