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.
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.M.I. has become affective already as from 1-6-2003.
Buying versus Building or Converting a Property
Many people have the dream to convert their own cottage in Portugal. In the description these types of properties are often advertised as “Cottage for conversion”. However most of the time a better description would be “ruin given the possibility to reconstruct”.
Introduction:
Although the term Project Management is becoming more familiar, it is evident that many people are still uncertain about the nature of services provided. Perhaps the most important aspect to point out is that all services stem from the same objective, to represent and protect the client’s interests throughout the entire engagement. As the word suggest a project manager is a consultant or company appointed on the client’s behalf to co-ordinate, supervise & control the entire project including all other parties such as architect & contractor, etc. The project manager also acts as a ‘ one point ‘ contact and takes on the responsibility for ensuring, amongst other things, that all client requests are communicated and incorporated in the works
When you have decided that you want to have your own house built, and after having selected the right plot of land or farm house to build it on, you will need an architect to make your dream come through. This in fact is a very important decision, as a working relation with an architect is something like a love affair; it has to click. You both have to work out and create the house of your dreams.
AFPOP stands for Association of Foreign Property Owners in Portugal. This association was founded some 15 years following what already existed in Spain for many years.
At the moment thousands of foreigners have become members, initially only in the Algarve, later also in the rest of Portugal and the association also has representation in England.
For many years the Portuguese government has been promising to reform the existing tax system in relation to properties and inheritance and gift tax, which has been subject to tax abuse for many years.
General: In another article on this web site I have tried to explain already who is considered by the Portuguese tax authorities to be tax liable in Portugal. Not being a registered resident does not exclude you for not being a possible tax payer in Portugal. Being a Resident however automatically qualifies you as being a tax resident in Portugal also.
Now Portugal has become a rather popular holiday destination, many people also may consider this country as a more permanent base for the future to retire. As settling here definitely and buying a property straight away may for some people just a to bigger step at once we get many requests for people who before committing to the sale of their property at home have the idea or dream to first rent a property for a longer period.
