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New law for independent workers

17 Aug 2018 in Social Security

New Social Security contributory scheme for independent workers The revamped Social Security contributory plan for sole traders has been passed into law. Under the new regime, the deductions applicable to the self-employed will be based on the average income of the previous trimester, rather than the preceding year. The first declaration under the new rules will take place in January 2019, based on the earnings of the last quarter of 2018. According to the diploma, until the changes take effect, the contribution base established in October 2017 will continue to apply. Keep in mind that the following rules will only start as of January 2019, not in 2018.

New ID Card for Residents

16 Aug 2018 in From the Newpapers

New ID cards – a digital revolution The Portuguese government is launching a new citizenship card for registered foreigners in Portugal, as part of the ‘Simplex + 2018’ programme. The aim is to streamline administration of all foreign citizens and reduce much of the country’s bureaucracy. The Ministry announced that the new card will be issued in the final quarter of 2019. nstead of the current ‘residency card’, by the end of 2019, all foreign nationals living in Portugal will need to have a valid Citizen’s Card (Cartão do Cidadão).

New AL Legislation July 2018

27 Jul 2018 in Rentals and Letting

Long debated in Parliament. Finally, they have reached a verdict. The scary part that short time rentals would be restricted to 90 days was not approved Below you will find the new law which will come into effect 60 days after being approved.

Stricter laws on local rentals

20 Jul 2018 in Rentals and Letting

New laws passed this week by the leftist parties in Parliament has seen local councils and home owners’ associations or condominiums handed extensive powers in regulating and restricting the number apartments that can qualify for local lodging licences (Alojamento Local - AL). The decision has already been criticised by associations representing landlords, saying the move is a step in the wrong direction and will have a negative impact on tourism.

I.M.T. - 2018

11 Jul 2018 in Real Estate

IMT – Tabelas Práticas 2018 (CONTINENTE – HABITAÇÃO PRÓPRIA E PERMANENTE) Valor sobre que incide o IMT (€) Taxa marginal a aplicar (%) Parcela a abater (€) Até 92.407 0 0 De mais de 92.407 até 126.403 2 1.848,14 De mais de 126.403 até 172.348 5 5.640,23 De mais de 172.348 até 287.213 7 9.087,19 De mais de 287.213 até 574.323 8 11.959,32 Superior a 574.323 Taxa Única de 6% (CONTINENTE – HABITAÇÃO) Valor sobre que incide o IMT (€) Taxa marginal a aplicar (%) Parcela a abater (€) Até 92.407 1 0 De mais de 92.407 até 126.403 2 924,07 De mais de 126.403 até 172.348 5 4.716,16 De mais de 172.348 até 287.213 7 8.163,12 De mais de 287.213 até 550.836 8 11.035,25 Superior a 550.836 Taxa Única de 6%

New legislation offshore property companies

11 Jul 2018 in Offshores

The walls continue to close in on Offshore property holding companies in Portugal. Once a popular solution for home ownership, these structures are based in low-tax jurisdictions that allow shareholders to take advantage of certain “loopholes” to avoid paying Capital Gains tax when selling.

Earthquakes and Tsunami

11 Jun 2018 in General

Earthquake risk study reveals dark scenario PRELIMINARY RESULTS from a study assessing earthquake and tsunami risks in the Algarve have revealed that a tremor like the one experienced in 1755 could lead to around 3,000 fatalities and make 27,000 people homeless in the region (See The Resident, September 7, 2007).

dDscretionary trusts, 10 years on

26 May 2018 in Offshores

EDITORIAL: NIKI PATEL nikisha.patel@scottishwidows.co.uk Having looked at the inheritance tax treatment when a discretionary trust is created and when capital appointments are made, moving another step on, I now focus on the tenth year anniversary charge known as the ‘periodic charge.’

Last day for paying Rates

30 Apr 2018 in From the Newpapers

I.M.I. / Rates / O.Z.B. over 2017 Today the 30th. of April 2018 is the last day to pay the IMI / Rates related to 2018. What happens if you do not pay in time (that is before 24:00 p.m. today)