New obligations for real estate companies in Portugal
Companies and realtors engaged in the sale, brokerage and mediation of properties have enhanced disclosure and identification obligations regarding the identity and control of entities involved in real estate transactions. The news obligations are aimed at tackling money laundering and terrorist financing.
Companies are required to adopt measures to properly establish the identity of ultimate beneficial owners holding more than 5% of a given entity involved in a transaction. Records are to be kept for seven years.
Under the new regime, information on each transaction must be reported to the Institute of Public Markets, Real Estate and Construction.
Companies must always implement a risk assessment policy and should appoint a Compliance Officer if they have more than five employees.
Contact us should you require any assistance in complying with new regulations.