150-E Rental licenses again.
Disappointed but not defeated: property rental licensing row continues
ACCORDING TO those who attended the meeting on March 15 at the Direcção-Geral de Turismo (DGT), the general directorate for tourism, to debate the application of legislation responsible for regulating the licensing of properties for tourism purposes, “it was nothing but a bad joke”.
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Dear Rental Algarve client,
**In addition to my earlier letters please find press releases from Algarve News papers indicating that it does not seems to be all good news. **
RS
The Algarve Resident
Has D-Day dawned for property rental licensing?
A MEETING was due to be hosted by the Direcção-Geral de Turismo (DGT), the general directorate for tourism, in Lisbon on Wednesday of this week (March 15), the day after this issue of The Resident went to press, to debate the application of Decree Law 55/2002, which regulates the licensing of properties for tourism purposes, reports The Resident’s Caroline Cunha.
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Dear client,
As promised I will try to keep you up-dated on the situation on the rental issue. We have several indications that the authorities are taken our fight seriously.
In a previous letter I indicated that the authorities promised us that in the first half of March we could expect some info from them.
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Dear property owner,
We have recently informed you about the problem arisen as a result of inspections carried out by the Min. of Economics. Rental agents as well as property owners have been fined, for which reason we had to decide to postpone our rental activities through our agency. The last couple of weeks meetings have taken place at the highest regional level in order to make the authorities aware of the enormous impact these action can have on Algarves economy, nearly totally depending on tourism.
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The last year(s) I am confronted, in my capacity as estate agent, more and more with properties asked to promote to sell, which after having studied the paperwork turn out not to be 100% legal or having all the necessary licenses in place.
In general the amount of outbuildings on a property are not in line what the paperwork shows or after checking what has been approved by the local Town councils certain parts a license was never applied for.
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Many people who own a property in Portugal, may it be a villa or an apartment, let these to third parties. They do this either by their by using their own marketing, the use of a rental agent, estate agent or a combination of these.
Up until this point in time there was little or no control from the Authorities.
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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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