Trusts have been a favourite vehicle in financial planning and asset protection for centuries. Tax mitigation is often the key element in setting up an offshore trust but they also offer many other benefits which you may not be aware of. They are very useful when it comes to the control and preservation of your wealth, for today and the future.
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Steps to Starting a Business in Portugal The steps to take in order to establish a business entity in Portugal…
There are many organisations that can offer advice or help with starting a business. These include the office of Integrated Registration Solutions (Soluções Integradas de Registo - SIR), local Municipal Councils, local Citizen’s Shops (Loja do Cidadão) and local employment services.
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Property Developers often sell some or all of their properties before they have finished building them. This is known as selling “Off Plan”.
The main attraction for members of the public to buy “Off Plan” is to save money. Property in Portugal is still growing in value and, by paying a deposit to secure today’s prices rather than paying a higher price at completion, profits can appear to be certain.
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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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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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