Buying property in Portugal
Portugal's purchase process front-loads more of the money than most of Europe — the promissory contract can call for a far larger deposit than buyers expect — which changes where the currency risk sits.
- Typical timeline
- Commonly two to four months from CPCV to the escritura, though off-plan runs far longer.
- You pay in
- euros (EUR) · live GBP/EUR rate
Where the currency risk actually sits
The larger CPCV deposit means a bigger single conversion sooner, and a smaller balance left for completion. That is a different shape of risk to Spain or France: the rate on the day you sign the promissory contract matters more here than almost anywhere else in Europe.
The binding contract
The CPCV (contrato de promessa de compra e venda) is the promissory contract, and the deposit it carries is often considerably more than the 10% common elsewhere in Europe. Because more of the price moves early, more of your currency exposure lands early too.
When the money actually moves
A purchase in Portugal is a sequence of payments on dates set by the process, not by you. Each one is a separate conversion.
| Stage | Typically | What it means for your rate |
|---|---|---|
| Reservation | A modest holding sum | Rarely material on its own, but worth converting deliberately rather than letting a card or bank handle it at whatever rate applies that day. |
| CPCV (promissory contract) | Often substantially more than 10% | The payment that defines this market. A large euro sum on a near date, so the live rate on signing day has a direct and immediate cost. |
| Escritura (completion deed) | The balance | Signed before a notary with funds already cleared in euros. Off-plan purchases replace this with staged construction payments, each on its own date — every one a separate conversion. |
What catches UK buyers out in Portugal
You need a Portuguese NIF (tax number) to buy, and typically a Portuguese bank account for utilities and taxes afterwards.
Off-plan purchases pay in construction stages spread over years, which is the strongest case for fixing rates in advance of any property purchase type — each stage is a separate exposure.
The deposit under a CPCV is normally forfeited if the buyer withdraws, so treat the signing date as the point your budget must already be certain.
This guide covers the currency side of a purchase in Portugal. Property law, tax and residency rules change and vary by region — take local legal and tax advice before you commit to anything.
Buying in Portugal — common questions
How much deposit will I need for the CPCV?+
It is negotiated rather than fixed, and is commonly higher than the 10% typical elsewhere in Europe — sometimes considerably. Confirm the figure with your Portuguese lawyer early, because it determines how much currency you need to convert and when.
How do staged payments work on an off-plan purchase?+
You pay against construction milestones over a period that can run to years, each on a date you cannot control. Every stage is a separate conversion at whatever the rate happens to be, which is why buyers on off-plan more often fix a rate for the whole schedule rather than trade each stage.
Is it cheaper to send euros or pounds to Portugal?+
Send euros. If you transfer sterling and let the receiving bank convert, you take their retail rate with no ability to compare it — and you find out the cost after the fact. Converting first means you agree the rate before the money moves.
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