Before Brexit was implemented, it was much more simple to pick up your life in the UK and move to anywhere you desired in Europe, but now it’s not quite as simple. In this article, we’re going to provide post-Brexit tips for buying property in the Algarve...
The EU really provided the UK with some amazing privileges, including the ability to move or travel anywhere in Europe without much hassle, but we made the questionable decision to leave the EU in the 2016 EU referendum vote.
From January 1st, 2021, we no longer had these once amazing perks, making travel and purchasing property in EU countries like Portugal far more difficult.
It isn’t impossible to purchase a property in a beautiful place like the Algarve just because we’ve left the EU, but it does make the process far more difficult. However, we’re fortunate enough to have the existence of international property solicitors who can help with making purchasing property in the Algarve a straightforward process despite Brexit.
To make matters simpler, we’ve come up with some helpful tips to assist you with the process. Keep reading to find out more...
Can You Still Purchase Property in Portugal Despite Brexit?
Portugal is a country where the vast majority of its residents choose to own their home rather than rent, with 77.3% owning their homes owned, compared to the 22.7% that choose to rent their property instead.
It’s very likely that if you are looking to move to Portugal and to the Algarve specifically, that you will want to own the property you live in, but the big question you may be left with is whether it’s actually possible to purchase property in Portugal as a British individual.
Despite Brexit leaving many Brits feeling as if their freedom to travel, live and purchase property in Europe has been taken away, that isn’t necessarily the case. Fortunately, Portugal does welcome foreign nationals to purchase property in the country, and there are no restrictions in place, meaning if you are a Brit wanting to purchase property in the Algarve to move to or holiday in, it’s still possible to do so.
Find The Right Visa for Your Circumstances
There is nothing better than the Portuguese sunshine, fresh air, glorious landscape and friendly communities. We can see why you’re tempted to move there, but you’re likely concerned that since Brexit has come into effect and we’ve left the EU that purchasing property abroad or moving to the Algarve might be a difficult action to do.
We’re here to tell you that Brexit doesn’t stop you from doing either, or both of these things. As of 2020, there are 46,238 Brits living in Portugal and likely more two years on.
If you plan to purchase property in Portugal, you are likely doing it to move to the country or perhaps buying it as a second home, more specifically to use as an investment property or for personal holidays.
There are many different visa types that can allow you to live in Portugal despite Brexit, including the D7 visa and D7 residence permit.
What is the D7 Visa and D7 Residence Permit?
The D7 Visa, otherwise known as the retirement visa or passive income visa and D7 Residence Permit
If you are choosing to move to Portugal and purchase property with an already established income, such as through self-employment or your pension, you can obtain a D7 visa. This allows you to live in Portugal, purchase property and freely travel within the entire E.
However, this can only be obtained if you spend 183 days each year in Portugal. There is no specific age to apply for the D7 visa, so even if you aren’t in retirement, obtaining this visa type is possible.
Once you have received the visa, you then have 120 days to make arrangements for your new life in Portugal, such as finding a place to live and purchasing property. You can then apply for the D7 residence permit and after five years, apply for permanent residency.
For more information on how to move to Portugal, the GOV.UK website provides further informing details.
Purchasing Property in the Algarve is Possible
Even though the term Brexit makes many individuals presume that their ability to purchase property abroad has been taken away from them, we can conclude that this isn’t the case. From this article, we can determine that Portugal does allow foreign nationals to purchase property in its country, which is exciting for those who are interested.
Are you looking to move to the Algarve and purchase a property? Let us know in the comment box below.
