Now Portugal has become a rather popular holiday destination, many people also may consider this country as a more permanent base for the future to retire. As settling here definitely and buying a property straight away may for some people just a to bigger step at once we get many requests for people who before committing to the sale of their property at home have the idea or dream to first rent a property for a longer period.
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Good morning to you all, and thank you for inviting me, as your guest speaker at the AFPOP meeting of this morning. Today we will speak about healthcare, which in the last years has become a hot item. Throughout Europe we hear complaints about poor assistance, in comparison to what it was before.
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Building restrictions in the past In the old days “before 1994” we were used that planning consent could be obtained on nearly every plot of land as long as it had a kind of approval of the local Ministry of Agriculture that part of the land could be used for the construction of a house.
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More and more people decide to come and live in Portugal and start a new life. Quite often now people are not prepared to wait till the education of their children has been completed in their home country. There is no doubt to my mind that a good and sound education will be the corner stone of a child’s future.
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The majority of people coming to the Algarve to purchase a property will firstly consider buying an existing property. This seems the easiest and fastest way as the advantage is there:
Less hassle One knows what one gets Gardens laid on and mature Ready to move in Building new takes a lot of time Who do I trust and use if I build new There are however for certain people also disadvantages:
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Tax on rental income in Portugal As many of you rent out your property through our services it is maybe good to know if and what you have to declare to the Portuguese tax authorities (Finançes). It is known know that undeclared rental income is high on the list of the Finançes.
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Some of you may have heard for some time rumours that offshore companies, holding properties in Portugal are under attack by the Portuguese tax authorities.
Earlier this year it became evident that in the Portuguese state budget, proposals were made to make offshores less attractive to hold.
The 2002 budget has now been approved and passed into law and will become effective on January 1st.
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The legal regulations are very specific when buying a property in Portugal; however, it is always advisable to use qualified legal advice from a lawyer, solicitor or experienced person in this field.
It is also important to insure that any plans in the Town hall referring specifically to the property do physically agree with the existing construction.
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Understand how to apply for a mortgage in Portugal, and the types of mortgage available… For those who have a Portuguese Residency Card (Cartão de Residencia), a Portuguese Tax Code (Numero Fiscal de Contribuinte), a Portuguese bank account (Conta Bancaria em Portugal), proof of regular income and/or a contract (Contrato) with an international or national company in Portugal, and a good credit rating, it is fairly easy to take out a mortgage.
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