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Portugal is one of the most beautiful countries in the world. There is a huge demand for properties in Portugal. Here, you will find useful tips to sell property in Portugal fast. We will walk you through the entire process, step-by-step. Read on for more!
The Algarve, which represents the best that Portugal has to offer as an overseas property hotspot, is considered to be a better alternative to Costa del Sol, as it offers everything that Costa del Sol has, without the overdevelopment and overcrowding seen in Spain.
For sure, Portugal competes directly with its great neighbour, Spain, but it may be said that the Portuguese property market is in a much better shape than Spain’s. Spain is in a bit of turmoil because of the political instability in the country – Spain hasn’t had a government in power since the December, 2015 elections. Portugal, on the other hand, has a very stable government and an economy that is very much back on its feet after a prolonged spell of recession.
The Portuguese government has been very smart when it comes to attracting international investors, especially cash rich property hunters from China, Russia, Brazil and other emerging nations. Portugal’s Golden Visa scheme is the most popular of its kind in Europe.
The Portuguese government offers residency permits to all non-EU investors who buy properties in Portugal that are worth €500,000 or more. They are also given full travel rights to move as they like within EU nations that are subject to the Schengen Agreement.
In addition, Portugal offers a special scheme to incentivize European home seekers from countries such as France, Germany and UK to buy properties there, called as the Non-Habitual Tax Residency scheme (NHR). This new scheme guarantees European expats who buy overseas property in Portugal, income tax rates that as low as zero.
If you are trying to sell your property in Portugal fast, you should understand that things in Portugal develop at their own pace. You cannot expect to speed up the property sale if you want to do everything by your own.
It is very important that you should hire a UK estate agent to help you with the marketing of the property. They will be able to promote it more effectively to prospective buyers in China, Russia and other emerging countries, who are likely to offer an all-cash deal for your house.
Your estate agent would handle everything related to social media marketing, as well as promoting the property on online forums, international property portals and property trade shows. Also, you are advised to make the property look presentable when prospective buyers come to inspect it.
The other big issue that you should consider seriously is the capital gains tax. In Portugal, non tax-residents are charged a capital gains tax of as much as 25 percent on all capital gains from the sale of their Portuguese property.
There are exceptions to this in some special cases, so talk to a tax consultant in Portugal for more on this. For example, if you are a tax resident in Portugal, your capital gains tax will be cut by 50 percent.
The other thing to make a note of, is the currency exchange rate. The value of the Pound has been fluctuating rapidly because of the Brexit referendum, which is scheduled to be held on June 23, just a few days from now. So hire a currency exchange firm to ensure that you get as much of the value of the property as possible repatriated to a bank back home in the UK, without losing any of the money because of the fluctuating exchange rate. If you need to sell your overseas property contact us today.