Financial advice in Portugal

Moving abroad and buying property in Portugal can be a daunting experience, especially if you don't speak the language, or if you don't have the right advice or guidance.

Many of the measures announced to tackle the effects of the coronavirus in Portugal only apply to the mainland or hve different conditions in Portugal's islands.

Just as the demand for buying and renting property, housing credit and mortgages have become an increasingly digital process in Portugal and one of the effects of the COVID-19 pandemic has been to accelerate this transition.

In recent years, banks in Portugal have been engaged in a real trade war, promising even lower spreads to attract new home loan customers or even persuade customers to move their mortgage, stealing them from the competition.

One of the big questions that arises when buying a property in Portugal, and indeed across the world, is what kind of housing credit is best? Is it better to have a variable rate loan or a fixed rate loan?

The sale of solar power systems for residential housing is increasing in Portugal. These are the indicators felt by Energie Portugal which, between January and May 2020, increased its volume of business in the domestic sector by 83%.

Until 30th September 2020, insurance customers in Portugal may also benefit from a moratorium on policy payments due to the crisis generated by the COVID-19 pandemic, including car insurance in Portugal. As the economic outlook in Portugal becomes more optomistic, new rules state that insurance

After the COVID-19 pandemic, interest rates in Potugal on mortgages are following a downward trend, in May reaching the lowest value since at least the beginning of 2009, the date that marks the start of the historical sequence of the National Statistics Institute in Portugal (INE).

The European Commission says it is "reasonably optimistic" about Portugal's "rapid economic recovery" after the crisis generated by COVID-19 and believes that the way in which the country "controlled" the pandemic will benefit the recovery of tourism this summer.

The COVID-19 pandemic has been awakening a new interest in areas of Portugal that are less densely populated. And there is now good news for those who are thinking of changing their lives and replacing life in the city with less urban areas.

The COVID-19 pandemic is already having and will continue to have unprecedented effects on the world economy, with a negative impact not only on the financial situation of companies, but also on households.

The payment of IMI (Municipal Property Tax) in Portugal began in early May. Despite this atypical period that we're experiencing, generated by the COVID-19 pandemic, the government has already indicated that there will be no postponement of payment of this tax.

The campaign for filing 2019 IRS income tax in Portugal kicked off on 1st April 2020 in the midst of the coronavirus pandemic, and taxpayers now have less than 2 months to file their tax returns - the deadline is 30th June 2020.

The tax authorities have begun processing the first IRS income tax returns in Portugal despite no promises from the government, with taxpayers already receiving their refunds.

The global coronavirus pandemic is affecting everyone and everything in one way or another. The authorities anticipate a year of global economic recession, which contrasts with the time before the outbreak of this global health crisis.

There are several updates in the moratorium law on mortgages in Portugal.

Most house buyers with a mortgage tend to take out home loans to be paid back over 25-30 years. This is a very long term and it represents a lot of money in interest.

The coronavirus outbreak has paralysed the country.

Parliament in Portugal - in parallel with an executive and temporary regime for late payment of rent and other measures - on Thursday 26th March 2020 approved an aid package including a moratorium on mortgage payments for vulnerable families and companies.

The new coronavirus pandemic is already leaving, and will continue to leave its mark on the Portuguese and world economy, with direct consequences in the real estate sector.

Besides plans to end golden visas in Lisbon and Porto, the ruling Socialist Party in Portugal has introduced an amendment to this year's state budget which will levy a 10% income tax (known in Portuguese as IRS) on the foreign revenue of foreign pensioners who move to Portugal.

We already know that in Portugal, 2020 is going to be a year that sees some lower household expenses in certain areas and this includes cheaper electricity bills.

Launched in 2009, the regime for non-habitual residents in Portugal adds up to more than 27,000 beneficiaries and has been a strong driver of property investment in Portugal, especially in recent years.

2020 started with good news for those who applied for a mortgage, but this month, the scenario looks like it is changing, but only slightly for the time being.

February is still one of the coldest months of the year and for many people living in Portugal, winter is synonymous with discomfort at home or high energy bills.