Buying Property in Madeira Island
Paradise in Portugal Can Be Yours!
Whether it’s a vacation home, a retirement home or an investment property, Madeira Island, with its sunny weather and lushly verdant landscape, warm Atlantic Sea waters is the perfect place to find your perfect piece of Real Estate.
Nobrega Realty makes buying property in Madeira Island easy. We are expertly qualified, registered Real Estate Professionals who will walk you through the process of attaining a little piece of Portuguese paradise. We’ll make sure you have the information you need, including the legalities, fees and taxes, to understand the buying process.
Licensed Real Estate brokers with a proven track record, we are international members of the National Association of Realtors and members of Portugal’s APEMIP. As certified International Real Estate specialists, we work to fulfill your dream of buying property in Madeira Island.
It’s important to work with brokers who know Madeira and the legalities of buying Madeira Island property. We have years of experience in the Madeira Real Estate market and will guide you through the buying process. Whether you’re looking for property in Funchal, Calheta, Ajuda or Garajau, we’ll be with you every step of the way:
- Negotiate price, terms and conditions on your behalf.
- Oversee the necessary paperwork required- typically created by a licensed attorney
- Oversee the required fiscal number issued by the local tax office
- Make sure you obtain an estimate of all fees and costs, including lawyer and Notary fees, taxes, etc.
Property Purchase Taxes
We will assist you in understanding the taxes that coincide with buying Madeira Real Estate.
Stamp Duty- IMT- A one-time payment made to the Portuguese State payable immediately prior to the final deed. A purchase of up to 115,000 euros is tax free. Properties costing more than 115,000 euros are taxed on a sliding scale up to a maximum of 6% of the purchase price for a property costing over 700,000 euros. Land purchases are levied at a flat rate of 6.5%.
Municipality Tax- An annual municipality tax for services provided, such as garbage collection, roads, schools, etc., is determined by the assessed ratable value of your property and a percentage tax rate. Determined by the local municipality, rates range between 0.3% and 0.35% of the ratable value.
Buying property in Madeira Island requires several pieces of documentation:
- Preliminary contract setting out the terms of the sale. A 10% deposit is typically required.
- Land Registration Certificate with description of the property’s registered legal history
- Fiscal Certificate identifying property by its unique fiscal tax number, description, owner and his or her Fiscal Tax number
- Utility License proving the property is approved for purpose of use, i.e., residential or commercial
- Title Deed, signed by both parties at a Public Notary Office, showing all conditions of the original Promissory Contract have been met, all legal aspects of the transaction are in order, applicable purchases tax has been paid and all parties agree with the terms and conditions of the transaction
Let Us Guide You Through the Buying Process!
At Nobrega Realty, we have the guidelines, information and tips you need for buying property in Madeira Island. Let us make buying property in Madeira Island easy.
To speak with us about your buying needs and/or for a free property market guide, visit us at Contact Us or give us a call today at 351 291 0999 01. Your Madeira Island home is waiting!