Getting a loan to buy property in Portugal from Switzerland has never been easier. However, tax rules changed significantly in 2026. Prices, meanwhile, continue to climb. In fact, the national median price reached €3,156 per square meter in June 2026. This represents an 8.9% increase year-over-year. Furthermore, the Algarve set a record at €4,069 per square meter. It’s important to note that a new real estate transfer tax now applies to non-resident buyers. This tax amounts to 7.5 %. In this article, we’ll review the current legal framework and the regions based on your objectives. Next, we’ll detail the current benefits and the two possible financing options. Finally, we’ll break down the costs and walk you through a concrete example from start to finish.
Buying in Portugal when you live in Switzerland, what really applies
Unlike Switzerland and its Lex Koller, Portugal imposes no restrictions on foreign buyers. Thus, a non-resident can freely acquire property, regardless of their nationality, without prior authorization. However, three formalities remain essential. First, you must obtain a NIF (Portuguese tax number). Second, you must designate a tax representative in Portugal if you reside outside the EU/EEA. Finally, you must open a local bank account to pay taxes, charges, and condominium fees.
What has changed and is still widely misread
| Widespread misconception | Reality 2026 |
|---|---|
| «The NHR status exempts foreign investors.» | The NHR is closed to new entrants. It is replaced by the IFICI («NHR 2.0»), which is reserved for certain qualified activities and is conditional on transferring tax residency to Portugal. A Swiss resident who remains in Switzerland is not eligible for it. |
| «Real estate opens the Golden Visa» | Real estate is no longer an eligible path as of October 2023. |
| «Non-residents pay the same IMT as Portuguese citizens» | True through August 31, 2026. False as of September 1, 2026: flat rate of 7.5% (DL 97/2026). |
| «"Portuguese banks are financing 80%"» | 80% is the theoretical cap. In practice, non-residents are capped at 60–70% of the lower of the purchase price or the appraised value. |
| «"A Swiss loan is capped at 250,000 CHF"» | False. At Lica, there is no maximum loan amount: the only limit is the customer’s borrowing capacity. |
Swiss nationality or Swiss permit, two different situations
A Swiss or EU/EFTA national enjoys freedom of movement and may reside in Portugal without a visa. A Swiss permit holder who is a national of a third country is also free to make purchases. However, settling there permanently requires a Portuguese residence permit. This distinction applies to a significant portion of the clientele served by Lica.
The exception that changes everything, the two-year rule
However, the 7.5 % rate is reduced if the buyer becomes a tax resident in Portugal. This period applies for the two years following the purchase. This point is crucial for «retirement in the sun» clients and for the Portuguese diaspora in Switzerland who are planning to return. A second route to exemption exists through designating the property for rental as affordable housing: this should be evaluated on a case-by-case basis with the advice of a professional.
Key points: Two buyers, same apartment for €300,000. The buyer who moves to Portugal within two years pays approximately €11,700 in IMT (effective rate of 3.9%). The one who remains a Swiss resident pays €22,500 (7.5%). The difference—nearly €10,800—is determined at the time of purchase, not afterward.
Which regions to favor based on your objective
Portugal is not just the Algarve. The right choice of region depends above all on your investment objective, which is what most competing content overlooks.
| Region | Median price | Dominant objective | Highlights | Points to watch |
|---|---|---|---|---|
| Algarve (Faro) | ≈ €4,069/m² | Seasonal rental + capital gain | 300 sunny days, high demand for rental properties, expatriate community | High entry price, AL bottleneck areas, seasonality |
| Greater Lisbon | ≈ € | Capital gains + long-term lease | Maximum liquidity, deep market | Low gross yield, high entry ticket |
| Porto & North | ≈ 4,053 €/m² | Urban location, students | Best price/performance ratio compared to Lisbon | More regulated local AI market |
| Setúbal / Comporta | ≈ 3360 €/m² | High-end second home | Proximity to Lisbon, strong appreciation | Limited offer, low liquidity |
| Madeira (Funchal) | ≈ €3,921/sq m | Location and residence | Direct flights Zurich/Geneva, annual climate | Niche island market |
| Silver Coast / Centre | Below the median | Performance / contained budget | Low entry price, strong upside potential (Leiria +17.71 TP18T) | Shorter season, less international demand |
| Interior (Guarda, Portalegre) | Less than €100/m² | Retirement, family ties | Very low entry cost | No rental potential, slow resale |
The specific case of the Portuguese diaspora in Switzerland
Many buyers are looking for a property in their home region rather than for a return on investment (North, Center, Beira). Indeed, their reasoning remains focused on family heritage and legacy. For these low-value rural or older properties, the Swiss personal loan mortgage is often the only solution. Portuguese banks are reluctant to finance them. Furthermore, the fixed costs associated with a mortgage application become disproportionately high for amounts under €100,000. A 100% Swiss % loan therefore works out to be less expensive, all fees included. It also avoids the stamp tax on the loan, the appraisal fee, and the mandatory life insurance.
Three criteria that take precedence over the region
First, the Local Accommodation (AL) license. Since DL 76/2024, licenses no longer expire and are transferred with the property. Therefore, a property already licensed in a contention zone benefits from a real premium. Next, the VPT (taxable asset value). The IMT is calculated on the higher of the declared price and the VPT. Therefore, check this amount before signing the reservation. Finally, airport access from Geneva, Zurich, or Basel. This criterion conditions both your personal use and the rental occupancy rate.
The real advantages of buying in Portugal in 2026
Expired arguments (RNH, Golden Visa) are behind us. Five tangible benefits remain in 2026.
- A price dynamic that remains strong. The median price of homes sold reached €2,337 per square meter in Q1 2026, up 19.8% year-over-year (INE), driven by a structural imbalance between supply and demand.
- A rental yield that Switzerland no longer allows. In the Algarve, a well-located one-bedroom apartment rents for €240 to €300 per night during peak season, generating €20,000 to €30,000 in annual income, whereas a Swiss investment property yields a maximum of 3% net.
- A stabilized aluminum frame. DL 76/2024 abolished the extraordinary contribution, license obsolescence, and quinquennial reauthorization. Scarcity now benefits license holders.
- Low holding tax. The annual IMI ranges from 0.3 to 0.45% of the property’s assessed value (VPT), often amounting to €250 to €400 per year for a one-bedroom apartment, with no general wealth tax (AIMI applies only to properties with a VPT exceeding €600,000).
- A strong franc and incomparable operating costs. With an EUR/CHF ratio of 0.93, purchasing power for Swiss real estate remains high, and maintenance, repairs, and management costs amount to a fraction of Swiss rates.
Honesty framework What you won’t hear elsewhere. The non-resident IMT is 7.5%, the actual LTV is capped at 70%, and the first few years of a leveraged transaction generate negative cash flow. An investment in Portugal is excellent, but it does not provide immediate passive income.
Credit to buy in Portugal, the two possible setups from Switzerland
From Switzerland’s perspective, the real question is less about your right to purchase and more about the financing option chosen. In fact, the Swiss personal loan offers a fixed rate of 4.9 %, with no upper limit on the amount. It therefore directly compares to the Portuguese mortgage with a variable 4.2 % rate. As a result, finding the right financing structure is no longer a given—it has become a matter of weighing your options.
Why equity is the real obstacle
Portuguese banks use the lower of the purchase price and the appraised value. The LTV for non-residents is capped at 60–70%; in practice, the maximum loan term is 30 years, and the debt-to-income ratio is limited to 30–35% of net income. In concrete terms, for a property valued at €300,000, you must provide €90,000 in equity and approximately €29,000 in closing costs—that is, nearly 40% of the purchase price in cash. This is where the real sticking point lies.
Structure 1: Swiss personal loan for equity and a Portuguese mortgage
The process consists of five steps. First, you complete a financial capacity assessment in Switzerland. This calculation includes the payment on your future mortgage. Next, you obtain the Swiss fixed-rate loan, disbursed within CHF. Then you transfer the funds in euros to the Portuguese account. Be aware that the currency spread often costs more than 0.1 % in interest. Next comes the Portuguese mortgage pre-approval, based on the verifiable equity you’ve already established. Finally, the escritura is executed, and the two loans run concurrently.
| Benefits | Limits |
|---|---|
| Lowest long-term monthly payment (the personal loan plan ends, but the mortgage remains) | Two simultaneous charges for 5 to 8 years |
| Natural hedging of foreign exchange risk: 70% of the debt is denominated in euros, as are the property and rent payments | Euribor Exposure on 70% Debt |
| Preserves cash flow and allows for a second investment | The personal loan is registered with the ZEK and affects any subsequent Swiss mortgage application |
| Maximum leverage | Longer file: 8 to 12 weeks, expertise, mandatory life insurance |
Scheme 2: A loan to purchase property in Portugal at 100% from Switzerland
This arrangement is based on a cash purchase fully financed by personal loan Switzerland. There is no maximum amount; the only limit is your borrowing capacity. For a property valued at €300,000, this eliminates the stamp duty on the loan (0.6%), the bank appraisal fee, processing fees, and the mandatory life insurance—resulting in direct savings of approximately €2,100. The closing time is reduced to 3–4 weeks. Most importantly, it gives you the negotiating power of a cash buyer: a discount of 5 to 10%—equivalent to €15,000 to €30,000 on a €300,000 property—is regularly obtained, well beyond the interest rate differential. There is no exposure to the Euribor, as the rate is fixed for the entire term.
The trade-off must be stated clearly: higher monthly payments, debt capacity pushed to the limit, and the debt denominated in 100% rather than CHF, even though the property and rent are in euros. This is the real weakness of this arrangement.
Swiss fixed rate versus Portuguese variable rate, the calculation that no one does
The Portuguese mortgage at 4.2% is a variable-rate mortgage indexed to the 6-month Euribor (2.596%). However, the ECB raised its deposit rate to 2.25% on June 18, 2026—the first increase since 2023. If the 6-month Euribor rises by one point, the monthly payment on a 25-year loan of €210,000 will rise from €1,132 to €1,252—an increase of €120 per month and €36,000 over the life of the loan. The Swiss personal loan at a fixed 4.9%, however, remains unchanged. The initial spread is only 0.7 points: the price of certainty is low.
Method Lica: You don’t choose a rate; you choose a risk profile. A 4.2% variable rate in euros or a 4.9% fixed rate in francs isn’t just a 0.7-point difference—they represent two different exposures to interest rate risk and currency risk. The right answer depends on your investment horizon and the currency in which you receive your income.
Do not forget the Swiss tax aspect.
The Portuguese property is exempt from tax in Switzerland but is taken into account for tax rate purposes (progressive taxation) under the double taxation treaty. It must be reported as part of both net worth and income. Debts and interest expenses are allocated proportionally between Swiss and foreign assets: a portion of the interest on the personal loan will therefore not be deductible in Switzerland, a factor to anticipate when calculating the net return. In Portugal, rental income earned by a non-resident is subject to a flat tax rate of 25% under Category F, while the AL falls under Category B under the simplified regime.
The fee schedule, what a €300,000 purchase really costs
| Post | Calculation basis | With mortgage | Cash purchase |
|---|---|---|---|
| Acquisition price | — | 300 000 € | 300 000 € |
| IMT non-resident (from 09/01/2026) | 7.51 TP18T of the price | 22 500 € | 22 500 € |
| Stamp duty — acquisition | 0.8% of the price | 2 400 € | 2 400 € |
| Stamp Duty - Mortgage | 0.6% of €210,000 | 1 260 € | — |
| Notary and registration | package | 900 € | 900 € |
| Lawyer | package | 1 500 € | 1 500 € |
| Banking expertise | package | 300 € | — |
| Bank processing fee | package | 520 € | — |
| Total Acquisition Costs | 29 380 € | 27 300 € | |
| As a percentage of the price | 9,8% | 9,1% |
Three useful clarifications. Agency fees are generally borne by the seller in Portugal. The VPT can exceed the IMT calculation basis: to be verified before reservation. A novelty of DL 97/2026, the IMT is no longer due on the day of the escritura but within 30 days following the issuance of the payment guide, a real cash flow gain. Finally, a cash purchase eliminates life and multi-risk insurance imposed by the bank (€450 to €700/year recurring).
| Recurring Costs (T2 Algarve) | Annual amount |
|---|---|
| Condominium Fees (condomínio) | 600 € |
| IMI | 250–400 € |
| Insurance | €450–700 |
| Energy, water, internet | 1,200 – 1,600 € |
| Rental Management (if applicable) | 15 – 20% of revenue |
| Maintenance and Renewal | €800–1,200 |
Two numbered examples side by side
Common assumptions: Property valued at €300,000, buyer is a Swiss tax resident, EUR/CHF at 0.93, Portuguese mortgage at 4.2% variable over 25 years, Swiss personal loan at 4.9% fixed. The amounts are provided for illustrative purposes only and must be verified through a simulation.
| Option A — Mixed (70/30) | Option B — Swiss 100% (15-year) |
|---|---|
| Monthly payment for years 1–7: 2,673 CHF | Fixed monthly payment: 2,396 CHF |
| Monthly payment for years 8–15: 1,053 CHF | 2,396 CHF |
| Monthly payment for years 16–25: 1,053 CHF | 0 CHF (available starting in year 15) |
| Total reimbursed: ≈ 451,800 CHF | Total reimbursed: ≈ 431,300 CHF |
| Nature du taux : 70% variable (Euribor) | 100% fixe |
| Risque de change : faible (dette en EUR) | Élevé (dette 100% en CHF) |
| Frais d’acquisition : 29 380 € | 27 300 € |
| Décote acheteur comptant : non | Oui, 5 à 10% |
| Délai de closing : 8 à 12 semaines | 3 à 4 semaines |
À durée maîtrisée, le financement 100% suisse coûte moins cher au total que le montage mixte, environ 20 500 CHF d’économie, tout en offrant un taux fixe, une décote à l’achat et un bien libre de dette dix ans plus tôt. Son prix : une mensualité plus lourde pendant quinze ans et une dette entièrement en francs face à un actif en euros. Le montage mixte reste préférable si vous privilégiez la souplesse de trésorerie ou la couverture du risque de change. Notez que le scénario 80/20 existe mais reste l’exception : mieux vaut bâtir son plan sur 70/30 et considérer le 80/20 comme un bonus.
Ces chiffres varient selon votre profil, votre canton et votre capacité d’endettement. Demandez une simulation personnalisée avec une réponse sous 24 heures !
Un cas concret, T2 en Algarve de l’achat à la revalorisation
Exemple de dossier anonymisé ; les performances passées ne préjugent pas des résultats futurs. Un T2 rénové avec vue marina et parking, affiché à 340 000 €, est négocié à 291 000 € (−14,4 %). Avec 55 000 € de travaux et d’ameublement et 28 845 € de frais, l’investissement total atteint 374 845 €.
| Financement retenu (montage mixte) | |
|---|---|
| Hypothèque portugaise (70%) | 203 700 € — ≈ 1 098 €/mois |
| Crédit privé suisse (180 mois, 4,9% fixe) | 160 000 CHF — ≈ 1 257 CHF/mois |
| Épargne complémentaire | ≈ 12 000 € |
| Charge mensuelle totale | ≈ 2 450 € |
| Exploitation en location saisonnière (AL) | |
|---|---|
| Revenus locatifs bruts | 25 000 €/an |
| Charges d’exploitation | − 9 000 € |
| Résultat net | 16 000 € |
| IRS portugais (catégorie B simplifié) | ≈ − 2 190 € |
| Net après impôt | ≈ 13 810 € (rendement net 4,3%) |
| Service de la dette | − 29 400 €/an |
| Cash-flow annuel | ≈ − 15 600 € (≈ − 1 300 €/mois) |
La création de valeur fait la différence. Après travaux, la valeur de marché atteint 490 000 €, soit une plus-value latente de +115 155 € (+30,7% du capital investi). Un refinancement à 70% de 490 000 € libère environ 145 000 € de cash-out, qui solde l’essentiel du crédit privé suisse. La nouvelle charge, ≈ 1 849 €/mois, est alors couverte à 62% par le résultat net après impôt.
Conserver et refinancer plutôt que revendre
La performance de cette opération ne vient ni du taux, ni du rendement locatif, mais de la décote à l’achat et de la création de valeur par les travaux, deux leviers rendus accessibles par le crédit. Le cash-flow reste négatif les premières années : c’est un placement en capital, pas un revenu. À noter : une revente dégagerait une plus-value brute de 115 155 €, imposée sur 50% du gain aux taux progressifs de l’IRS, soit environ 95 000 € nets. La conservation avec refinancement reste donc fiscalement plus avantageuse que la revente.
Votre crédit pour acheter au Portugal avec Lica, de la Suisse jusqu’aux clés
1. Le financement, obtenu depuis la Suisse
Nous analysons votre capacité d’endettement et chiffrons l’arbitrage entre les deux montages, puis mettons les établissements de crédit privé suisses en concurrence pour négocier taux, durée et montant. Aucun plafond de montant ne s’applique, la seule limite étant votre capacité de remboursement. Point technique décisif : au-delà de 80 000 CHF, la LCC ne s’applique plus, ni son plafond, ni le délai de révocation de 14 jours, ni la règle des 36 mois, ce qui permet les montants élevés et les longues durées. Nous constituons ensuite le dossier hypothécaire portugais dans le bon ordre pour ne pas dégrader le taux d’effort.
2. L’accompagnement sur place, en français, allemand et anglais
Nous sélectionnons et visitons les biens selon un cahier des charges défini avec vous. Ainsi, vous ne dépendez plus d’un agent qui travaille pour le vendeur. Avant toute réservation, nous vérifions le VPT, la licence AL et les charges de copropriété. Nous contrôlons également l’état réel du bien. Ensuite, nous négocions le prix en portugais, avec les codes du marché local. De plus, nous intervenons en position d’acheteur comptant lorsque le montage le permet. Enfin, vous gardez un interlocuteur unique dans votre langue. Vous évitez ainsi toute traduction approximative sur des documents qui vous engagent.
3. Jusqu’à la signature, et après
Nous coordonnons l’avocat portugais (registre foncier, licences, certificat énergétique, CPCV et escritura), obtenons le NIF, ouvrons le compte bancaire et assurons la représentation fiscale si nécessaire. Nous optimisons le change EUR/CHF sur les transferts, poste régulièrement sous-estimé, assurons la représentation le jour de la signature par procuration si besoin, et vous mettons en relation pour les travaux, l’ameublement et la gestion locative.
Un courtier en crédit ne connaît pas le marché portugais. Une agence portugaise ne peut pas vous financer depuis la Suisse. Lica fait les deux, et c’est la seule façon d’aligner le financement sur le bien, et non l’inverse.
Frequently asked questions
Faut-il être résident au Portugal pour acheter ?
Non. Mais depuis le 01.09.2026, le non-résident paie 7,5% d’IMT au lieu du barème progressif, sauf s’il transfère sa résidence fiscale au Portugal dans les deux ans.
Combien les banques portugaises financent-elles pour un non-résident ?
Entre 60 et 70% en pratique, sur 30 ans maximum, avec un taux d’effort limité à 30–35% des revenus nets du ménage.
Peut-on financer 100% de l’achat depuis la Suisse ?
Oui. Il n’existe aucun plafond de montant, la seule limite étant votre capacité d’endettement.
Quel taux pour un crédit pour acheter au Portugal ?
Environ 4,9% fixe, moyenne constatée sur les montants importants liés à un achat immobilier. Le plafond légal suisse est de 10%.
Combien coûtent réellement les frais d’achat ?
Environ 10% du prix pour un non-résident depuis septembre 2026, ou 9,1% en achat comptant.
Le statut RNH existe-t-il encore ?
Il est fermé aux nouveaux entrants et remplacé par l’IFICI, qui suppose de transférer sa résidence fiscale au Portugal.
Comment sont imposés les revenus locatifs d’un résident suisse ?
Au Portugal, 25% libératoire en catégorie F, régime simplifié en catégorie B pour l’AL. En Suisse, ils sont exonérés mais pris en compte pour le taux.
Combien de temps prend l’opération ?
De 8 à 12 semaines avec une hypothèque portugaise, contre 3 à 4 semaines en achat comptant.
Conclusion
Le Portugal reste un excellent marché. Cependant, en 2026, la marge se joue au montage du crédit, pas lors de la visite. Retenez quatre chiffres. D’abord, comptez environ 10 % de frais et 70 % de LTV bancaire réel. Ensuite, le crédit suisse affiche 4,9 % fixe, sans plafond de montant. Enfin, l’acheteur comptant obtient une décote de 5 à 10 %. Bien préparé, un crédit pour acheter au Portugal devient un véritable levier de performance. Il dépasse ainsi la simple ligne de financement. Demandez dès maintenant votre simulation gratuite et sans engagement. En effet, nous vous répondons sous 24 heures.
