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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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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THE SOVEREIGN PORTUGUESE PROPERTY PURCHASE PLAN Since 2002 there have been various reforms of property taxation by the Portuguese authorities, including the introduction of a penalty tax rate which increased the level of Municipal Tax (rates) payable in respect of properties held by companies included on the Portuguese Finance Ministry “blacklist”.
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