Condominium reserve fund in Portugal: what Lei 8/2022 requires
62% of Portuguese condominiums managed by IgeraFincas lacked an adequate reserve fund before Lei n.º 8/2022 came into force. Portugal's 2022 condominium reform introduced Art. 1437.º-A of the Civil Code, which mandates a minimum contribution of 10% of the approved annual ordinary budget to the reserve fund. This applies to every condominium in Portugal with no transitional period — any assembly resolution setting a lower contribution is null and void.
RESERVE FUND — LEI 8/2022: Art. 1437.º-A of the Portuguese Civil Code, added by Art. 11.º of Lei n.º 8/2022, requires every condominium to constitute and maintain a reserve fund of at least 10% of its approved annual ordinary budget, deposited in a dedicated bank account separate from the operating account.
How to calculate the mandatory minimum reserve fund
The formula is straightforward, but a common mistake is calculating against actual spending rather than the approved budget:
Minimum fund = Approved ordinary budget × 10%
Example: 20-unit Lisbon condominium, approved budget €36,000/year. Minimum reserve fund = €3,600. If the current balance is €2,100, there is a €1,500 shortfall to remedy at the next assembly.