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Portugal

Property in Portugal

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