| |
| |
|
Real Estate Information |
|
|
|
Buying Property in Portugal
Portugal has long been a popular choice for people, particularly from the colder climates of Northern Europe, looking to purchase a holiday home or a retirement home. Traditionally they have done so using offshore companies, mainly to avoid estate taxes. Unfortunately Portugal, along with some other countries, has made this route considerably less attractive by the imposition of swingeing tax penalties on offshore companies. The magnitude of these penalties can be seen from the examples below, Real Estate Transfer Tax This tax is paid by the purchaser, at progressive rates of up to 6% (5% for rural property) on property used exclusively for residential purposes, on the higher of the registered value or the purchase price agreed between the parties. This is usually the purchase price. For offshore companies this rate has been increased to 15%. Municipal Property Tax This is a tax, at a rate set annually, levied by the local authority and based on the registered value. The rates are different for urban and rural properties and the total is typically about 1.6%. For offshore companies the rate has been increased to 5% Tax on a Deemed Rental Income Where a property is owned by an offshore company, it is treated as having produced a rental income, which is charged to income tax, of one-fifteenth of the registered value. There are other taxes, which have to be taken into account and these are, Income tax Where a property is rented out, the rent is charged to income tax and on a sale 50% of the chargeable capital gain is subject to Portuguese income tax. Stamp duty There is a stamp duty of 0.8% on the transfer of real estate. Donations tax Gifts to a spouse, antecedent or descendant are tax- free but other donations attract a tax of 10% A Solution Fortunately there are territories, which are not on the Portuguese black list and by purchasing a property in Portugal through a properly structured corporate vehicle incorporated in one of these locations, it is possible to avoid the penalties on offshore companies. These arrangements may bring with them other benefits such as, ? The ability to sell the property in the future without the buyer having to pay Real Estate Transfer tax, ? Avoidance of Portuguese capital gains tax on re-sale, ? Avoidance of donations tax or inheritance tax ? Avoidance of the deemed benefit provisions in U.K. law. As taxes and the manner in which they are applied change frequently specialist advice should always be taken before entering into any arrangements The Chesterfield Group provides a full range of trustee, and corporate advisory, formation and management services and invites enquiries. More particulars can be found on our web-site http://www.chesterfield-management.comREF=CH2EZ
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
The 5 Biggest Mistakes Made When Getting A Business Appraised Most business owners will, at some point, want or need to know how much their business is worth. They will be faced with the task of finding someone to perform a business appraisal or valuation. Selling Your Home - What Can Go Wrong With Title and Lenders If you're selling your home, there are going to be difficulties at some point in the transaction. Some problems can't be fixed. Do You Need to Download a Landlord Inventory On-Line Today? Do you need to download a Landlord Inventory on-line now? Why is it so important to have a Landlord Inventory?Firstly, if you are a landlord, you need to be prepared. As much as we all like to think we can trust everyone, it is very important that buy to let landlords protect their investment property as thoroughly as possible. At Home In Your Overseas Home Homeownership, in any form, is a big step for most people. In fact, it's often one of the biggest financial decisions of our lives. San Diego Real Estate, Million Dollar Homes San Diego county has always been known for its Luxury Homes, yet in 2004 San Diego County luxury home sales (homes over $1,000,000) hit an incredible 2774 total units, an increase of almost 170% over total sales in 2003!In the entire State of California, A total of 33,107 homes sold for a million dollars or more last year. That was up 73. Want To Be Profitable In This Real Estate Bubble? I'll Show You How In Just Three Easy Steps STEP#1. First you have to recognize that in order to make money in almost any market (i. Important Facts For Home Buyers If you are considering buying a home or have spent many years saving in preparation of buying a home, the questions and process involved in buying a home can be extremely stressful. As exciting as it is to begin looking for your new home, there are many unexpected costs and details to be considered before contacting a real estate agent. A Real Estate Investing Primer There are a great many books and web sites devoted to real estate investing out there, but most of them concentrate on one specific area of investing. It's often hard to find a general description of real estate investing, one that lists the various real estate investing strategies and how to get started. Real Estate Negotiation Secrets When you bought your home, you offered less than you were willing to pay, right? That's the most common negotiation technique. For experienced investors, however, that's just one little secret among the many more powerful ones. Conditions Are Right For Buying The Higher Priced Home You'Ve Always Wanted Higher interest rates and home prices in the past have kept home owners from purchasing larger homes. The current real estate market conditions, however, are encouraging for many home owners who want to "buy up" to higher priced homes with more to offer. How to Afford Your Dream Home Is it your dream to one day own a holiday home in the sun; a beautiful house where you can escape, relax and be free of the worries that seem to go hand in hand with every day life?Well, you're not alone!A recent survey by a well known mortgage lender in the UK revealed that up to one in three Britons not only dream about owning a home in the sun but fully intend to make that dream a reality some day. And in the US the number of Americans planning to one day buy that ideal second home haven is now up to three in ten people. Using The Internet In Your Lease Purchase Business First you need to find a list of For Sale By Owner Sites. You do this by going to one of the major search engines. Finding A Capable Agent To Meet Your Real Estate Needs Whether you're a first-time buyer, selling your current home or relocating to a different part of the country, the support of a qualified, knowledgeable real estate agent can alleviate many of your concerns and ensure a smooth transaction. A professional agent can market your present residence, help you locate the home of your dreams and assist in making your transfer to an unfamiliar area easier. Make Your House Earn Its Keep Did you realise that there is a lot you can do get an income from what is probably your most valuable asset? Not only is your property a great (long-term) investment, your home could also bring you an income while you are still living in it. Here are some ideas to make your property really earn its keep. Five Ps of Selling Houses 1. Planning:Know Your Target BuyersThink about your neighborhood and the buyers purchasing homes near your property. Cheap Homes For Sale In Great Towns Good Homes Under $50,000? My wife Ana and I found cheap homes for sale all over the country during a seven-week drive, and we even bought one along the way. It was in a pretty little town in the mountains of western Montana, and it cost us $17,500. FSBO: For Sale By Owners Chapter Two Sheriff's Deputy Ted Rasmussen was thinking about Carrie-his pregnant waitress problem-when he sighted the traffic disruption meandering near the yellow line on Bay Street. A Bremerton merchant had called the Sheriff's emergency number reporting a wet morning commuter mess. What's Your Style? A Guide to America's Most Common Home Styles Styles of houses vary across the country. From the New England Cape Cod to the Victorians of San Francisco, the choices are almost endless. Should I Invest in Real Estate While Running an Internet Business? Of course you should. I practice this for quite a while and I never looked back. Selling Houses: Psychological Effects of Landscaping Buyers think they care more about the inside of the house than the landscaping, but in reality, most buyers won't even get out of their car if the front landscaping lacks the promise of great details inside. Therefore, your landscaping needs to arouse buyers' expectations and entice them into viewing the inside of your home.
|
| home | site map | |
| Realty Web Services © 2007 | MesaSky Services |