New Reporting Requirements for Real Estate Agencies

1 July 2019Richard D. K. Turner

According to new regulations, real estate agencies in Portugal will now have to monitor their transactions to prevent and combat money laundering and terrorist financing.  The firms have to identify their clients, whether they are individuals or companies, prior to beginning a business relationship. In addition, real estate agencies now have to maintain written records of all their transactions for seven years and implement procedures to identify suspected money laundering or terrorism.

Each new real estate transaction must also be communicated to the Institute of Public Markets of Real Estate and Construction (IMPIC), along with any rental agreements where the monthly payment equal to or greater than 2,500 euros.

Agencies that have more than five employees must also have a dedicated Compliance Officer.

Original Story: Jornal Econômico / Lusa