Property in Portugal

By 27/05/2010 June 9th, 2021 No Comments

In 1974 Portugal became a communist state with far reaching repercussions, amongst which were the expropriation of agricultural land, the collapse of the colonies and the knock on effects in Zimbabwe and South Africa.

Because of these and other events, many South Africans have either considered migration or are considering migration.

Migration and living in different jurisdictions are not issues that aught to be taken lightly and this month we offer some perspective on living and acquiring property in Portugal.

The first comfort is that Portugal is a signatory to the Hague Convention and as such your Ante Nuptial Contract will be recognizable and enforceable in that jurisdiction.

In Portugal the default matrimonial system is one of community of property and on death your family members may become entitled to legitimate portions of your estate.

Contrary to the issues above, nothing could be easier than purchasing property in Portugal and in particular the Algarve.

If you are interested in acquiring property in the Algarve here are some thoughts

  • The banks  grant loans at interest rates of  3.5 to 4.5 {bb7c59228909ee3c635bb54164678f79c6c2320af74994b444cd69be7e87e9c7} subject to a deposit of  5  to 20{bb7c59228909ee3c635bb54164678f79c6c2320af74994b444cd69be7e87e9c7} of the purchase price.
  • The banks follow a formalized loan procedure and  will require proof of income as well as assets and liabilities.
  • Rental income will cover most of the costs of maintaining the property

We are in a position to facilitate the acquisition of property in the Algarve if required

Ian Mc Laren

Ian Mc Laren

Ian Mc Laren

Ian McLaren BA LLB (WITS) General Educated St Johns College, Houghton. BA LLB University of the Witwatersrand 1984 Founded McLarens Attorneys September 1986. Right of Appearance High Court, October 1996. Expertise Litigation, Labour Law, Commercial Law, Family Law, Pension and Provident Funds, Customs and Excise, Wills, Deceased Estates, Trusts, Commercial Agreements, Reviewing and Drafting Government Legislation, Information Technology. Committees/ Trusts Law Society of South Africa Information Technology Committee. Trustee Verney College Educational Trust Other Transvaal Provincial colours for Practical Shooting. Third degree Black Belt JKS Karate. Photographer and motor cyclist Lectured for Continuing Legal Education on Information Technology issues.