In order to complete a purchase of property, a number of documents are required and must be delivered to the Notary’s office at least one week before the date booked for signing the Deed of Transfer known as the Escritura. These are:
A registration certificate. This is issued by the Land Registry (Conservatório do Registo Predial and is valid for six months and shows who is the owner and if there are any mortgages or encumbrances registered on the property.
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On the 10th. of August of this year (2006), the Governement finally approved the new law dealing with Residencias. The new Residency Law regulates the free circulation and residency of EU Citizens in Portugal. Transposing the EU Directive of 2004, this legislation changes basic assumptions and definitions while greatly simplifying the compliance process for EU citizens.
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Three years ago, the previous centre-right coalition government unveiled new property tax laws that resulted in numerous home owners and prospective investors in Portugal taking their money elsewhere. But according to the 2007 state budget tabled for voting this week by the Socialist government, owners of real estate registered through an offshore company can look forward to considerable property-related savings as from next January.
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Portuguese fiscal numbers: What you don’t know can hurt you! This is the first in a three part series about potential problems lurking below the surface with your Portuguese Fiscal Numbers:
The basics
Potential problems
Other concerns
What you don’t know can hurt you! The basics WHEN FOREIGNERS first come to Portugal, one of the early steps to adapting to local bureaucratic prerequisites is acquiring a Portuguese Fiscal number.
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Lack of progress on holiday property licensing
By CAROLINE CUNHA
caroline@portugalresident.com
DESPITE THE efforts of various organisations in the Algarve and the lobbying of MPs and business groups, no progress has been made in relation to solving the licensing problem concerning the rental of private properties to holidaymakers.
The Resident reported in January that government inspectorate, the Inspecção-Geral das Actividades Económicas (IGAE), now renamed Autoridade de Segurança Alimentar e Económica (ASAE) had been making surprise inspections at villa rental agencies across the Algarve, particularly in the Almancil area.
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Are you renting your property to vacationers?
By PEDRO MIGUEL
IN THE previous article, I wrote about the New Urban Rentals Law. It was dedicated to those renting property for permanent living. This article is dedicated to those renting to vacationers, a very common practice in the Algarve and one that is normally in the mind of those who buy an apartment or villa in the region.
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Background – raids on rentals This is the first in a seven part series on licensing requirements for holidaylets.
Background – raids on rentals Tourist lodgings – A casa turística Licensing requirements – presenting a plan The guest house – A hospedagem Renting – o arrendamento urbano Compliance – getting it right Conclusion – not so bad after all In the summer of 2005, Inspectors from the Inspecção-Geral das Actividades Económicas (IGAE) raided rental agencies in the Algarve, demanding to see letting permits.
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Commission formed to solve tourist property rental…
Commission formed to solve tourist property rental licensing problems
AS A result of a meeting to discuss the current situation affecting the tourist property rental sector, held last Friday at Vilamoura’s Hotel Ampalius and organised by Portuguese local newspaper, Região Sul, a special commission has now been formed to meet with the government concerning this issue.
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151-E Rentals Info as publiced in AFPOP magazine April issue. Rental Licences Recently there have been many press articles on the subject of Letting Licences and many members affected by the issue are in a panic. Because of the lack of coordination between Inspectors, Tourist Office and Câmaras, many owners rightfully fear a Catch 22.
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