Brexit has left many people scratching their heads, especially those who dreamed of spending more time in Europe. It’s natural to have questions about how this change might affect your plans, particularly when it comes to buying property abroad.
If you’ve been eyeing a lovely villa in the Algarve or an apartment in Lisbon, you might be wondering if it’s still possible to make that dream a reality. Well, we’ve got some good news for you!
The Good News: You Can Still Buy Property in Portugal
Yes, you read that right! Even though the UK has left the EU, you can still purchase a property in Portugal. Portugal does not restrict foreign ownership, which means that Brexit hasn’t changed your ability to buy that perfect Portuguese retreat.
Use our property section to search for properties in Portugal.
The Catch: Visiting Limits
While you can still buy property in Portugal, there are now some limitations on how long UK passport holders can stay in the Schengen Travel Area, which includes Portugal. According to the new rules, UK passport holders can typically stay 90 days in every 180 days in the Schengen Area.
What does this mean for you? If you’re planning short visits to Portugal, the 90/180-day rule might not affect you much. However, if you were hoping to spend longer stretches of time in your Portuguese property, you’ll need to plan accordingly. For example, you could stay for three months at a time, but then you would have to leave for another three months before returning.
If you had grand plans of wintering in your Algarve villa and spending summers in the UK, you might need to adjust your expectations slightly. While you can still enjoy up to 90 days in Portugal and another 90 days later in the year, you won’t be able to stay for a full six months in a row.
Options for Longer Stays: Residency Visas
If you’re eager to spend more time in Portugal, there are a few ways to make it happen. One option is to gain residency by moving to Portugal. The country offers several attractive residency visas, such as the D7 and “Digital Nomad Visa.”
The D7 visa is perfect for those with a passive income, like a pension or income from a rental property, while the Digital Nomad Visa is designed for remote workers and freelancers. Not only are these visas attainable for Brits, but they also open the door to Portuguese citizenship after living in the country for five years. Plus, since both the UK and Portugal allow dual citizenship, you won’t have to give up your British passport.
Another option is the Golden Visa. As of 2023, purchasing a property in Portugal no longer qualifies you for this visa. Instead, the most appealing option for many people is investing in a fund, such as a venture capital fund, with a minimum investment of €500,000, although some companies have programs that effectively reduce this to less (typically around €400,000, but it varies).
The Golden Visa differs from other visas like the D7 or Digital Nomad Visa in that it only requires you to spend an average of seven days per year in Portugal, whereas the other visas require around six months of residency per year. If you’re looking for more flexibility, the Golden Visa might be worth exploring.
You would still be able to live in the UK, but visit your property as much as you want—although it’s important to be aware of tax implications that typically kick in after six months in Portugal. Best advice: speak to a tax advisor if you’re considering any big decisions.
Conclusion
So, can Brits still buy property in Portugal after Brexit? Absolutely! While there are some new limitations on how long you can stay in the country as a visitor, there are still plenty of options for those who want to make Portugal their second home. Whether you choose a residency visa or the Golden Visa, you can turn your Portuguese property dreams into a reality. Happy house hunting!
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