Portuguese property is an attractive investment because it can bring income as well as capital growth, making it potentially both a secure and profitable investment. However, with making money comes fiscal obligations.
Buy-to-let owners in Portugal are faced with new commitments and compliance requirements when sorting out their tax obligations on holiday property rentals.
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UK inheritance tax (IHT) is a worrying matter for more and more Britons as they fall liable to this damaging tax. You don’t have to be a UK resident to be a victim. Expatriates living in Portugal may also be subject to IHT, although many may not realise this.
The thought of having to pay 40% tax on the value of your wealth over the UK tax-free allowance of £300,000 can be distressing, and even more so for unenlightened beneficiaries suddenly landed with a huge tax bill which they may struggle to pay.
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Ways of keeping your habitation licence
This spring, for the third consecutive year, inspectors from Autoridade de Segurança Alimentar e Económica (ASAE) have fined agents and owners for holiday let related activities.
The licensing issue continues to generate controversy and confusion, among owners wanting to rent their properties to holidaymakers and agents wishing to serve this growing need.
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CONTRACT FOR SERVICES RENDERED ref.nº 000-REN between:
First party: Property owner
Second PARTY: Rental algarve – Ricola Algarvia Med. Imob. Unipessoal Ldª
Subject: The administration and management of a property
Property object: Algarve
OBJECTS:
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Two sets of legislation co-exist to regulate different types of rental activity.
On the one hand, holiday lets in Empreendimentos turísticos (tourist developments) such as hotels, holiday complexes and camping facilities are defined and regulated under Decree Law nº 167/97. This has been altered and republished under Decree Law nº55/2002, which decentralises many responsibilities from the central tourism bureau (Direcção Geral de Turismo) to local town councils (câmaras).
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UNTIL RECENTLY, you could bank on banking secrecy. You knew that if you opened an offshore account in the Channel Islands or Isle of Man, no one could find out about it unless you authorised it. Financial confidentiality was alive and well. Over just a few short years the situation has, however, changed dramatically.
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THE UK Revenue and Customs announced an unprecedented amnesty for hundreds of thousands of British tax residents with assets offshore, including holiday homes, property companies and bank accounts, in an attempt to recover billions of pounds in unpaid tax.
Taxpayers will be given two months to declare unpaid tax on rent from foreign properties, or on interest from accounts in the Channel Islands and other tax havens.
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THE UK Revenue and Customs announced an unprecedented amnesty for hundreds of thousands of British tax residents with assets offshore, including holiday homes, property companies and bank accounts, in an attempt to recover billions of pounds in unpaid tax.
Taxpayers will be given two months to declare unpaid tax on rent from foreign properties, or on interest from accounts in the Channel Islands and other tax havens.
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