You may have heard already that the Portuguese Government now has taken serious measurements to ensure that taxes like I.M.I. (Rates or council tax), Mais-Valía (Capital Gains Tax) and I.M.T. (Transfer tax or Stamp duty) are really paid and collected.
For the non Portuguese property owner, they have now enforced a law that stipulates that every non Portuguese individual or company purchasing, owning or selling a property in Portugal must appoint a Fiscal Representative and this appointment must be registered in the local Tax Department.
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Visitors to the Algarve who decide to invest in a holiday or future retirement home may be surprised in the past to find that there were fewer choices here than in their home country for obtaining a mortgage.
However the last couple of years things have changed and speed on approving loans has increased.
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For many years, the Portuguese government has been promising to reform the existing tax system in relation to private estate (Patrimonium), inheritance, and gift tax.
During the last couple of months a new tax reform was presented to Parliament and approved and part of it, the new Sisa (transfer tax) now called I.
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Buying versus Building or Converting a Property
Many people have the dream to convert their own cottage in Portugal. In the description these types of properties are often advertised as “Cottage for conversion”. However most of the time a better description would be “ruin given the possibility to reconstruct”.
Methods of construction, building materials and work practise are very different from UK and other countries.
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Introduction:
Although the term Project Management is becoming more familiar, it is evident that many people are still uncertain about the nature of services provided. Perhaps the most important aspect to point out is that all services stem from the same objective, to represent and protect the client’s interests throughout the entire engagement.
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When you have decided that you want to have your own house built, and after having selected the right plot of land or farm house to build it on, you will need an architect to make your dream come through. This in fact is a very important decision, as a working relation with an architect is something like a love affair; it has to click.
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AFPOP stands for Association of Foreign Property Owners in Portugal. This association was founded some 15 years following what already existed in Spain for many years.
At the moment thousands of foreigners have become members, initially only in the Algarve, later also in the rest of Portugal and the association also has representation in England.
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For many years the Portuguese government has been promising to reform the existing tax system in relation to properties and inheritance and gift tax, which has been subject to tax abuse for many years.
In a meeting held in Ferreira on 6th April of this year (2003), new proposals have been made which will affect the following taxes:
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General: In another article on this web site I have tried to explain already who is considered by the Portuguese tax authorities to be tax liable in Portugal. Not being a registered resident does not exclude you for not being a possible tax payer in Portugal. Being a Resident however automatically qualifies you as being a tax resident in Portugal also.
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