I’ve read a lot on the subject and get a little conflicting information. For now, although I know they’ve talked about removing Lisbon, Porto and Algarve as options, though I also believe COVID has put those plans on hold.
It seems you can either buy and re-model a property in a designated “urban regeneration” zone or simply buy a property that is at least 30 years old, as long as the total investment is 350K. I believe it’s an either/or situation, but than some things I read make it sound like it has to check all those boxes. It’s a little unclear.
"The two real estate investments imply the acquisition of a real estate asset with construction completed at least 30 years ago or located in an urban rehabilitation area, with the execution of rehabilitation works. The values 350k or 280k are the sum of the property acquisition costs and the renovation costs excluding taxes. "
I have no problem buying a 30+ year old property. We’d like something much older with character. Why buy and move to Europe to be living in another cookie cutter modern concrete box?! Can anyone advise on the exact rules of the 350k real estate investment threshold? Thank you
From what I understand, a “DIY” approach to the renovation projects is problematic, because of all the paperwork involved - you have to define a project and get it approved, and jump through all the SEF hoops with your lawyer.
You can buy a property anywhere you want in Portugal and as long as it is 30+ y.o. and you make some refurbishment it is eligible for the GV program if you reach 350k with purchase + rehabilitation works.
If the property is located in specific “urban regeneration” areas (those are defined by local authorities), the property can be also less than 30 y.o. and the investment amount is the same.
Investment can be lowered if the property is located in low density areas (< 100 inhabitants per sq kilometer).
Hey there
The new law needs to be enacted until dec 31 and there is no work about it, until this date…
Re the investment, which must be free of all charges at least up to the minimum required amount:
Real estate and its rehabilitation, of any type and anywhere in Portugal, whether singly or in co-ownership, purchased either individually or through a Portuguese single-member private limited company, provided that one of the following conditions are met:
the property has been built at least 30 years ago and the property purchase price plus the ex-VAT value of the rehabilitation works contract be at least €350,000.00 (reduced to >€280,000 if located in a “low density area”), or
the property is located in designated areas of urban rehabilitation and the purchase price plus the ex-VAT value of the rehabilitation works contract be at least €350,000.00 (reduced to >€280,000.00 if located in a “low density area”). In this case, if the total price of the property’s purchase plus the rehabilitation works does not reach €350,000.00 (reduced to >€280,000.00 if located in a “low density area”), it is possible to keep the balance deposited in a Portuguese bank account.
