Notaries and Conservatórios soon will have to include bank account and cheque numbers used in property purchases, if Portugal adopts new EU regulations, according to a report in Jornal de Negócios.
The Tax Authority will be keen to thwart money laundering by making it easier to identify the money trail used to buy property. The move is part of a package of new regulations under the catch-all excuse attributing the rules to ‘new European guidelines to prevent money laundering and terrorist financing.’
If the measures become law in Portugal, and the likelihood is high, it means that property transaction ‘escrituras’ will have to include cheque and account details: or if payment is done by bank transfer, buyers will have to provide the issuing bank and the account number.
Currently, notaries do not have to verify payment details, which can enable simulated deals to take place.
With the new measures, the notary will be required to certify the manner in whcih payment has been made and also will be obliged to confirm the receipt of funds used to buy property, although details of how this last point will be achieved have not been released.
Rental contracts over €2,500 a month also are included in the planned regulations.
