Kalie EXCELLENT video well well done one of your best EXCELLENT Questions. Rafael very very knowledgeable well done Both of you. Could you please provide Rafael contact info. Please or give him mine. Thank you so much.
Something I may have missed in the €300K scenario that will impact your monthly payments is home owner's insurance and annual property tax (IMI). The good news is that if you are coming from the US, these expenses are much lower. You wind up paying a LOT more up front, but for that €300K example, expect roughly €300 each for insurance and IMI, per year. So once you take that initial tax hit, your ongoing costs are much less. Now, there's several factors that could change these numbers, as different municipalities have different IMI rates (typically from .3 to .5 of 1 percent or .003-.005) of the assessed value (Valor patrimonial actual (CIMI)), and there's a different rate structure for rural vs urban, but the overall tax structure in this specific situation is probably a lot lower than folks from the US are used to. So, while your overall tax burden will definitely be higher in Portugal, this is one area where things are better.
Thank you, Griz! Since the Annual Property Tax is calculated based on the face value of the property documents (CIMI), a good estimate would be: property price × 0.3% = yearly amount. Typically, both this tax and condominium fees are quite affordable. I appreciate your comment!
@@rafaelfonsecaportugal also, depending on the value of the home and the CIMI, which is often quite a bit lower than sale price, you might even get a 3-year grace period before having to pay IMI. And our condominium fees are a LOT lower than the HOA dues we had in the States.
Good Job Josh and Kalie; very informative interview! 👏🏻👏🏻I believe Rafael is the right person assisting in the process of finding the best mortgage; he’s very caring and knowledgeable !!! Happy & Blessed 2025 🍾
Those are way better rates than I heard from the banks a year ago. I think it was 5 or 5.5%. I might just need to reach out to Rafael about my situation! Thanks for the video, as always!!
We agree with Rafael because of the low inventory it will at least stay steady. Maybe the government could do something that disrupts the market but that would be unforeseen. - Josh & Kalie
They made a video saying the Portuguese real estate market would crash, and now they are saying it is the best time to buy? Sounds to me like a referral kickback video Also, beware of the lawyers the brokers recommend. They can end up networking more with the seller's real estate agent for referrals, and sometimes they don't know the Portuguese law because they are Brazilian
We didn't say the real estate market would crash. We put an article into video format that explained why the market would crash, which was predicated on a series of conditions that didn't occur. It wasn't our prediction but an economist's predictions that got shared widely and wildly among the foreign community living in Portugal. - Josh & Kalie
This may vary, but you can estimate annual property taxes by using the formula: **property price × 0.3% per year**. Condo fees are generally very affordable, as they mainly cover cleaning, gardening, and elevator maintenance.
Which banks in Portugal even allow opening a simple account without a residence permit? Also, is a mortgage account handled differently than a basic account?
Hi Luise, he explained it in the video without Kalie needing to ask the follow up but Rafael put it more clearly here that the commissions are all the same. We hope that helps clear things up. - Josh & Kalie
Look into the US Foreign Earned Income Exclusions and other tax credits. You will always have to at least file taxes in the US, but these tax credits will, in most cases, result in zero taxes paid to the US, since your Portuguese taxes will almost certainly be higher. There are, of course, exceptions, but as a general rule, this applies. Also, when you become a Portuguese citizen, any Portuguese tax incentives for foreigners go away (NHR, NHR 2.0, etc...) Also, typically takes about 7 years (+- 6 months) to get Portuguese citizenship, and you can have dual citizenship. For most folks, there are not any practical tax benefits to renouncing, apart from avoiding the hassle of filing every years.
@ not sure if your information about NHR is accurate because NHR also applied to Portuguese as well. We have Portuguese friends that moved back to Portugal after living years in Asia and they have NHR right now. You're 100% correct about filing obligations as an American citizen and I agree with your last statement as well. - Josh
@@ExpatsEverywhere good catch - you are correct about NHR. I was confusing it with some other potential tax benefits under the US/PT double-taxation treaty. So I was mistaken about NHR, but there are some negative tax implications for renouncing, I think it has to do with how some pensions are taxed here.
I don't want to be a "Donnie Downer", but isn't the Portuguese government about 3 years behind on processing visa requests? I don't want to buy a property there and have to leave every few months until I finally get my visa years down the road! Is this really the case or is someone spreading bad rumors about the delays?
Hi Joel, no they're not 3 years behind on processing visas. They are well behind on resident permit renewals, which is causing problems for those already here. We've know people in the last 6 months have have gotten an approval in as little as 5 days! The average is 45-60 days though. The government has 60 business days according to their own rules. - Josh & Kalie
Nice vid but 3.5% year mortgage rate WOW ! Here in Japan is less than 1% ! The question is how socialist is Portugal now ? I hope with Trump Portugal wakes up about European "WEF" agenda.
I lmao. i informed about a little 130.000 EUR apartment in algarve.. they have some type of rule that u cant stay in your condo 365 days a year.. you can only stay like 2 months a year. Because its seen like a vacation home.. What kind of bs is that..in europe 3.5% isnt a good rate.. thats the current rate. Good rate is 2% .. although its unlikely we get to that level again anytime soon. The good part is that he doesnt charge a fee.. here they charge about 3000 euros.
It depends on the source but on average between two as far as national pricing goes, it's pretty similiar. Housing stock is low in both countries. - Josh & Kalie
The Best video so far! EXCELLENT. WELL DONE Kalie and Rafael
Thank you ! 🎉
@rafaelfonsecaportugal Rafael how do I reach you for some finance options?
Wow, thank you! We appreciate that. - Josh & Kalie
Kalie can introduce you if you write her at info@expatseverywhere.com - Josh
@@ExpatsEverywherethank you Josh. Love your channel you guys do a Great Job. God Bless you guys and your family.
Very helpful. Thank you once again :)
Glad it was helpful! - Josh & Kalie
Very useful information! Good job, Kalie!
Thanks so much, Terri! - Josh & Kalie
Rafael and his recommendations made our apartment purchase a huge success! It wasn’t without stress, but he navigates the process so well.
Thank you, Carmin!
Carmin, thank you for the feedback and personal story. - Josh & Kalie
Kalie EXCELLENT video well well done one of your best EXCELLENT Questions. Rafael very very knowledgeable well done
Both of you. Could you please provide Rafael contact info. Please or give him mine. Thank you so much.
Something I may have missed in the €300K scenario that will impact your monthly payments is home owner's insurance and annual property tax (IMI). The good news is that if you are coming from the US, these expenses are much lower. You wind up paying a LOT more up front, but for that €300K example, expect roughly €300 each for insurance and IMI, per year. So once you take that initial tax hit, your ongoing costs are much less. Now, there's several factors that could change these numbers, as different municipalities have different IMI rates (typically from .3 to .5 of 1 percent or .003-.005) of the assessed value (Valor patrimonial actual (CIMI)), and there's a different rate structure for rural vs urban, but the overall tax structure in this specific situation is probably a lot lower than folks from the US are used to. So, while your overall tax burden will definitely be higher in Portugal, this is one area where things are better.
Thank you, Griz! Since the Annual Property Tax is calculated based on the face value of the property documents (CIMI), a good estimate would be: property price × 0.3% = yearly amount. Typically, both this tax and condominium fees are quite affordable. I appreciate your comment!
@@rafaelfonsecaportugal also, depending on the value of the home and the CIMI, which is often quite a bit lower than sale price, you might even get a 3-year grace period before having to pay IMI. And our condominium fees are a LOT lower than the HOA dues we had in the States.
Good Job Josh and Kalie; very informative interview! 👏🏻👏🏻I believe Rafael is the right person assisting in the process of finding the best mortgage; he’s very caring and knowledgeable !!! Happy & Blessed 2025 🍾
Thank you for your kind words!
Thank you, Lulu! We appreciate your feedback. Happy and blessed 2025 to you too. - Josh & Kalie
Rafael was the very best part of buying our home in Porto. Cannot recommend him enough.
Thanks for the feedback! He was a massive help for us too. - Josh & Kalie
Great information Kalie! Thank you!😊
Thanks, Yvonne! We appreciate it. - Josh & Kalie
Great interview with a great very knowledgeable guy...Go with Rafael!
Thank you, Tamara!
Thanks, Tamara. Great to hear from you again. - Josh & Kalie
Great information, very helpful. Thanks Kalie and Josh.
Our pleasure! Thank you. - Josh & Kalie
Nicely explained Rafael
Thank you Sujeeva!
Thanks, Sujeeva. - Josh & Kalie
Look forward to connecting someday. Very informative
Sounds good. We're here. - Josh & Kalie
This was excellent. Thank you.
You're very welcome! Thanks for the feedback. - Josh & Kalie
Rafael é o melhor
Obrigado, Adriano.
That's nice 😊 - Josh & Kalie
Best broker ever. Hands down
Thanks, Ricardo!
😁 Nice. - Josh & Kalie
Great content!
Thank you!
Thank you 🙏 - Josh & Kalie
Thanks Kalie. Where is the opening shot in your video? Beautiful streetscape!
Those are way better rates than I heard from the banks a year ago. I think it was 5 or 5.5%. I might just need to reach out to Rafael about my situation! Thanks for the video, as always!!
Thank you!
You're welcome. Thanks for watching. Let us know if you need us to connect you. - Josh & Kalie
Very interesting! Do you (or Rafael) think that prices will rise in the next 5 years?
Possibly, at least until inventory adjusts to meet the huge demand.
We agree with Rafael because of the low inventory it will at least stay steady. Maybe the government could do something that disrupts the market but that would be unforeseen. - Josh & Kalie
Very interesting!
Thank you!
Thank you. - Josh & Kalie
Is his contact info here in the description?
It's not Cynthia. Kalie has it if you'd like her to connect you. Email info@expatseverywhere.com - Josh & Kalie
Rafael is a reference!
Thank you, Marcos!
Good to hear, Marcos. - Josh & Kalie
Muito bom!!!
Obrigado, Deborah
Obrigad@ - Josh & Kalie
They made a video saying the Portuguese real estate market would crash, and now they are saying it is the best time to buy? Sounds to me like a referral kickback video
Also, beware of the lawyers the brokers recommend. They can end up networking more with the seller's real estate agent for referrals, and sometimes they don't know the Portuguese law because they are Brazilian
Totally agree. Portugal is down the drain now with its immigration problems. Inflated housing prices. I would not buy in Portugal now.
We didn't say the real estate market would crash. We put an article into video format that explained why the market would crash, which was predicated on a series of conditions that didn't occur. It wasn't our prediction but an economist's predictions that got shared widely and wildly among the foreign community living in Portugal. - Josh & Kalie
Kaya, this video from our POV was made for those living or wanting to live in Portugal and not investors. - Josh & Kalie
Is he a mortgage broker for any property in Portugal? I am interested to get an apt in Portimão, Algarve.
Certainly! I have no geographical limitations, so I can assist clients anywhere in Portugal, including the islands. Thank you!
He answered this already, Zoem. If you're ready now, email Kalie at info@expatseverywhere.com and she can make the connection. - Josh & Kalie
Thanks for the info. Is there annual property taxes due and what would be an amount for homeowners insurance?
This may vary, but you can estimate annual property taxes by using the formula: **property price × 0.3% per year**. Condo fees are generally very affordable, as they mainly cover cleaning, gardening, and elevator maintenance.
@ thank you
Which banks in Portugal even allow opening a simple account without a residence permit? Also, is a mortgage account handled differently than a basic account?
It's getting more complicated for sure. - Josh & Kalie
How much is the cost of housing
As high as ever, now is the time to buy. Hahaha
Totally depends on where and what we're talking about. - Josh & Kalie
El Tigre, that is totally one way to look at it and we respect what you're saying. - Josh & Kalie
Clear explain
Thank you Fausto
That's what we were aiming for. Thanks for the feedback. - Josh & Kalie
Should have asked him how we can expect the broker to give us the best deal for the buyer, not the best deal for him (i.e., highest commission, etc.)
The best bank for the client is also the best for me because, in my case, the commissions are the same.
Hi Luise, he explained it in the video without Kalie needing to ask the follow up but Rafael put it more clearly here that the commissions are all the same. We hope that helps clear things up. - Josh & Kalie
Would definitely like to chat soon 😎👊👍 cheers 🥂
Thanks, Chris. Reach out when you're ready. - Josh & Kalie
The closing costs seem quite high.
What are you used to? - Josh & Kalie
are you guys still paying taxes in U.S. or you renounced your citizenship?
We're only US citizens right now and we pay taxes to both countries. - Josh & Kalie
Look into the US Foreign Earned Income Exclusions and other tax credits. You will always have to at least file taxes in the US, but these tax credits will, in most cases, result in zero taxes paid to the US, since your Portuguese taxes will almost certainly be higher. There are, of course, exceptions, but as a general rule, this applies. Also, when you become a Portuguese citizen, any Portuguese tax incentives for foreigners go away (NHR, NHR 2.0, etc...) Also, typically takes about 7 years (+- 6 months) to get Portuguese citizenship, and you can have dual citizenship. For most folks, there are not any practical tax benefits to renouncing, apart from avoiding the hassle of filing every years.
@ not sure if your information about NHR is accurate because NHR also applied to Portuguese as well. We have Portuguese friends that moved back to Portugal after living years in Asia and they have NHR right now.
You're 100% correct about filing obligations as an American citizen and I agree with your last statement as well. - Josh
@@ExpatsEverywhere good catch - you are correct about NHR. I was confusing it with some other potential tax benefits under the US/PT double-taxation treaty. So I was mistaken about NHR, but there are some negative tax implications for renouncing, I think it has to do with how some pensions are taxed here.
I don't want to be a "Donnie Downer", but isn't the Portuguese government about 3 years behind on processing visa requests? I don't want to buy a property there and have to leave every few months until I finally get my visa years down the road! Is this really the case or is someone spreading bad rumors about the delays?
Yes, it's all a lie, don't believe it, the country will be worse than Spain which is taxing expats at 100%.
Hi Joel, no they're not 3 years behind on processing visas. They are well behind on resident permit renewals, which is causing problems for those already here. We've know people in the last 6 months have have gotten an approval in as little as 5 days! The average is 45-60 days though. The government has 60 business days according to their own rules. - Josh & Kalie
@ExpatsEverywhere That's great news! Maybe the other guy was trying to renew? Anyway, thanks for clearing that up!
@@jjoel609 You're welcome. It's really common for people to use the term visa when they mean residence permit. - Josh
Please share Rafael’s contact info
Kalie can do so if you'd please email her at info@expatseverywhere.com - Josh & Kalie
Rafael is for sure the top mortgage broker in Portugal 🇵🇹! You can rely on him 100%
Thank you!
Great feedback. - Josh & Kalie
Nice vid but 3.5% year mortgage rate WOW ! Here in Japan is less than 1% ! The question is how socialist is Portugal now ? I hope with Trump Portugal wakes up about European "WEF" agenda.
I lmao. i informed about a little 130.000 EUR apartment in algarve.. they have some type of rule that u cant stay in your condo 365 days a year.. you can only stay like 2 months a year. Because its seen like a vacation home.. What kind of bs is that..in europe 3.5% isnt a good rate.. thats the current rate. Good rate is 2% .. although its unlikely we get to that level again anytime soon. The good part is that he doesnt charge a fee.. here they charge about 3000 euros.
Leave Portugal alone.
ARENT HOUSES CHEAPER IN SPAIN? ARENT PORTUGAL HOUSE PRICES OFF THE CHARTS RIGHT NOW?
It depends on the source but on average between two as far as national pricing goes, it's pretty similiar. Housing stock is low in both countries. - Josh & Kalie
Great info and video. 😎
Thank you!
Thank you! - Josh & Kalie