January 22, 2024 • 30 mins
Welcome to episode #8 of RealtyCast Global – a global connection to all things real estate, hosted by Hugh Gilliam, president of Global Property Pros.
We welcome back Antonio Barbosa, our expert guide from Infinite Solutions in Portugal, to unlock the secrets of buying property in the vibrant heart of Spain. As we wander through the historic streets of Madrid, Antonio pulls back the curtain on the city's climate, culture, and the lifestyle it offers. From the distinct priorities of urban dwellers to the relaxed rhythms of coastal life, he paints a picture of a city that's as multifaceted as its delectable tapas. Learn the nuances of Spanish real estate, discover how the process differs starkly from the U.S., and get the inside scoop on securing loans as a foreigner—all while savoring the rich tapestry of Spanish social traditions.
Embarking on a new life abroad is no small feat, and finding the perfect community is key to making the transition smooth and enjoyable. In our conversation, we lay out the roadmap for integrating into European neighborhoods, whether you're a retiree longing for sun-drenched afternoons or a family in search of top-tier education. Antonio's insights are an invaluable compass for navigating the vibrant landscape of Madrid's real estate and beyond. For anyone contemplating the leap to Spain or Portugal, our spirited discussion with Antonio is a must-listen, offering essential guidance for planting roots in a new and exciting culture.
Visit blog.realtyhive.com for more details on this episode.
About the guest - Antonio Barbosa:
António Barbosa is a REALTOR® living in Portugal with more than 20 years of experience in Real Estate. He will tell you that he doesn’t sell homes; He fulfills lifestyle dreams. He’s a charming man with the most disarming smile who makes friends wherever he goes. He prides himself in being part of the decision of more than 500 families making Portugal their home. He considers his biggest achievements in life the personal and business relationships he built.
He’s happiest helping people find properties in Portugal or worldwide. His company name is “Infinite Solutions”, and it's a perfect name because he’s not problem-oriented, he’s all about solutions. He speaks fluent Portuguese, English, and Spani
About the host - Hugh Gilliam:
Hugh Gilliam co-owned a national transportation company, created a land development business, and worked as a general contractor in residential and commercial construction for over two decades. Hugh also co-founded an international distribution company and successfully negotiated and contracted with 135 sales representatives in the United States, Canada, France, Brazil, Japan, and the Netherlands.
Today, Mr. Gilliam is affiliated with RealtyHive, LLC where he serves as Director of International Real Estate and President of Global Property Pros. His duties include involvement in commercial and residential transactions, plus promoting marketing systems and lead generation platforms.
For real estate professionals looking to take their business to the next level, check out Global Property Pros!
He is also co-founder of the luxury digital magazine, DOORWAYS INTERNATIONAL, powered by RealtyHive, which serves as a platform for Brokers and Buyers throughout 70 countries.
Hugh's Designations Include:
- Certified Luxury Home Marketing Specialist
- Certified Distressed Property Export
- Certified International Property Specialist
- Certified International Investment & Immigration Specialist
- Transnational Re
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Hugh Gilliam (00:01):
Welcome to Realtycast Global, where we
bring insights and advice fromtop professionals in the global
market.
Join us for a journey ofculture and real estate from
countries across the globe.
My guest today is AntonioBarbosa, from Portugal.
He was on the first episodewith us of talking about
(00:23):
Portugal and purchasing propertythere, and at the end of that
time we talked about coming backin another episode and speaking
about Spain, purchasingproperties in Spain.
So he chose Madrid and there'sa lot of history there and
Tony's got a lot of informationto share with us.
But first, tony's with InfiniteSolutions out of Portugal.
(00:46):
He's been a 20-plus-yearresident there and he really
knows his stuff.
He knows all the ins and outs,the nuts and bolts of purchasing
in that country.
So, tony, I'd like to introduceyou this morning to the public,
say hello, hello.
Antonio Barbosa (01:03):
Buenos dias, okay, great.
Hugh Gilliam (01:08):
Tell a little bit about your background before we
get started.
Antonio Barbosa (01:12):
Well, real quickly.
I grew up in the US.
Actually, I was born in Africa,in Angola.
I grew up in the US, blessed tobe educated there more than 20
years, calling Portugal my homePortugal, and a little rib here
for Spain too.
Nuestros hermanos, I love Spainand so it's a pleasure going to
(01:33):
be talking and sharing a littlebit about Spain with you, and
especially in Madrid, to startoff, because Spain is big with
you, so looking forward to it.
But just real estate, that'swho we are, that's what we do.
Hugh Gilliam (01:45):
Tony, could you share about the rich history of
Madrid?
Antonio Barbosa (01:51):
Sure, you know, madrid is capital, the biggest
city of Spain, capital of Spain,and definitely it's where
everything pretty much happens,right, not only from when the
ancient times, the history, thekings started from there growing
(02:12):
, but that's where the center ofthe universe of Spain started,
and so rich culture wavecenturies, centuries old, and so
everything just kind of wentaround there into other parts
and other regions as well,because you do have right, up
there.
But that's where everythingstarted, in that center of Spain
(02:33):
.
Hugh Gilliam (02:34):
Is Madrid centrally located in the middle.
Can you tell us a little bitabout the location?
Antonio Barbosa (02:40):
Yeah, it's definitely in well, north,
central, northeast of Spain, andso easy access to all,
basically, a lot of otherregions, right when you have
from, whether in Galicia, whichis in north Portugal, whether
it's in the south, in Andalusia,whether it's in Catalan, the
(03:02):
Basque.
So it's centrally locatedbetween all of Spain and I think
that's what makes it alsostrategically located and the
access to one region, to another, because there are quite a few
regions in Spain.
Madrid is just one of them.
Hugh Gilliam (03:17):
What about climate ?
Antonio Barbosa (03:21):
Climate.
Well, it does get colder there,it does snow a little bit as
well, but you have some.
Really, it could go from hotsummers to colder, a little bit
colder winters.
There is the snow, whereasother regions you don't see the
snow, of course, but there youdo, but it is.
It's pretty mild, I mean, youknow, but you have four seasons.
(03:42):
Let's just say there, youdefinitely know what it's summer
and you definitely know whenit's winter or spring or fall,
so, which is good thing.
Hugh Gilliam (03:49):
Can you share a little bit about the culture of
Madrid?
Antonio Barbosa (03:55):
Well, you know, right now, I think, madrid like
any other capital, what makesit also very interesting that
you is that it's a multiculturaldiversity.
Right, so you do have a lot ofSpanish, pure from Madrid, lenos
, that live in Spain, but you dohave a lot of foreigners moving
there as well, from SouthAmerica especially.
(04:16):
That's where I think most SouthAmericans prefer to go live in
Spain.
Americans too.
In the last few years I've alsomade Spain, and especially
Madrid, their home.
But there is a multiculturaldiversity.
When you talk about the Spanish, the real, the Spanish there,
(04:37):
there is and there is that deepculture.
When you come, when you see thewine and the food and, where it
comes out there, the music,right, there's the history of it
all of it, and it's a littlebit different than probably.
Every single region is a littledifferent.
Madrid is no different from anyother, but there's a
multicultural diversity at thismoment.
Hugh Gilliam (04:56):
Well, I know that you, that you sell a lot of real
estate in Portugal.
What about Spain?
What about, specifically,madrid?
Antonio Barbosa (05:06):
Not Madrid.
We have a lot where themajority of our clients look
around the coast.
Okay, whether you know, maybe aholiday home for the beach, etc
.
Closer to the beach, that's ourtarget, target client, whether
they're making it their holidayhome and which most often it is
or they eventually start out asa holiday home and move there.
(05:29):
The person that usuallyconsiders Madrid definitely has
to do because of work.
It has to do because of schooltwo different priorities and
because of the universities andalso the hub of technology and
just what in terms ofopportunities, business as well,
and that's a difference.
So our client is more of alifestyle client than more of
(05:50):
the beach lifestyle.
So all along the coast, fromMalaga down or way up to even
Catalan, that whole coast,there's the Costa Blanca, etc.
So definitely that's ourbiggest client.
Hugh Gilliam (06:08):
I see.
And then what we're doing?
We're getting acquainted withMadrid right now and we're
jumping back and forth.
But I know that you love food.
We've talked about that before.
We talked about that on thePortugal episode.
So let's talk about food.
Let's talk about cuisine inSpain.
Antonio Barbosa (06:30):
My favorite subject for you, you know, I
think what's very different interms of probably the rest of
Europe, even Portugal included,is definitely the Spanish
culture on that side, when ithas to do with them having their
siesta, for example, okay.
Having their tapas, okay.
(06:50):
They're more into like fingerfoods and, you know like they
have rich dishes as well,whether from all kinds.
But the tapas scene, okay, withthe wine, bar tapas, etc.
It's a big culture If peopleleave, leave, leave out of work.
It seems like it's happy hour.
(07:11):
Nobody does anything from thattime to that time, whereas in a
lot of other countries in Europethat doesn't happen, but in
Spain it does and it's justcultural.
It really is after work, beforeor even in the middle of the
afternoon, after work, havingthat little little tapas before
dinner, etc.
They, the Spanish, love to havedinner late, even lunch, you
(07:32):
know, later on in the evening.
So because they're out maybeuntil 9 or 10 pm, you know,
after work, talking with friends, a little wine here, a little
wine there, and tapas, then Ithink then leave it off for
dinner If they still have room,and then they're out in their
belly.
Hugh Gilliam (07:51):
What about and I know you're a sports fan and
tell us about sports in Madrid.
Antonio Barbosa (08:00):
Oh, this is going to get me into trouble,
that's okay.
Hugh Gilliam (08:02):
People are going to discover it.
Antonio Barbosa (08:04):
Alamadrid, alamadrid.
You know, madrid has alwaysbeen the.
There are two rivalries, right,you have two.
Football in Europe is anotherreligion, I would call it, and
so and you have lots ofrivalries, even in Madrid.
You do have a few teams, butobviously Real Madrid is the
(08:25):
biggest, and their biggestrivalry, of course, is Barcelona
.
It's an ongoing, you knowalways, saga and battle.
Actually, you know what?
This weekend, I think, they'rehaving a.
The two, the two are playingtogether.
So that's always big.
But football is definitely,without a doubt, something that
every Madri Leno.
Every once in a while, you haveone other teams around, but
(08:48):
most will either be from RealMadrid or from Barcelona, but
I'm a Real Madrid, I'm a MadriLeno.
Hugh Gilliam (08:59):
What about this, when you have a number of people
flowing into Spain?
You said a lot of people fromSouth America, I believe, and
some other people from theUnited States coming in?
Do you have any idea aboutabout, about what they do once
they get there?
I mean, are they?
Are they moving because theycan?
(09:19):
They could have their jobanywhere they want in terms of
with their computer.
They could sit there in Spainand they could.
They can work on their computer, they could complete their job
and and go out and have fun.
Or would it be retirees comingin there, or you know what?
What?
What is the makeup of peoplemoving in in terms of what they
(09:41):
do?
What are they looking for?
Antonio Barbosa (09:44):
The majority, and also Brits.
Brits love Spain, brits lovealways love especially the, the
coastal areas, and it is forbusiness.
A lot of it investments qualityof life, too, retiring.
You notice some youngerfamilies, so I was actually just
reading an article about theNew York Times about a young
(10:05):
family just moved out to Madridjust recently, and it has to do
with the quality of life.
What they're paying even tostart off and renting a place
instead of buying outright, sodefinitely the cost of living is
is a big factor for them.
Leaving from like the US orUnited Kingdom when you're
talking about South Americanprobably the most, the reason I
(10:27):
hear the most is always aboutsafety there as well, and so
that's definitely whether youknow in a lot of other South
American countries is what it is, but safety is is a big part in
their decision as well.
Hugh Gilliam (10:40):
These young families that move into Madrid?
What about the educationalsystems there?
What do they typically do?
Antonio Barbosa (10:48):
The, the, the educate it's.
It's it's also a social basedwhere you have, you know, you
can enroll your children as longas you're a citizen, and they
have different immigrationroutes as well and residency
status as well.
Being a citizen of of of Spain,then your children along with
(11:10):
not only education but healthcare as well, and so they can be
, and of course, there's aprivate universities.
That that are a lot, not onlyprivate university, private
schools, not university level.
I'm talking about just theprivate education for high
schools, etc.
Hugh Gilliam (11:27):
So so that brings up another question about
purchasing there.
So if you purchase somethingthere, you can live there for 90
days, I believe.
If you're just say you, as acitizen moving there, can live
there for about 90 days, thenyou have to go home, you have to
return home.
Tell us the differentsituations that allow you to
(11:51):
stay longer, and I know thatthere's golden visas, I believe
in Portugal.
But if you could get into thatjust a little bit and let our
guest, our viewers, understandabout what it takes, kind of the
nuts and bolts of purchasingand what's required of them once
they're there so that they canlive there longer.
Antonio Barbosa (12:14):
Sure you.
Yeah, you're absolutely right,anybody.
They're just buying a propertyand using it sporadically for a
holiday home.
They can come up to 90 days ata time.
It's the tourist visa, theSchengen visa.
It's for Europe, right?
They can travel anywhere inEurope, stay for 90 days and
then just have to leave theSchengen space and then come
(12:35):
back, you know.
So they can do it twice a year.
180 days.
They can spend Anytime you'regoing to spend more than 90 days
in, you're also going to needsome sort of visa.
Yes, you mentioned the goldenvisas.
One way to do it they havewhat's called the non-lucrative
visa, which is very similar toour passive income visa, except
the values are a lot different.
You have to prove that you makeI think it's now 28,000 euros
(13:00):
per year that you have an income, but it does not allow you to
work.
Okay, it's called, that's whatit is.
It's a non-lucrative visabecause it's based upon what you
earn your retirement, yourpension, et cetera.
It works well also for digitalnomads.
There's also digital nomadvisas.
You can definitely work foranother company.
Those are different ways that'sgoing to do.
(13:22):
Ultimately, at the end of 10years, which is probably that's
the big difference in a lot ofother countries, especially with
Portugal.
Whereas after 10 years you canqualify to become a Spanish
citizen, right and we're inPortugal, for example it's only
five, whether through a goldenvisa.
(13:42):
The golden visa, of course,it's authorization for residency
through our investment.
So when you're buying aproperty minimum 500,000 euros
that you're investing there andit grants you authorization to
live, work, travel, you're aresident for, and there's no.
That's a beautiful thing.
There's no limitation there onhow much time you have to spend,
(14:03):
or minimum or maximum time soyou could do it, whereas the
non-lucrative visa, there arecertain regulations as well, but
then, ultimately, if you wantto go through the route of
citizenship, you're looking atmore or less either the visa
program around 10 years okay,that's what it's stipulated by
law.
Hugh Gilliam (14:21):
Now, you mentioned the families some of the
families moving in there thatsafety is a huge part of moving
to Spain.
Can you elaborate on that justa little bit, about crime and
about other things like that?
That would be a more positiveinfluence because there's lack
(14:42):
of crime.
Do you know the statistics oranything like that you could
share with us?
Antonio Barbosa (14:47):
Well, right now I could tell you that, for
example, a few publications theyput out, not only Global Peace
Index, and you can verify it onthere, but even places where
expats want to live, et cetera.
Safety, and it's based upon alot of factors.
Spain always ranked and Ialways ranked in the last, I
can't remember 10, 15 years eversince it's been doing real
(15:08):
estate here in Europe andPortugal, spain has always been
in the top 15, top 20 countriesin the world to move.
So, whereas Portugal only inthe last couple of years has
been on that list, spain hasbeen way longer than that and
there's a lot of reason for thatOne.
It's because it's when youthink about predominantly the
(15:30):
countries in Europe where peopleeven just go on holiday.
You look at Spain as the numberone country, then probably Italy
, et cetera, and so on, france,but Spain is always ranked there
In terms of safety, if thesepublications definitely they do
their surveys and people movingthere.
Why, et cetera?
And one of the reasons, ofcourse, is always safety.
(15:51):
That's always a considerationfor people to move anywhere,
right?
Hugh Gilliam (15:55):
That's right.
That's right.
And when you're looking atpricing of properties, what
would you say?
The median price would be inMadrid?
Antonio Barbosa (16:05):
Downtown, you gotta remember.
it's also broken up intodifferent areas, neighborhoods,
the same price that you're gonnapay in La Moraleja, for example
, or in other neighborhoods,posh neighborhoods, it's not the
same but in downtown and itcould be broken up.
For example, like, if you'rebuying in the downtown area,
prime areas of Madrid, you'relooking anywhere between 8,
(16:30):
10,000 euros a square meter andup.
So if you're buying 100 squaremeter apartment, which is
basically a thousand square feet, you're looking at like, so say
, 100 square meters times 10,000, you're looking at a 1 million
euro apartment there, okay, indowntown part of the city and up
(16:51):
and definitely up.
If you're going outside, you'relooking at numbers very
different, even renting aproperty, even certain
neighborhoods.
Or we just helped a couple fromthey're actually from Brazil,
living in Lisbon, okay, at themoment, but they want to because
of their work.
They're gonna be moving toMadrid and we helped them find
(17:13):
it was a 1,800 euro, a nicethree-bedroom apartment.
They needed a small littlepatio for their dog and stuff.
So, even renting, but it's notin downtown where that same
place in downtown area you'relooking at like a good 6, 7,000
euros a month, having close tothat in the rents.
This has become extremely highhere.
Hugh Gilliam (17:36):
So where would be, in Spain, the most economical
place to purchase and move to?
Antonio Barbosa (17:44):
In Spain, the most economical place to move it
probably the northeast areas ofGalicia, which is about not too
far from Madrid, but it stilldrives away.
The areas as well as theAndalusia near Sevilla, etc.
(18:05):
Is within a certain budget andanything along Salamanca
Salamanca is a great universitythere as well etc.
So in those areas there becauseeven when you go towards more
in the Basque region andeverything, because everything
else in the metropolitan areas,the bigger cities we're talking
(18:26):
about Madrid, Barcelona, evenother Valadolodín, that's right,
and now it's outskirts ofMadrid, those are pretty prime
residential areas.
That's the cities.
I think the cities this is anoverall global, the global
expansion and the cities arealways going to be.
Now.
(18:46):
At one time people were movingaway from the cities.
Now they're moving back intothe cities and it's just not a
room.
Supply and demand.
That's what it's all about.
Hugh Gilliam (18:54):
I see so and I don't want to put you on the
spot for pricing.
But as you move into those moreeconomical areas, can you give
us like a median range on pricefor an average type home?
Antonio Barbosa (19:10):
I would say like anywhere between like you
could find, that's saying, threebedroom apartment that would
cost you a million in Madrid cancost you 275 to 300,000 euros
in outside, in a smaller city.
You have a lot of great citieslike Odin's, you have other,
even North or South or evenoutside of big metro areas, and
(19:34):
they're a third of the cost.
It really is, I would say,about a third of the cost.
Hugh Gilliam (19:38):
So, tony, when you know, just say you have a
person in the United States thathas a dream and I've sent you
the person that had a dreamabout Portugal and I'm not sure
how that turned out, but as areferral.
But what if you have someonehere that has this dream about I
want to move to Spain and youend up with that client?
(20:01):
Can you go through like theprocess of what happens?
I know you've got to go out andyou've got to find a property,
I know you've got to get themthere on the ground to see it.
I mean, I think you'd rather dothat than do it virtually.
But can you give us a littlebit about the transaction itself
, from beginning to end?
(20:22):
What would take place with yourclient?
Antonio Barbosa (20:26):
Sure, I mean it's not too much different in
the US as well in the way thatthe real and straight
transaction.
There are no title companies.
That's probably the biggestdifference too as well.
There's no escrow, there's anearnest deposit you leave as a
reserve.
But there's actually denotariestoo.
(20:46):
Also do the closing.
That's when the lawyers do thedue diligence.
Of course.
All the process of finding theproperty, making an offer,
everything that's pretty muchstandard.
That's not going to change.
You find the property, make anoffer, it's accepted, moving
forward, and then you schedule aclosing date.
You could do the exchange ofcontract.
They'll give you the same waygiving it down payment on the
(21:07):
property and then 60 days or 90days to fully complete on it.
Then that's the due diligenceand the notary does it, and they
also have the land officeregistry, everything.
There is no title insurance.
Foreigners can also buyproperty there in Spain with the
loan, which a lot of othercountries in the world don't
allow foreigners, but Spain doesalso.
Hugh Gilliam (21:29):
That brings up another point With the loan, a
loan from a bank there in Spain.
Antonio Barbosa (21:39):
You can get up to some banks anywhere between
70% and 80%.
Most banks will probably onlygo up to 70%.
There are some that may workwith an 80% LTV, the loan to
value ratio, definitely using aforeign Right now interest rates
here, just in general forEurope.
(22:02):
When you talk about Portugal,spain, in Europe it's based upon
the Central European Bank,which is that they actually
raised it was yesterday a half apercentage point.
It's at 3.5%.
Then you must have what thebank will earn.
It's called a spread.
They're gain.
You're looking at anywherebetween 1, 1, 1.5%.
(22:24):
You're in between a 4.5% to 5%interest rate right now for
Europe in general.
Hugh Gilliam (22:33):
I see.
One quick think about thecontract.
In the United States we have,state by state, different types
of contracts.
You may have about eight to 10pages plus exhibits that attach
to that contract.
I was interviewing someonerecently about Dominican
(22:55):
Republic and they had a one-pagecontract.
Basically, what about there?
Do you have a standard contract?
Do you have an offer andacceptance?
How does that contract work?
Antonio Barbosa (23:12):
the actual contract and also what you have
to you should, of course isalways all the contingencies
that are on there, right?
For example, whether you'regoing through a loan or home
inspection, you shoulddefinitely get those
contingencies there.
And a normal exchange ofcontract.
Well, normally, for example,like when you're doing an
earnest deposit, it's not thatcouple of you one or two sheets,
(23:33):
right, and everybody initialsigns it.
What is the exchange ofcontracts?
It could be up to maybe a goodfour or five pages.
When the closing okay, andthat's what the closing, the
official deed, is done thatcould be about seven or eight
pages.
And then also, if you're usinga bank, then it can go up to
maybe about 20 different pages.
(23:53):
So, to sign an initial, becausethen you're actually doing
another contract with the bank,right, You're registering that
contract and that's thedifference.
Hugh Gilliam (24:01):
So the initial offer would be similar to a
letter of intent.
Is that what you're saying?
Similar to that?
Antonio Barbosa (24:08):
And in the first part, and then the
aggression thereafter.
Exactly exactly.
That's exactly what I mean.
It's you have your intentionand you make the offer, et
cetera, and you're leaving anearnest deposit, right.
You leave that until the actualformalization of the deal,
which is the exchange ofcontracts.
And then at that exchange ofcontracts, again maybe about
(24:32):
five or six pages, with all thecontingencies at list, who's
selling, right, who's actuallygoing to be selling all the
property owners or a owner or acompany, however entity, who's
buying it identifies all theparties and all the legal
ramifications of the deal.
So you have all thecontingencies, so everything is
in writing as well and it'spretty.
(24:55):
It's nothing different.
Probably in the US, in thataspect, right when you have a,
you know, I think probably therein the beginning, you, when you
submit an offer, you can alsodo all those things at the same
time.
We just have to do it at theseparate, like three different
phases in the deal.
Hugh Gilliam (25:13):
I see.
And, by the way, you are amember of the National
Association of Realtors, youhave a code of ethics, just like
us, and you are also a memberof the International Real Estate
Federation, which is we referto as FIOPSE.
So you've got the background,you've got the knowledge of how
to make this thing work, how tonavigate through the whole
(25:36):
system and come out at the veryend with a great closing.
Antonio Barbosa (25:43):
Anything that happened along the way.
Hugh Gilliam (25:45):
Anything happened along the way that you would
like to say like a beware.
You know, beware of this,beware of that when you've got a
client coming in.
Because people come in andthey're basically they're
falling in love with the thoughtof living in this romantic area
of Spain and sometimes theycan't see beyond some of the
(26:07):
problems.
So is there anything that youever dealt with where you had to
just give them a dose ofreality and say, wait, think
about this before you make thatdecision?
Antonio Barbosa (26:17):
You know, I think it all, as you mentioned
earlier, being part of the NER,the National Association of
Realtors, and there is alsosister associations in Spain,
just like in Portugal, et cetera.
So, definitely working with arealtor okay, realtor, as you
say and we know it's abias-strict code of ethics we
work and so there are in Spain,so definitely look for one there
(26:39):
.
And all the brands are there.
I mean, you know, from A to Z,and even smaller brokerages as
well that may be Realtorsthemselves.
Okay, which is a brand, arealtor brand, but there's some
top quality professionals, likeeverywhere else in the world.
And what I would probably justsay beware.
Is definitely the homeinspection.
(27:00):
Okay, people sometimes don'twant to get it because they, you
know, they want to spare theexpense of seven, or even some
will tell you, though it's fiveor we're, it's not normal to do
home inspections.
That's not true.
Okay, that's not true.
I strongly recommend that'sprobably the biggest mistake
that most people do make whenthey're buying farm property.
(27:21):
And, of course, without thosedimensions, that's not a legal
representation.
Realtors, we do real estate,lawyers do law and property,
getting a property lawyer to doand accompany also for the visa
processes Sometimes.
You know we always say this ifyou think it's expensive to hire
a professional to get the jobdone, we'll tell you hire an
(27:43):
amateur.
And real estate is veryimportant.
You've got to have those peoplearound you, the team, even the
loan broker, everything, becausethat's what's going to make a
real estate transaction,especially international.
And then you also have to dealwith the currency change, which
is another having a greatcurrency change broker.
Right, if you're caught,whether you're from the, using
(28:04):
the dollar or the pound, or theyen or this or any other
currency, locking in a certainrate, knowing, planning ahead,
maybe I would say plan aheadlike a good year in advance
before get to know the country,visit it, scout it and even I
would even suggest there as well, rent a property, get to know
the country, maybe even inPortugal, rent, maybe you like
(28:27):
it, maybe you don't like it, youknow, maybe you like Spain,
maybe you don't, or Italy oranywhere, but in this matter
we're in Spain, but also everysingle little region.
There's certain regions thatare more happier to receive
foreigners and others that arenot foreign friendly.
Okay, so keep that in mind,although, like where you know,
(28:48):
remember this Spanish have theSpain, the Spain have their own
culture and identity.
You're never going to change it, the million years.
You're not going to change it,and that's a good thing, you
know.
So maybe Spain will change youtoo.
That's the which is good, and Ithink when people have the idea
sometimes they're going into aforeign country, get used to
(29:09):
their customs and their habits.
Without a doubt, those are justsome of the things.
Get to know the community,people, if you want to interact,
especially if you're going tobe living there permanently, you
know, because there's areasthat are more specific for
retirees, there's others morebecause of schools, et cetera.
So, finding the right communityand so how can you do that?
First, then probably justautomatically oops, sorry about
(29:35):
that automatically finding theright community for you.
Hugh Gilliam (29:40):
I see You're not going to believe this, but our
time's up.
Antonio Barbosa (29:45):
It's always.
Hugh Gilliam (29:46):
It's always great to be with you.
I mean, you're full ofknowledge and I really
appreciate the instruction thatyou give.
And Tony's information will bein the episode description, and
so feel free to contact him ifyou have any needs in that part
of the world Portugal, spain I'msure he can help you and I know
(30:07):
he would be very, very happy toconnect you, or connect you
with the right persons.
Antonio Barbosa (30:12):
That's what it's about.
Hugh Gilliam (30:13):
That's exactly right, because that's what we do
.
We do referrals, don't we?
Thank you again.
We appreciate you and lookforward to seeing another
episode with you at some pointin time this year.
Thank you, tony.
Welcome to Realtycast Global, where we
bring insights and advice fromtop professionals in the global
market.
Join us for a journey ofculture and real estate from
countries across the globe.
My guest today is AntonioBarbosa, from Portugal.
He was on the first episodewith us of talking about
(00:23):
Portugal and purchasing propertythere, and at the end of that
time we talked about coming backin another episode and speaking
about Spain, purchasingproperties in Spain.
So he chose Madrid and there'sa lot of history there and
Tony's got a lot of informationto share with us.
But first, tony's with InfiniteSolutions out of Portugal.
(00:46):
He's been a 20-plus-yearresident there and he really
knows his stuff.
He knows all the ins and outs,the nuts and bolts of purchasing
in that country.
So, tony, I'd like to introduceyou this morning to the public,
say hello, hello.
Antonio Barbosa (01:03):
Buenos dias, okay, great.
Hugh Gilliam (01:08):
Tell a little bit about your background before we
get started.
Antonio Barbosa (01:12):
Well, real quickly.
I grew up in the US.
Actually, I was born in Africa,in Angola.
I grew up in the US, blessed tobe educated there more than 20
years, calling Portugal my homePortugal, and a little rib here
for Spain too.
Nuestros hermanos, I love Spainand so it's a pleasure going to
(01:33):
be talking and sharing a littlebit about Spain with you, and
especially in Madrid, to startoff, because Spain is big with
you, so looking forward to it.
But just real estate, that'swho we are, that's what we do.
Hugh Gilliam (01:45):
Tony, could you share about the rich history of
Madrid?
Antonio Barbosa (01:51):
Sure, you know, madrid is capital, the biggest
city of Spain, capital of Spain,and definitely it's where
everything pretty much happens,right, not only from when the
ancient times, the history, thekings started from there growing
(02:12):
, but that's where the center ofthe universe of Spain started,
and so rich culture wavecenturies, centuries old, and so
everything just kind of wentaround there into other parts
and other regions as well,because you do have right, up
there.
But that's where everythingstarted, in that center of Spain
(02:33):
.
Hugh Gilliam (02:34):
Is Madrid centrally located in the middle.
Can you tell us a little bitabout the location?
Antonio Barbosa (02:40):
Yeah, it's definitely in well, north,
central, northeast of Spain, andso easy access to all,
basically, a lot of otherregions, right when you have
from, whether in Galicia, whichis in north Portugal, whether
it's in the south, in Andalusia,whether it's in Catalan, the
(03:02):
Basque.
So it's centrally locatedbetween all of Spain and I think
that's what makes it alsostrategically located and the
access to one region, to another, because there are quite a few
regions in Spain.
Madrid is just one of them.
Hugh Gilliam (03:17):
What about climate ?
Antonio Barbosa (03:21):
Climate.
Well, it does get colder there,it does snow a little bit as
well, but you have some.
Really, it could go from hotsummers to colder, a little bit
colder winters.
There is the snow, whereasother regions you don't see the
snow, of course, but there youdo, but it is.
It's pretty mild, I mean, youknow, but you have four seasons.
(03:42):
Let's just say there, youdefinitely know what it's summer
and you definitely know whenit's winter or spring or fall,
so, which is good thing.
Hugh Gilliam (03:49):
Can you share a little bit about the culture of
Madrid?
Antonio Barbosa (03:55):
Well, you know, right now, I think, madrid like
any other capital, what makesit also very interesting that
you is that it's a multiculturaldiversity.
Right, so you do have a lot ofSpanish, pure from Madrid, lenos
, that live in Spain, but you dohave a lot of foreigners moving
there as well, from SouthAmerica especially.
(04:16):
That's where I think most SouthAmericans prefer to go live in
Spain.
Americans too.
In the last few years I've alsomade Spain, and especially
Madrid, their home.
But there is a multiculturaldiversity.
When you talk about the Spanish, the real, the Spanish there,
(04:37):
there is and there is that deepculture.
When you come, when you see thewine and the food and, where it
comes out there, the music,right, there's the history of it
all of it, and it's a littlebit different than probably.
Every single region is a littledifferent.
Madrid is no different from anyother, but there's a
multicultural diversity at thismoment.
Hugh Gilliam (04:56):
Well, I know that you, that you sell a lot of real
estate in Portugal.
What about Spain?
What about, specifically,madrid?
Antonio Barbosa (05:06):
Not Madrid.
We have a lot where themajority of our clients look
around the coast.
Okay, whether you know, maybe aholiday home for the beach, etc
.
Closer to the beach, that's ourtarget, target client, whether
they're making it their holidayhome and which most often it is
or they eventually start out asa holiday home and move there.
(05:29):
The person that usuallyconsiders Madrid definitely has
to do because of work.
It has to do because of schooltwo different priorities and
because of the universities andalso the hub of technology and
just what in terms ofopportunities, business as well,
and that's a difference.
So our client is more of alifestyle client than more of
(05:50):
the beach lifestyle.
So all along the coast, fromMalaga down or way up to even
Catalan, that whole coast,there's the Costa Blanca, etc.
So definitely that's ourbiggest client.
Hugh Gilliam (06:08):
I see.
And then what we're doing?
We're getting acquainted withMadrid right now and we're
jumping back and forth.
But I know that you love food.
We've talked about that before.
We talked about that on thePortugal episode.
So let's talk about food.
Let's talk about cuisine inSpain.
Antonio Barbosa (06:30):
My favorite subject for you, you know, I
think what's very different interms of probably the rest of
Europe, even Portugal included,is definitely the Spanish
culture on that side, when ithas to do with them having their
siesta, for example, okay.
Having their tapas, okay.
(06:50):
They're more into like fingerfoods and, you know like they
have rich dishes as well,whether from all kinds.
But the tapas scene, okay, withthe wine, bar tapas, etc.
It's a big culture If peopleleave, leave, leave out of work.
It seems like it's happy hour.
(07:11):
Nobody does anything from thattime to that time, whereas in a
lot of other countries in Europethat doesn't happen, but in
Spain it does and it's justcultural.
It really is after work, beforeor even in the middle of the
afternoon, after work, havingthat little little tapas before
dinner, etc.
They, the Spanish, love to havedinner late, even lunch, you
(07:32):
know, later on in the evening.
So because they're out maybeuntil 9 or 10 pm, you know,
after work, talking with friends, a little wine here, a little
wine there, and tapas, then Ithink then leave it off for
dinner If they still have room,and then they're out in their
belly.
Hugh Gilliam (07:51):
What about and I know you're a sports fan and
tell us about sports in Madrid.
Antonio Barbosa (08:00):
Oh, this is going to get me into trouble,
that's okay.
Hugh Gilliam (08:02):
People are going to discover it.
Antonio Barbosa (08:04):
Alamadrid, alamadrid.
You know, madrid has alwaysbeen the.
There are two rivalries, right,you have two.
Football in Europe is anotherreligion, I would call it, and
so and you have lots ofrivalries, even in Madrid.
You do have a few teams, butobviously Real Madrid is the
(08:25):
biggest, and their biggestrivalry, of course, is Barcelona
.
It's an ongoing, you knowalways, saga and battle.
Actually, you know what?
This weekend, I think, they'rehaving a.
The two, the two are playingtogether.
So that's always big.
But football is definitely,without a doubt, something that
every Madri Leno.
Every once in a while, you haveone other teams around, but
(08:48):
most will either be from RealMadrid or from Barcelona, but
I'm a Real Madrid, I'm a MadriLeno.
Hugh Gilliam (08:59):
What about this, when you have a number of people
flowing into Spain?
You said a lot of people fromSouth America, I believe, and
some other people from theUnited States coming in?
Do you have any idea aboutabout, about what they do once
they get there?
I mean, are they?
Are they moving because theycan?
(09:19):
They could have their jobanywhere they want in terms of
with their computer.
They could sit there in Spainand they could.
They can work on their computer, they could complete their job
and and go out and have fun.
Or would it be retirees comingin there, or you know what?
What?
What is the makeup of peoplemoving in in terms of what they
(09:41):
do?
What are they looking for?
Antonio Barbosa (09:44):
The majority, and also Brits.
Brits love Spain, brits lovealways love especially the, the
coastal areas, and it is forbusiness.
A lot of it investments qualityof life, too, retiring.
You notice some youngerfamilies, so I was actually just
reading an article about theNew York Times about a young
(10:05):
family just moved out to Madridjust recently, and it has to do
with the quality of life.
What they're paying even tostart off and renting a place
instead of buying outright, sodefinitely the cost of living is
is a big factor for them.
Leaving from like the US orUnited Kingdom when you're
talking about South Americanprobably the most, the reason I
(10:27):
hear the most is always aboutsafety there as well, and so
that's definitely whether youknow in a lot of other South
American countries is what it is, but safety is is a big part in
their decision as well.
Hugh Gilliam (10:40):
These young families that move into Madrid?
What about the educationalsystems there?
What do they typically do?
Antonio Barbosa (10:48):
The, the, the educate it's.
It's it's also a social basedwhere you have, you know, you
can enroll your children as longas you're a citizen, and they
have different immigrationroutes as well and residency
status as well.
Being a citizen of of of Spain,then your children along with
(11:10):
not only education but healthcare as well, and so they can be
, and of course, there's aprivate universities.
That that are a lot, not onlyprivate university, private
schools, not university level.
I'm talking about just theprivate education for high
schools, etc.
Hugh Gilliam (11:27):
So so that brings up another question about
purchasing there.
So if you purchase somethingthere, you can live there for 90
days, I believe.
If you're just say you, as acitizen moving there, can live
there for about 90 days, thenyou have to go home, you have to
return home.
Tell us the differentsituations that allow you to
(11:51):
stay longer, and I know thatthere's golden visas, I believe
in Portugal.
But if you could get into thatjust a little bit and let our
guest, our viewers, understandabout what it takes, kind of the
nuts and bolts of purchasingand what's required of them once
they're there so that they canlive there longer.
Antonio Barbosa (12:14):
Sure you.
Yeah, you're absolutely right,anybody.
They're just buying a propertyand using it sporadically for a
holiday home.
They can come up to 90 days ata time.
It's the tourist visa, theSchengen visa.
It's for Europe, right?
They can travel anywhere inEurope, stay for 90 days and
then just have to leave theSchengen space and then come
(12:35):
back, you know.
So they can do it twice a year.
180 days.
They can spend Anytime you'regoing to spend more than 90 days
in, you're also going to needsome sort of visa.
Yes, you mentioned the goldenvisas.
One way to do it they havewhat's called the non-lucrative
visa, which is very similar toour passive income visa, except
the values are a lot different.
You have to prove that you makeI think it's now 28,000 euros
(13:00):
per year that you have an income, but it does not allow you to
work.
Okay, it's called, that's whatit is.
It's a non-lucrative visabecause it's based upon what you
earn your retirement, yourpension, et cetera.
It works well also for digitalnomads.
There's also digital nomadvisas.
You can definitely work foranother company.
Those are different ways that'sgoing to do.
(13:22):
Ultimately, at the end of 10years, which is probably that's
the big difference in a lot ofother countries, especially with
Portugal.
Whereas after 10 years you canqualify to become a Spanish
citizen, right and we're inPortugal, for example it's only
five, whether through a goldenvisa.
(13:42):
The golden visa, of course,it's authorization for residency
through our investment.
So when you're buying aproperty minimum 500,000 euros
that you're investing there andit grants you authorization to
live, work, travel, you're aresident for, and there's no.
That's a beautiful thing.
There's no limitation there onhow much time you have to spend,
(14:03):
or minimum or maximum time soyou could do it, whereas the
non-lucrative visa, there arecertain regulations as well, but
then, ultimately, if you wantto go through the route of
citizenship, you're looking atmore or less either the visa
program around 10 years okay,that's what it's stipulated by
law.
Hugh Gilliam (14:21):
Now, you mentioned the families some of the
families moving in there thatsafety is a huge part of moving
to Spain.
Can you elaborate on that justa little bit, about crime and
about other things like that?
That would be a more positiveinfluence because there's lack
(14:42):
of crime.
Do you know the statistics oranything like that you could
share with us?
Antonio Barbosa (14:47):
Well, right now I could tell you that, for
example, a few publications theyput out, not only Global Peace
Index, and you can verify it onthere, but even places where
expats want to live, et cetera.
Safety, and it's based upon alot of factors.
Spain always ranked and Ialways ranked in the last, I
can't remember 10, 15 years eversince it's been doing real
(15:08):
estate here in Europe andPortugal, spain has always been
in the top 15, top 20 countriesin the world to move.
So, whereas Portugal only inthe last couple of years has
been on that list, spain hasbeen way longer than that and
there's a lot of reason for thatOne.
It's because it's when youthink about predominantly the
(15:30):
countries in Europe where peopleeven just go on holiday.
You look at Spain as the numberone country, then probably Italy
, et cetera, and so on, france,but Spain is always ranked there
In terms of safety, if thesepublications definitely they do
their surveys and people movingthere.
Why, et cetera?
And one of the reasons, ofcourse, is always safety.
(15:51):
That's always a considerationfor people to move anywhere,
right?
Hugh Gilliam (15:55):
That's right.
That's right.
And when you're looking atpricing of properties, what
would you say?
The median price would be inMadrid?
Antonio Barbosa (16:05):
Downtown, you gotta remember.
it's also broken up intodifferent areas, neighborhoods,
the same price that you're gonnapay in La Moraleja, for example
, or in other neighborhoods,posh neighborhoods, it's not the
same but in downtown and itcould be broken up.
For example, like, if you'rebuying in the downtown area,
prime areas of Madrid, you'relooking anywhere between 8,
(16:30):
10,000 euros a square meter andup.
So if you're buying 100 squaremeter apartment, which is
basically a thousand square feet, you're looking at like, so say
, 100 square meters times 10,000, you're looking at a 1 million
euro apartment there, okay, indowntown part of the city and up
(16:51):
and definitely up.
If you're going outside, you'relooking at numbers very
different, even renting aproperty, even certain
neighborhoods.
Or we just helped a couple fromthey're actually from Brazil,
living in Lisbon, okay, at themoment, but they want to because
of their work.
They're gonna be moving toMadrid and we helped them find
(17:13):
it was a 1,800 euro, a nicethree-bedroom apartment.
They needed a small littlepatio for their dog and stuff.
So, even renting, but it's notin downtown where that same
place in downtown area you'relooking at like a good 6, 7,000
euros a month, having close tothat in the rents.
This has become extremely highhere.
Hugh Gilliam (17:36):
So where would be, in Spain, the most economical
place to purchase and move to?
Antonio Barbosa (17:44):
In Spain, the most economical place to move it
probably the northeast areas ofGalicia, which is about not too
far from Madrid, but it stilldrives away.
The areas as well as theAndalusia near Sevilla, etc.
(18:05):
Is within a certain budget andanything along Salamanca
Salamanca is a great universitythere as well etc.
So in those areas there becauseeven when you go towards more
in the Basque region andeverything, because everything
else in the metropolitan areas,the bigger cities we're talking
(18:26):
about Madrid, Barcelona, evenother Valadolodín, that's right,
and now it's outskirts ofMadrid, those are pretty prime
residential areas.
That's the cities.
I think the cities this is anoverall global, the global
expansion and the cities arealways going to be.
Now.
(18:46):
At one time people were movingaway from the cities.
Now they're moving back intothe cities and it's just not a
room.
Supply and demand.
That's what it's all about.
Hugh Gilliam (18:54):
I see so and I don't want to put you on the
spot for pricing.
But as you move into those moreeconomical areas, can you give
us like a median range on pricefor an average type home?
Antonio Barbosa (19:10):
I would say like anywhere between like you
could find, that's saying, threebedroom apartment that would
cost you a million in Madrid cancost you 275 to 300,000 euros
in outside, in a smaller city.
You have a lot of great citieslike Odin's, you have other,
even North or South or evenoutside of big metro areas, and
(19:34):
they're a third of the cost.
It really is, I would say,about a third of the cost.
Hugh Gilliam (19:38):
So, tony, when you know, just say you have a
person in the United States thathas a dream and I've sent you
the person that had a dreamabout Portugal and I'm not sure
how that turned out, but as areferral.
But what if you have someonehere that has this dream about I
want to move to Spain and youend up with that client?
(20:01):
Can you go through like theprocess of what happens?
I know you've got to go out andyou've got to find a property,
I know you've got to get themthere on the ground to see it.
I mean, I think you'd rather dothat than do it virtually.
But can you give us a littlebit about the transaction itself
, from beginning to end?
(20:22):
What would take place with yourclient?
Antonio Barbosa (20:26):
Sure, I mean it's not too much different in
the US as well in the way thatthe real and straight
transaction.
There are no title companies.
That's probably the biggestdifference too as well.
There's no escrow, there's anearnest deposit you leave as a
reserve.
But there's actually denotariestoo.
(20:46):
Also do the closing.
That's when the lawyers do thedue diligence.
Of course.
All the process of finding theproperty, making an offer,
everything that's pretty muchstandard.
That's not going to change.
You find the property, make anoffer, it's accepted, moving
forward, and then you schedule aclosing date.
You could do the exchange ofcontract.
They'll give you the same waygiving it down payment on the
(21:07):
property and then 60 days or 90days to fully complete on it.
Then that's the due diligenceand the notary does it, and they
also have the land officeregistry, everything.
There is no title insurance.
Foreigners can also buyproperty there in Spain with the
loan, which a lot of othercountries in the world don't
allow foreigners, but Spain doesalso.
Hugh Gilliam (21:29):
That brings up another point With the loan, a
loan from a bank there in Spain.
Antonio Barbosa (21:39):
You can get up to some banks anywhere between
70% and 80%.
Most banks will probably onlygo up to 70%.
There are some that may workwith an 80% LTV, the loan to
value ratio, definitely using aforeign Right now interest rates
here, just in general forEurope.
(22:02):
When you talk about Portugal,spain, in Europe it's based upon
the Central European Bank,which is that they actually
raised it was yesterday a half apercentage point.
It's at 3.5%.
Then you must have what thebank will earn.
It's called a spread.
They're gain.
You're looking at anywherebetween 1, 1, 1.5%.
(22:24):
You're in between a 4.5% to 5%interest rate right now for
Europe in general.
Hugh Gilliam (22:33):
I see.
One quick think about thecontract.
In the United States we have,state by state, different types
of contracts.
You may have about eight to 10pages plus exhibits that attach
to that contract.
I was interviewing someonerecently about Dominican
(22:55):
Republic and they had a one-pagecontract.
Basically, what about there?
Do you have a standard contract?
Do you have an offer andacceptance?
How does that contract work?
Antonio Barbosa (23:12):
the actual contract and also what you have
to you should, of course isalways all the contingencies
that are on there, right?
For example, whether you'regoing through a loan or home
inspection, you shoulddefinitely get those
contingencies there.
And a normal exchange ofcontract.
Well, normally, for example,like when you're doing an
earnest deposit, it's not thatcouple of you one or two sheets,
(23:33):
right, and everybody initialsigns it.
What is the exchange ofcontracts?
It could be up to maybe a goodfour or five pages.
When the closing okay, andthat's what the closing, the
official deed, is done thatcould be about seven or eight
pages.
And then also, if you're usinga bank, then it can go up to
maybe about 20 different pages.
(23:53):
So, to sign an initial, becausethen you're actually doing
another contract with the bank,right, You're registering that
contract and that's thedifference.
Hugh Gilliam (24:01):
So the initial offer would be similar to a
letter of intent.
Is that what you're saying?
Similar to that?
Antonio Barbosa (24:08):
And in the first part, and then the
aggression thereafter.
Exactly exactly.
That's exactly what I mean.
It's you have your intentionand you make the offer, et
cetera, and you're leaving anearnest deposit, right.
You leave that until the actualformalization of the deal,
which is the exchange ofcontracts.
And then at that exchange ofcontracts, again maybe about
(24:32):
five or six pages, with all thecontingencies at list, who's
selling, right, who's actuallygoing to be selling all the
property owners or a owner or acompany, however entity, who's
buying it identifies all theparties and all the legal
ramifications of the deal.
So you have all thecontingencies, so everything is
in writing as well and it'spretty.
(24:55):
It's nothing different.
Probably in the US, in thataspect, right when you have a,
you know, I think probably therein the beginning, you, when you
submit an offer, you can alsodo all those things at the same
time.
We just have to do it at theseparate, like three different
phases in the deal.
Hugh Gilliam (25:13):
I see.
And, by the way, you are amember of the National
Association of Realtors, youhave a code of ethics, just like
us, and you are also a memberof the International Real Estate
Federation, which is we referto as FIOPSE.
So you've got the background,you've got the knowledge of how
to make this thing work, how tonavigate through the whole
(25:36):
system and come out at the veryend with a great closing.
Antonio Barbosa (25:43):
Anything that happened along the way.
Hugh Gilliam (25:45):
Anything happened along the way that you would
like to say like a beware.
You know, beware of this,beware of that when you've got a
client coming in.
Because people come in andthey're basically they're
falling in love with the thoughtof living in this romantic area
of Spain and sometimes theycan't see beyond some of the
(26:07):
problems.
So is there anything that youever dealt with where you had to
just give them a dose ofreality and say, wait, think
about this before you make thatdecision?
Antonio Barbosa (26:17):
You know, I think it all, as you mentioned
earlier, being part of the NER,the National Association of
Realtors, and there is alsosister associations in Spain,
just like in Portugal, et cetera.
So, definitely working with arealtor okay, realtor, as you
say and we know it's abias-strict code of ethics we
work and so there are in Spain,so definitely look for one there
(26:39):
.
And all the brands are there.
I mean, you know, from A to Z,and even smaller brokerages as
well that may be Realtorsthemselves.
Okay, which is a brand, arealtor brand, but there's some
top quality professionals, likeeverywhere else in the world.
And what I would probably justsay beware.
Is definitely the homeinspection.
(27:00):
Okay, people sometimes don'twant to get it because they, you
know, they want to spare theexpense of seven, or even some
will tell you, though it's fiveor we're, it's not normal to do
home inspections.
That's not true.
Okay, that's not true.
I strongly recommend that'sprobably the biggest mistake
that most people do make whenthey're buying farm property.
(27:21):
And, of course, without thosedimensions, that's not a legal
representation.
Realtors, we do real estate,lawyers do law and property,
getting a property lawyer to doand accompany also for the visa
processes Sometimes.
You know we always say this ifyou think it's expensive to hire
a professional to get the jobdone, we'll tell you hire an
(27:43):
amateur.
And real estate is veryimportant.
You've got to have those peoplearound you, the team, even the
loan broker, everything, becausethat's what's going to make a
real estate transaction,especially international.
And then you also have to dealwith the currency change, which
is another having a greatcurrency change broker.
Right, if you're caught,whether you're from the, using
(28:04):
the dollar or the pound, or theyen or this or any other
currency, locking in a certainrate, knowing, planning ahead,
maybe I would say plan aheadlike a good year in advance
before get to know the country,visit it, scout it and even I
would even suggest there as well, rent a property, get to know
the country, maybe even inPortugal, rent, maybe you like
(28:27):
it, maybe you don't like it, youknow, maybe you like Spain,
maybe you don't, or Italy oranywhere, but in this matter
we're in Spain, but also everysingle little region.
There's certain regions thatare more happier to receive
foreigners and others that arenot foreign friendly.
Okay, so keep that in mind,although, like where you know,
(28:48):
remember this Spanish have theSpain, the Spain have their own
culture and identity.
You're never going to change it, the million years.
You're not going to change it,and that's a good thing, you
know.
So maybe Spain will change youtoo.
That's the which is good, and Ithink when people have the idea
sometimes they're going into aforeign country, get used to
(29:09):
their customs and their habits.
Without a doubt, those are justsome of the things.
Get to know the community,people, if you want to interact,
especially if you're going tobe living there permanently, you
know, because there's areasthat are more specific for
retirees, there's others morebecause of schools, et cetera.
So, finding the right communityand so how can you do that?
First, then probably justautomatically oops, sorry about
(29:35):
that automatically finding theright community for you.
Hugh Gilliam (29:40):
I see You're not going to believe this, but our
time's up.
Antonio Barbosa (29:45):
It's always.
Hugh Gilliam (29:46):
It's always great to be with you.
I mean, you're full ofknowledge and I really
appreciate the instruction thatyou give.
And Tony's information will bein the episode description, and
so feel free to contact him ifyou have any needs in that part
of the world Portugal, spain I'msure he can help you and I know
(30:07):
he would be very, very happy toconnect you, or connect you
with the right persons.
Antonio Barbosa (30:12):
That's what it's about.
Hugh Gilliam (30:13):
That's exactly right, because that's what we do
.
We do referrals, don't we?
Thank you again.
We appreciate you and lookforward to seeing another
episode with you at some pointin time this year.
Thank you, tony.
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