Joric, quite informative, for some or most retirees unsure about living longer in Portugal, I think rental is the best option and taking a mortgage is a gamble in terms of the total mortgage payments involved when those folks decide to return to the U.S. If one decides to return and sell the property, it depends on the location, market and the situation then.
I agree. Almost everyone we know who is retired, rents. One couple, who are 55, bought because they feel they will be around for 20 plus years, but i do think most people should rent.
There was no fluff and this is a great video. I really needed the information on the security deposit. It’s pretty high for those obtaining a mortgage.
Glad it was helpful! Yes, we were told by several banks that 40% for foreigners is the standard. If you become a resident, you could find 25-30% for a down payment deposit. If you become a citizen, you may find banks who will allow 20%.
Thanks for the detailed video. Q after closing - (1) Which site did you register your property? (2) Why site do you pay your property taxes? I just bought an apartment in Porto and was trying to figure this out... Any feedback would be greatly appreciated. Thanks
The property was registered at the local freguesia. Ours is "Estrela." We went there to register the property and our realtor helped with translating for us as the representatives only spoke Portugueses and we had not yet learned any. We pay the property taxes for the property to - Autoridade Tributaria e Aduaneira. They send us a mailing twice a year, and we then pay the taxes through our bank to them. I hope this helps. If you go to the Autoridade site, you should be able to register, your property. Your realtor should be able to assist you too!
Thanks Joric for another informative and practical video. Your explanation was very clear and helpful. Appreciate the tip of Idealista vs. Remax & Century 21. I never considered that comparison. Please don’t apologize for being comprehensive!! I’m an engineer and I’d rather have the details vs. a 30K ft overview that leaves me wondering. 🤔 Appreciate your work as always. 👍🏻
Thanks for watching! Search my site as I have some videos regarding money transfer options between US and Portugal, and some related to buying property, mortgage loan periods, some differences between US and Portugal when buying property, etc.
Nice video! Informative and easy to understand. Great job representing North America. How do they establish price. How long does it take to get your deposit back? Does cash influence or increase your negotiation position? With regards to the document that need to be signed are the in Portuguese? Are realtors required to be truthful and honest?
Thank you for watching. Price is really all over the place and even talking with realtors, it does not sound like they have a good system in place for determining price. Our deposit went towards the purchase, so we did not get it returned on our primary property. We tried to acquire another property but after 1 year of waiting, we walked from the deal and the deposit was returned in 30 days. The documents are all in Portuguese. Cash does not seem to influence anything here. Even if you paid cash with no mortgage, it does not change the price. Realtors do not go through the same type of training as in the US or Canada. I would only trust a realtor who has been here and selling properties for 5 or more years. Even then, I keep my eye on the realtor as much as I do the seller.
Thanks for the information 👍 How about money transfer? Do you have a video about it? Do you consulting with people explanation more on this topic. Thanks
British allow to buy house ? If they don’t want to live in Pourtgal and how much deposit and what kinda of paper work what they should show in Uk to get bank load.
British can buy houses, and most banks will want 40% down payment on the house. They will need tax returns, income or asset accounts, and any current bank accounts to set up a mortgage.
I just subcribed. Do you think its a bad idea to find an apartment before moving there? I mean close before we actually move there? I have been there five times and I'm familiar with the neighborhoods. Im talking about Lisbon. Thank you!!
I would really take the time to view the apartment in person before signing any documentation. Three are tons of apartments for rent and often pictures on real estate websites do not match up to the actual property. For me, I'd want to see the place first. If you have a trusted realtor and feel comfortable with them moving forward on your behalf, then you may consider doing it ahead of time.
Hi Joric, had a question regarding taxes when buying a flat in portugal, seems like lots of different taxes when buying as high as 10 percent of purchase price, am I understanding this correctly. Thanks again
sorry to bother you again. do you know how much a EU citizen would pay on a down payment for a mortgage? you mentioned 40 percent for Americans. I read somewhere that residents pay lower. Are you considered a resident if you have a tax ID? Niff? No problem but just if you know!! :)
Thank you. I see others that talk for 10-20 minutes and I want to get you the same information with less gabbing. I get that longer videos can get more money, but I’d like to get to the point when I can.
Please check out my Expat Consulting Services - www.traplanz.com/expat-assistance/
Joric, quite informative, for some or most retirees unsure about living longer in Portugal, I think rental is the best option and taking a mortgage is a gamble in terms of the total mortgage payments involved when those folks decide to return to the U.S. If one decides to return and sell the property, it depends on the location, market and the situation then.
I agree. Almost everyone we know who is retired, rents. One couple, who are 55, bought because they feel they will be around for 20 plus years, but i do think most people should rent.
There was no fluff and this is a great video. I really needed the information on the security deposit. It’s pretty high for those obtaining a mortgage.
Glad it was helpful! Yes, we were told by several banks that 40% for foreigners is the standard. If you become a resident, you could find 25-30% for a down payment deposit. If you become a citizen, you may find banks who will allow 20%.
Thanks for the detailed video. Q after closing - (1) Which site did you register your property? (2) Why site do you pay your property taxes? I just bought an apartment in Porto and was trying to figure this out... Any feedback would be greatly appreciated. Thanks
The property was registered at the local freguesia. Ours is "Estrela." We went there to register the property and our realtor helped with translating for us as the representatives only spoke Portugueses and we had not yet learned any. We pay the property taxes for the property to - Autoridade Tributaria e Aduaneira. They send us a mailing twice a year, and we then pay the taxes through our bank to them. I hope this helps. If you go to the Autoridade site, you should be able to register, your property. Your realtor should be able to assist you too!
Thanks Joric for another informative and practical video. Your explanation was very clear and helpful. Appreciate the tip of Idealista vs. Remax & Century 21. I never considered that comparison. Please don’t apologize for being comprehensive!! I’m an engineer and I’d rather have the details vs. a 30K ft overview that leaves me wondering. 🤔 Appreciate your work as always. 👍🏻
Thank you!
Great video! Do you have any info about financing/mortgage or money transfer between Americans and portugueses banks? Thanks 🙏🏽
Thanks for watching! Search my site as I have some videos regarding money transfer options between US and Portugal, and some related to buying property, mortgage loan periods, some differences between US and Portugal when buying property, etc.
Nice video! Informative and easy to understand. Great job representing North America.
How do they establish price. How long does it take to get your deposit back?
Does cash influence or increase your negotiation position? With regards to the document that need to be signed are the in Portuguese? Are realtors required to be truthful and honest?
Thank you for watching. Price is really all over the place and even talking with realtors, it does not sound like they have a good system in place for determining price. Our deposit went towards the purchase, so we did not get it returned on our primary property. We tried to acquire another property but after 1 year of waiting, we walked from the deal and the deposit was returned in 30 days. The documents are all in Portuguese. Cash does not seem to influence anything here. Even if you paid cash with no mortgage, it does not change the price. Realtors do not go through the same type of training as in the US or Canada. I would only trust a realtor who has been here and selling properties for 5 or more years. Even then, I keep my eye on the realtor as much as I do the seller.
Thanks for the information 👍
How about money transfer?
Do you have a video about it? Do you consulting with people explanation more on this topic. Thanks
Search through my expat playlist and you will find a money transfer video. Thanks for watching!
Thanks for info. Buying is risking affair I believe ?
Buying can be risky, because the price tomorrow could go up or down.
British allow to buy house ?
If they don’t want to live in Pourtgal and how much deposit and what kinda of paper work what they should show in Uk to get bank load.
British can buy houses, and most banks will want 40% down payment on the house. They will need tax returns, income or asset accounts, and any current bank accounts to set up a mortgage.
I just subcribed. Do you think its a bad idea to find an apartment before moving there? I mean close before we actually move there? I have been there five times and I'm familiar with the neighborhoods. Im talking about Lisbon. Thank you!!
I would really take the time to view the apartment in person before signing any documentation. Three are tons of apartments for rent and often pictures on real estate websites do not match up to the actual property. For me, I'd want to see the place first. If you have a trusted realtor and feel comfortable with them moving forward on your behalf, then you may consider doing it ahead of time.
@@traveltidbitsrus thank you very much for your response. thank you!!
How much was cost of property in Lisbon? would you mid sharing ?
The property was 280,000 euros.
I am fortunate to be a dual citizen with US/Portugal. What is the down payment for someone like me?
You should be able to do 20% versus us, which was 40%
I understand that properties in Portugal are subject to pay IVA (VAT, sales tax). Am I correct?
Yes. We paid that when we purchased our property in 2019. Still holds true in 2022.
@@traveltidbitsrus whether the property is new or used? Does the VAT percentage change respectively ? Has your property gained value since 2019?
@@Mr.S65 You will get the VAT either way. Yes, our property has increased in value about 20,000 euros since we purchased it.
Hi Joric, had a question regarding taxes when buying a flat in portugal, seems like lots of different taxes when buying as high as 10 percent of purchase price, am I understanding this correctly. Thanks again
There are three taxes we paid on our purchase, IS, IMI, and IMT. Granted, this was early in 2019, but the total percentage equated to 7.5%.
@@traveltidbitsrus Thank you for the info.
Hello Jonic
How are you.
In which area of Portugal are you.
I am in Lisbon.
sorry to bother you again. do you know how much a EU citizen would pay on a down payment for a mortgage? you mentioned 40 percent for Americans. I read somewhere that residents pay lower. Are you considered a resident if you have a tax ID? Niff? No problem but just if you know!! :)
We have been told 30% down for residents by lenders.
Don't apologize and feel that you have to make short videos. We want longer videos...well I do...I don't know about my fellow vlog watchers.🤭
Thank you. I see others that talk for 10-20 minutes and I want to get you the same information with less gabbing. I get that longer videos can get more money, but I’d like to get to the point when I can.