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Newsletter March 2006 - 1

04 Mar 2006 in Newsletters

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.

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.Recently during a forum organised by Network the authorities have been questioned about this urgent matter. You will find a report on this meeting below. Furthermore other organisations have asked the authorities to look urgently into this matter and we have been promised that we can expect a first briefing from the council of Presidents of the Algarve early March.

Legalisation of illegal buildings

20 Jan 2006 in Building

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.

Letting your property in Portugal

18 Jan 2006 in Rentals and Letting

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.

Fiscal Representation

05 Jul 2005 in Taxation and Succession

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.

Other mortgages in Portugal

30 Apr 2005 in Mortgages

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.

New property tax laws 2004

08 Jul 2003 in Taxation and Succession

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 or Building

19 Apr 2003 in Building

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”.