Click here for further information: PWC.com

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1. 15 countries to be removed from Portugal’s tax ‘black list’ – including Gibraltar

Visit FT.com for the full story and click here for more details on our fabulous lakeside property.

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1. Cool cash vs warm sunshine…
2. Investment opportunities – August
3. Is Your Real Estate Agent Licensed?

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1. Investment Opportunities
2. Investment opportunities – August
3. Cool cash vs warm sunshine…

Savills Quinta Properties’ clients are regularly reporting that they are seeking safe investments for their cash and see property as the most attractive alternative to the volatility and low returns offered by banks today. In addition, unlike other forms of investment, property is a real and tangible asset, which not only has always proved to be one of the best long term investments but, and very importantly in difficult times, can also be enjoyed while not sold on.

So the question is, where to buy? In today’s world, the most valuable things are time and space. We are generally running out of both and we believe that this is only one of the many reasons why property in Quinta do Lago and Vale do Lobo remains in demand, and is holding its value.

“…Property in Quinta do Lago and Vale do Lobo remains in demand.”

Driving to and around Quinta and Vale do Lobo there is clear evidence of the continued interest, and redevelopment in the area; thoroughfare roads in Almancil and between the two resorts are being upgraded. Some very exciting and glamorous developments, such as The Conrad Hilton and The Keys are up and about to be launched. Within Quinta do Lago, developers have invested heavily in improving the driving range and Clubhouse, and the resort’s infrastructure cannot be faulted. Most impressively of all however, are the numerous new large magnificent villas that are being developed by both private investors and end-users. All of which show a market, which is strong and almost oblivious to the storm that rages in so many other markets.

So why are Quinta do Lago and Vale do Lobo so different? There are many contributing factors. The Algarve is but a short hop from most European counties, allowing travellers to save time and avoid long haul flights. Staying within Europe, from a safety and security point of view, remains attractive to many seasoned travelers and especially families. And let’s face it, the Algarve is one of the sunniest places in Europe. All this in simple combination is enough to give most investors the confidence to keep their money safely invested in the area.

Clients, who continue to invest, have usually been in the area for many years and with more than 65% of Quinta Properties’ clients being repeat buyers they obviously like what they see. Quinta do Lago with its wonderful sense of space, limited amount of properties, strict building restrictions, world class facilities and style have made this resort somewhat immune to the drastic drops and soaring peaks in property values seen across other European resort destinations. Certainly prices are currently not increasing, and of course there have been a few fire sales here too, and for the first time in many years, supply has increased. This all makes it now exciting times for buyers. There are some fabulous properties on the market. Buyers should come and look but be warned – prices have not dropped and many owners of properties in these two resorts will need to be tempted with good offers before they surrender their investments for cool hard cash. Too often have we heard our vendors ask what to do with the cash once they sell – most are only too happy to keep their money in the warm sunny boundaries of the Golden Triangle!

Quinta Properties, the busy local Savills associate and leading agent for many years in the Quinta do Lago area, appreciates that for many these are tough times. But we are optimistic about the future and continued success of the area. For more information on the market and what properties are currently for sale, please give us a call. We would be delighted to talk you through the possibilities.

Telephone: +351 289 396 073     .     Email: info@quintaproperty.com

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GTCS provide high-end, custom home automation, audio, video, lights and security systems, utilizing the latest of technologies. Visit the GTCS website for more information on their services and work in Quinta do Lago.

GTCS is owned by the Swinke brothers, Michael, Gunther and Jurgen, who are pictured below from left to right.

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 The document outlines the tax the measures agreed upon and to be implemented as part of the financial assistance to be granted to Portugal by the European Fund for Financial Stability.

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1. Mortgages with Santander Totta

Based in London and Oxford, the team has unrivalled experience with specialists in every sector from residential and holiday accommodation, hotels and resorts to visitor attractions, golf courses, sports venues and water based activities. Acting in close co-operation with our network of offices providing up to date, on the ground agency knowledge we can provide valuation advice for all purposes. 

All Savills valuers hold a Royal Institute of Chartered Surveyors qualification with established links to all national bodies in the countries in which we work. Our valuations are covered by comprehensive Professional Indemnity insurance and valuations are provided for loan security, private transfer, development strategy, accounts, tax, divorce, litigation and numerous other purposes. Our valuations are tailored, in depth and priced to the requirements of our clients. We are panel valuers for all UK and most foreign banks, and are used to meeting the individual criteria set for any specific purpose.

Savills offers the reassurance that only the “best in class” can give, backed by the best possible available information. For those investing in property of any type abroad, our valuers can advise not only on pricing and value, but are familiar with local taxation, local planning functions and requirements, and local ownership, occupational and tenure structures.

We consider the effect of flights and local travel infrastructure patterns, the capacity and extent of local power and utility services, the financial stability of the region, the ability of leisure and other providers to maintain and extend facilities and the reasonableness of any service charges. Amongst a myriad of factors affecting value, we take into account resaleability, either for a planned exit or in the case of unforeseen circumstances, and letability, either long term or for short lets.

Our relationship with our international Associates is extremely important and provides us with local databases and a fund of knowledge on the issues affecting properties in every location. Above all, we promise to provide a service second to none.

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1. Is Your Real Estate Agent Licensed?
2. 15 countries to be removed from Portugal’s tax ‘black list’ – including Gibraltar
3. Passion for Property Buyers’ Guide 2011 Launched

Banco Santander Totta SA is a Portuguese commercial bank, which can trace its origins back to 1843. It is a member of Grupo Santander, one of the largest financial groups in the world, and has a wide network of branches and representative offices in Portugal and throughout the world, including London.

The London branch, established in 1973, is authorised by the Bank of Portugal and regulated by the Financial Services Authority for the conduct of UK business. The Financial Services Authority does not regulate loans secured on overseas properties. In the case of Portugal these are regulated by Banco de Portugal.

Loans are available in EUR and GBP. Interest will be charged at a margin over the Bank’s mortgage loan rate applicable to the currency borrowed.

The bank currently has two main mortgage products available:

Capital Repayment

Allows peace of mind that your loan will be fully repaid at the end of your chosen term, equal repayments throughout life of the loan (subject to Base Rate changes), maximum Term 25 years, loan to be repaid by the age of 75, and ability to make overpayments.

Residual

Ideal if you have other financial commitments and want to keep monthly costs at a minimum, 70% of your loan reduces on a monthly basis, 30% of your loan will be repaid at the end of your chosen repayment term, no capital repayments required on 30% of your loan, you can use other investments to repay 30% of your property at maturity of the loan, maximum term 15 years, loan to be repaid by age 65, ability to make over payments.

All loans if repaid in full or part within the first two years are subject to an early payment fee of three months interest, after two years the loan may be repaid at any time without incurring a penalty.

Once an application has been approved by the Bank and the terms and conditions have been offered and accepted, all legal documents will be prepared by the Bank’s lawyers. Receipt of application to formal offer normally takes within four weeks.

For further information please contact:

 Tel: +44 (0)20 7621 2660

Email: info@santandertotta.co.uk

www.santandertotta.co.uk

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Daily Mail: Only the best will do — that’s the word as far as overseas property is concerned in 2011.

So says estate agent Hamptons International in its latest overseas buyers forecast, anticipating another decidedly mixed year.

Of course, if you have a few million to spare, there will be no shortage of pricey places in which to invest your money….

Switzerland is thriving thanks to people attracted by its low tax regime competing for scarce stock.

‘Scandinavia has done well, but the British do not buy there much,’ says Rubinsohn.

Property in holiday destinations looks most vulnerable, with values more likely to increase in big cities such as Paris and Berlin.

‘For the most part, buyers are going to stick with what they know — nice, safe, secure markets such as the Alps, the Cote d’Azur, and the best-known areas of Italy such as Tuscany,’ says Andrew Hawkins, of Chesterton Humberts International.

‘Where people used to be fixated on capital uplift, the main criteria now is stability, and an exit strategy is much more important,’ says James Price, of Knight Frank International.

Charles Weston Baker, head of Savills International, agrees. ‘We have seen a return to the old favourites, Barbados and Antigua, and particularly high-quality golf resorts such as Quinta do Lago in the Algarve, which we expect to continue.’

A recent villa sale at Quinta do Lago at £3 million was ‘at 2008-2009 levels. The good stuff is still where it was’.

With the euro weakening slightly against sterling, it has helped encourage British buyers to look around, and with the pressure on the euro in 2011, it will keep people interested.

 http://www.dailymail.co.uk/property/article-1344945/Well-hello-sunshine-That-dream-home-reach-look-long-hard-plunge.html#ixzz1AkEc4ffM

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British expats will find surprising tax breaks from life in Portugal… especially in terms of capital gains tax and inheritance tax.

For example, capital gains arising from sale of shares owned for more than 12 months are tax-free.
Portugal evokes images of whitewashed luxury villas by the beach and championship-standard golf courses. Little wonder that it continues to be one of the more popular regions for UK expats.

Portuguese tax has its grey areas, which is why it is important to seek expert help – which could turn out to be beneficial. Take Trusts, for instance. There is no concept of these useful tax vehicles in Portugal – but that does not mean that you cannot take advantage of them.

Tax-free investments

Wrapping up your investments into an appropriate offshore life assurance bond can still provide significant tax benefits. The original capital can be taken out of the structure at any time, tax free, and tax only starts when you have taken out the starting capital. This assumes you do not have regular withdrawals, but ad-hoc irregular ones.

Withdrawals of income in excess of the original capital are taxed at discounted rates; after five years, only 60 per cent of the withdrawals is liable to income tax; after eight years, it falls to 20 per cent.

For example, on an initial investment of €100,000, assuming that €20,000 is withdrawn each year on an irregular basis, there would be no tax to pay in years one to five whilst the amount of the original capital is being withdrawn. In years six to eight inclusively, tax would only be payable on €12,000, and from year nine only €4,000 would be taxable each year out of the €20,000 withdrawn.

Capital Gains Tax

Investing in the stock market may be giving even the most hardened investors the heebie-jeebies but, over the long-term, history suggests that shares outperform all other asset classes. And when gains have been made, the capital gains tax regime is favourable. Capital gains arising from sale of shares owned for more than 12 months are tax-free. Otherwise, the tax rate is a favourable 10 per cent.
Inheritance Tax
Unlike in Britain, where IHT is still an emotive subject, you could get away with paying no death duties whatsoever. IHT was abolished in 2004 for close family members such as spouses and children. Otherwise inheritance tax, which is now called Stamp Duty, is payable at a rate of 10 per cent – but only on assets situated in Portugal.

Case study

You can save €60,000 by careful tax planning. George, 60 and a widower, is about to become a Portuguese resident but remains UK domiciled for now.

The calculations below show how much tax George would pay were he to be taxed at the standard rates, and also how much tax he could save by investing tax-efficiently. If George were to be taxed on his income under the standard position his liability would be €87,244.72.
However, only 15 per cent of pension income is taxable 85pc is tax free (annuity treatment). Investment income: place investments in a tax wrapper – George can draw £800,000 tax-free, all gains and income roll up tax-free.

On this basis, he will have no tax on this income in Portugal for 20 years.  Sell the UK house whilst Portuguese resident and in the UK tax year after departure – no Portuguese capital gains tax and no UK capital gains tax.

Invest in a tax wrapper, and extract original capital tax free, as above. Gift shares in the company to Discretionary Trust with no UK IHT (100 per cent exempt…Business Property Relief). The dividends can be paid tax free to Trustees, and tax free from Trustees to George.

With these changes his total total tax charges amount to €429.73 – a saving of €67,593.69.

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