Buying property in Portugal is a big step, one that requires careful consideration. And if you happen to be an expat, you might not have insider knowledge into the Portuguese property market and state of affairs.
When you’re ready to commit to buying property in Portugal, the first and arguably most important tip is to find a real estate agent that is trained and certified by the Instituto da Construcao e do Imobiliario, (IMPIC), a key government body regulating property matters in Portugal.
IMPIC-accredited real estate agents are regulated, meaning, it’s easy for you to check the agent’s credentials if you’re being careful or in doubt. To do this, you just need their AMI license number, which is issued by Associacão de Mediadores Imobiliários, (AMI), another regulatory body in Portugal.
In addition, make sure to read our detailed article on Portugal property transfer tax in order to know how much tax you’ll have to pay when purchasing real estate in Portugal.
How to check if AMI license is valid
In recent years, Portugal’s real estate industry has boomed to unprecedented proportions. While the growth has been welcomed by many, there are unfortunately some illegal real estate agents in operation, with many using online advertising to display themselves as accredited agents.
To protect yourself from financial harm, it is advised to run AMI license checks on your chosen real estate agent.
To do this:
- Visit the IMPIC website and click on the ‘checking out an AMI number’ link
- Input the number and press ‘Pesquisar’ (it means search).
- Study the results- if the agent is registered and their company insurance is displaying, their license number will show up.
In the event that the AMI license number is invalid, no results will crop up on the search page. This will enable you to tell that the respective agent isn’t licensed to operate.
What happens if I don’t check the AMI license?
You run the risk of experiencing significant financial losses. All licensed companies in Portugal are legally required to hold special coverage known as Civil Responsibility Insurance. This coverage protects both parties in the event that a problem occurs during the property sale.
If you happen to pick an illegal agent who doesn’t hold such coverage, you significantly increase the risk of financial harm.
Global Citizen Solutions is AMI-accredited
One of Global Citizen Solutions’ founding values is transparency. As such, we are proud to declare, our AMI license number is 17987.
As a boutique consultancy firm with a specialization in property investments, our interest is to first and foremost protect our clients, working on their behalf to ensure only the very best property investments are procured legitimately.
If you are considering buying property in Portugal, we strongly encourage you to protect yourself by checking every potential agent’s AMI number through IMPIC. This is to ensure you get only the best service.
If you are looking for more information on buying property in Portugal check out our useful guide below.
Get in touch with us
If in doubt, get in touch with one of our property specialists. We provide personalized services to each and every client. We utilize statistical data from market transactions, real estate intelligence, and the support of a broad network of trusted partners to tailor our expertise and advice to your precise circumstances. We work hard to ensure correct steps have been carried out, safeguarding our clients from bad property investments.
Global Citizen Solutions - AMI Registration 17987