The decision will deliver tax savings for property owning offshore companies located within these jurisdictions: Those on Portugal’s Black List face higher tax rates than those that have already signed TIEAs and therefore are listed on Portugal’s White List.

Portugal’s new agreements have been signed with:

- Andorra,  Antigua and Barbuda,  Belize,  Bermuda,  British Virgin Islands,  Dominica,  States of Guernsey,  Gibraltar,  Cayman Islands,  Isle of Man,  Jersey,  Liberia,  Santa Lucia,  St. Kitts and Nevis,  Turks and Caicos Islands.

TIEAs are bilateral agreements under which territories agree to the sharing of information about citizens’ income in order to promote international co-operation in tax matters; and to mitigate tax evasion. The agreements follow an international standard set by the Organisation for Economic Co-operation and Development (OECD) for fiscal transparency and exchange of information.

The agreements encompass broad tax areas, including the transfer of funds, ownership of companies, foundations, trusts, investment funds and other entities.

According to PWC, these new Tax Information Exchange Agreements signed by Portugal will enter into force within 30 days after the Parties have notified each other that the respective internal requirements have been fulfilled.

 Why is some property owned offshore?

Nowadays, Portuguese properties, particularly in the central Algarve, tend to be owned and traded using a corporate structure. Most high end properties are held in this way. Many property owners, who hold a property through a corporate structure, use these structures for the ease, flexibility and speed that they lend to personal assets management, as well as to avoid some of the costs and benefit from certain tax deductions.

 The Benefits of Corporate Property Ownership:

-          Transfer of property is a very simple and tax efficient procedure; a transfer of shares conducted in English via a Share Purchase Agreement (ie facilitates asset management).

 -          Both IMT – Property Purchase Tax, which can be up to 6% of the purchase price, as well as notary and land registry fees are avoided.

 -          Company owned properties can be mortgaged quite simply in English speaking jurisdictions.

 -          Transfer on death ensures that heirs can deal with their inheritance in English, and according to British/Irish law. They do not have to deal with the Portuguese legal system where there is forced heirship: spouse and children inherit automatically and individuals cannot choose to whom they wish to leave their estate.

 -          Capital Gains Tax is not payable in Portugal on the profit when the property is sold via a corporate structure. The capital gain on the sale of the shares is subject to the jurisdiction of the seller.

-          Buyers/owners enjoy anonymity

Please note; new items contained within this Quinta Properties blog are for information purposes only and do not replace professional advice.

For more information of this story please visit www.pwc.com/pt and http://www.pwc.com/pt/en/pwcinforfisco/flash/outrosimpostos/imagens/PwC_FlashFiscal_ATI_31-03-2011.pdf.

Related posts:

1. Is Your Real Estate Agent Licensed?

The article also featured the new Quinta do Lago premier development, The Keys, which is yet to come to market but is causing a stir of excitement as construction takes shape.

http://www.primelocation.com/articles/golf-resorts-property/

No related posts.

The Jimmy Stewart way to get the most out of your game

His booming Canadian twang resonates around his small office, stressing the importance of his point. But no matter how much seriousness he injects into his big voice, his eyes can’t keep from smiling and you just know that he practises what he preaches.

This is not to say that he doesn’t take tennis seriously. Forget strawberries and champagne, when tennis can pay for your education at Princeton or Syracuse, it suddenly becomes more important than an excuse for a social gathering.

A string of graduates who enjoyed tennis scholarships at some of America’s top universities have Jim’s coaching skills to thank for getting them there.

But for Jim, coaching some of the world’s best does not just stop with the Ivy League. The Jim Stewart Tennis Academy in Quinta do Lago currently hosts three of Portugal’s top players, including Demi Rodrigues, who is a face of the future with a ranking on the Junior Ladies’ Tour.

“We look at people as individuals and help them improve their game, if that’s what they want”, says Jim. “Different people want different things from tennis.”

“We can arrange some great competitive league games for people. But we also have a bar, serving a range of drinks and light snacks. Some of our guests just come for the social life. We also run several very successful barbecues over the summer.”

The Academy’s court

The Academy’s court records bear out this welcoming attitude. Although there is a core of regular players, most of whom are club members, there are a lot of non-members who just come to play for short bursts. Most of these are enjoying a vacation in Quinta do Lago and are either staying in one of the resort’s nearby hotels or are the owners of one of the region’s luxury villas.

The club’s facilities reflect the level of its most discerning visitor. There are nine courts in both American Acrylic and Synthetic Grass. It’s possible to play just a stone’s throw from the centre of activity at the club house or you could book a secluded court in a more peaceful location. The Academy repairs, rents and sells all you could possibly need to play and provides fun equipment to enhance the skills of children, such as coloured cones and different sized ball and racquets.

High quality tennis program for children

It is this devotion to the needs of children that is, perhaps, one of the nicest things to see around the club. The Academy has more than 120 children on its books and runs special programmes with several local Portuguese and international schools throughout the year. The children of Quinta do Lago’s visitors are also welcome and many make the most of the activities on offer during their stay.

Children as young as four can enjoy private or group lessons with specialist equipment principally designed for their size and ability. And judging by their interaction with children, most of the coaches could be as at home on a summer camp as they are on one of the Academy’s pristine courts.

The club’s coaching

The approach of the club’s coaching has a lot to do with its international heritage. Run by a Canadian in Portugal with players that come from all over America and Europe including England, Ireland, France and Spain, the club’s focus is unashamedly international, while maintaining a pride in the Algarve. “We’re in the best garden in Europe, with a perfect climate, people, ocean and food”, says Jim. He’s talking about Quinta do Lago, but when he adds “You can’t get much better than this”, he could easily be talking about his love of tennis and how that is reflected in his Academy.

For more information visit the official website: www.tennisalgarve.com.

No related posts.

“An appreciation of the Quinta do Lago way of life is fundamental to our success”

Their relationship with the estate is a long one

As a young partner in the firm of Fraser Design International, Vaughan initially visited the site with Quinta do Lago’s visionary creator, Andre Jordan, just ten years after the developer first discovered the lagoon and saw the area’s wonderful potential. One of many talented designers who have worked on the estate during its lifetime, Vaughan worked on the site’s masterplans and is still working in Quinta do Lago today, surrounded by his beautiful designs, including many luxury private villas, the Lakeside Village, as well as São Lourenço apartments and the elegant Hotel Quinta do Lago.

Many of Vaughan’s projects are managed by his wife, Wendy, as part of her Property Management Company.

“There is a harmony with what we do”, explains Wendy. “Vaughan creates the home and I try to make sure it works as one, once the owner moves in. Although not all of the properties I manage have been designed by Vaughan, many of them have been and I am able to bring my knowledge of that building, from its first designs to its life today, to my clients. Quite often if the house is sold I continue the management with the new owners because of this reason.

“I also keep in touch with many of my private clients”, adds Vaughan. “Designing and building a house is a long project, it is hard not to become friends over this period. In addition to that, many clients return to me requesting additions to their villas. This is nearly always because they have become grandparents and need a bit of extra space to accommodate visits from their growing family”.

Understanding the needs of a family is central to the thinking of Wendy and Vaughan, who have raised their own family in Portugal. The couple, who are originally from Wales, moved to Quinta do Lago from London during the 1980s. The move made sense. As one of the principle architects to the resort, Vaughan needed to spend increasing amounts of time in the Algarve. Wendy joined him and their two sons, Tod (17) and Iuean (15), were born a little after.

“Quinta do Lago is a wonderful place to live”, enthuses Vaughan. “Winter is like spring in the UK. Of course there are days of rain, but we also have amazing, bright, blue skies. I love the almond blossom in January and I am a keen, if limited, golfer and enjoy playing all the local courses”.

Understandably, Tod and Iuean’s UK friends are pretty keen too and try to visit as often as they can, relishing the freedom of the outdoor lifestyle and the opportunities to play many different sports from golf to windsurfing.

Vaughan enjoys working with natural materials, particularly stone and wood. His eye for detail is not confined to a building’s exterior; you will find his signature finesse on everything from the kitchen floor to the master bedroom’s wardrobe doors. “We will design pretty much everything our clients want us to. The only areas we don’t tend to look at are the furniture and fabrics”, he confesses.

Vaughan’s practice, Fraser & Davies Limitada, draws on a team with international expertise, hailing from Portugal, Venezuela, Greece and, of course, Wales. Their knowledge of the region and their relationships with local suppliers, from project management to builders and artisans is consummate.

Wendy’s service is expansive. Wendy Davies Lda employs a team of administrative staff, maids and maintenance engineers and organises pool and garden maintenance. Wendy’s own expertise is in managing these services and in adding her own personal touch from sourcing quality local tiles, to organising weddings and even transporting personal belongings from China! Wendy believes her brief is to support her clients’ individual needs in any way she can. Her work is recorded in each property’s log book, and may range from an annual maintenance programme of safety checks on boilers and guttering, to individual restaurant and golf course advance bookings.

If you don’t live in your villa all year round, it is reassuring to know that someone is looking after it when you are not there”, explains Wendy. “But it is more than that, too. It can be a real relief to arrive knowing that the house is warm in the winter and that there is fresh produce in the fridge, fresh flowers in the vases and all rooms are ready. When you come for a break, it’s great to know that you can relax from the moment you arrive”.

Contact Vaughan Davies under +351 289 398485or vaughan@mail.telepac.pt.

Contact Wendy under +351 289 392760or wendy.davies@mail.telepac.pt.

No related posts.

Hermes Alberto - Quietly Reassuring

For someone so self-effacing, however, Hermes possesses an imposing charisma. He carries the confidence of a man in control, and moves with a fluid ease and an assured sense of grace. His smiling eyes twinkle and give the impression that he knows far more than he is letting on.

Perhaps this is no bad thing, for a man in charge of security should be discreet. In fact, it is almost impossible to get any information out of him. However, his impeccable record speaks volumes about his work. The 800 acre residential estate of Quinta do Lago is one of the safest in the region. The resort welcomes guests and their families, many of whom include A-list celebrities, to a friendly environment that is not enclosed within high walls. The number of times that the police are called to this non-gated community in a year can be counted in single figures.

Hermes’s philosophy is that the key to real security lies in prevention, rather than in trying to solve problems after they have occurred. To this end, the security firm that Hermes manages, Vigiquinta, is often involved in the planning of any new development – whether it is a villa or a hotel – to ensure that security features are quite literally built into the fabric of every building and garden. This includes alarms, and sometimes CCTV cameras, that are linked directly to their centre of operations.

Vigiquinta’s security personnel, both uniformed and plain clothed, are everywhere – although we defy you to notice. Their muted green uniforms and low key manner help them to remain discreet, enabling them to see, rather than be seen. They operate in Quinta do Lago 24 hours a day and their response times are quick. As property agents in the area, we have occasionally set off an alarm in a property we have been invited to visit. Whenever this has happened, Vigiquinta security guards appear instantly out of nowhere. Luckily they know us well!

Vigiquinta

Vigiquinta is a private security company wholly owned by Quinta do Lago SA, and paid for by contributions from the resort’s residents. All of the guards are personally vetted by Hermes and must have a 100% clean criminal record, a high level of fitness and health and a good standard of education. Staff turnover is very low and experience is very high. Hermes likes to joke about the lunch he had with three senior Vigiquinta colleagues recently; between them, they had clocked up an impressive 120 years’ security experience in the resort.

Part of the reason why Hermes is so good at his job is that he knows everyone in the area, and therefore knows when things are not quite right.

President of ASCA

He was born in the nearby village of Almancil and remains an active member of the community.

This includes his role as President of the Associação Social e Cultutral de Almancil (ASCA).

This charitable organisation works in the heart of the community, providing meals and a safe, clean, living environment for people who may need a little extra help. This includes the elderly and handicapped, and people who may not be able to afford to feed themselves properly.

ASCA also supplies meals to two local kindergartens and four elementary schools. During the 2005/2006 academic year, the charity supplied 750, 603 meals. ASCA was founded 15 years ago and is supported by regular donations from members and supporters, including local residents and businesses such as Apolonia Supermarket and Gigi’s Restaurant. All profits collected at the car park by the bridge in Quinta do Lago go directly to the association, and Portugal’s Department of Social Security also subsidises the charity.

Hermes’s involvement in charity does not stop there. He is also the Founder and President of the Associação de Apoio Social de Carlos Perreira, a charity set up to give support to the widows and children of Quinta do Lago employees who have prematurely passed away.

Where does Hermes find the time to run such a professional security firm and two important charities? We can only guess, but it is evident that his dedication to Quinta do Lago is as big as his heart.

If you would like to know more about Hermes’s charities or offer support please call:

Associação de Apoio Social de Carlos Perreira

Telephone: 289 394 494

Associação Social e Cultutral de Almancil

Telephone: 289 399 699 or 289 393602

Vigiquinta

Telephone: 289 394 494

No related posts.

Knowing that your driver will be on time, take you safely and directly to where you want to go, charge you a fixed price, and provide independent recommendations on local attractions or restaurants when requested by you, is infinitely preferable to a magical mystery tour with a wannabe Formula 1 driver, who hasn’t understood a word you have said.

Chauffeur-Style Service: Algarve T-Taxi

Manuel Santos agrees. Indeed, as the founder of the chauffeur-style service, T-Taxi, he goes further. His number one priority – and that of all of the T-Taxi drivers – is passenger safety and security.

Manuel was working at the Quinta do Lago Country Club as Reception Manager when he first developed his vision of Algarve Taxis also known as T-Taxis’. He founded the co-operative in 1989 with 13 drivers. Today there are about 100 independent male and female drivers. Promoting the chauffeur-style taxi service, he encourages clients to choose their preferred driver by providing the mobile phone numbers of each one, as well as the central switchboard number. If you want Luis to collect you, for example, all you have to do is call him directly. If desired, female chauffeurs can drive children and ladies.

Passenger safety is paramount

T-Taxi is run as a co-operative, with an Annual General Assembly and elected President. To be part of the group, each driver has to abide by a set of strict rules. Passenger safety is paramount, drivers have to agree to strictly keep within speed limits and the prices are fixed. Other company regulations include maintaining a level of 100% punctuality and guaranteeing any item accidentally left in the cab is returned to the passenger. Special services provided by T-Taxi include cars for weddings and other events.

And, unlike the Yellow Cabs of New York City, language is never a problem as all T-Taxi drivers speak three languages (usually Portuguese, English and German or French).

They also have to graduate from the Hotel Management School in Faro. The one year taxi diploma is academically demanding and also includes a general history of Portugal and Spain, art history, geography, public relations and languages. The history lessons are particularly important, as all T-Taxi drivers are able to give guided tours of the Algarve, Lisbon, Fatima and Seville.

High Standards of Quality

To be part of the organisation, drivers adhere to high standards of quality, starting with the type of car. T-Taxis are either BMW Station Wagons, Volvo S80s, Jaguars and Mercedes (S or E class). They must be under eight years old and maintained in peak condition, with clean, smoke-free interiors. All T-Taxi drivers wear a suit and tie and each remains in full radio contact with each other and the HQ in Almancil.

For those of us who prefer the safety and predictability of a chauffeur, but find it impractical to employ one for a just few months every year, T-Taxis is the answer.

Algarve T
Telephone: 289 352525

No related posts.

Luxury Car Service

Paulo is the man behind Platinum Valet. His business is working magic on your car while you enjoy life to the full.

However, it is almost difficult not to envy Paulo; after all, not only does he get to work on the most beautiful automobiles ever created, but he keeps some very good company too. His little black book of clients includes some of the world’s top VIPs. Of course, being the true professional that he is, Paulo would never divulge any details.

What he can never stop talking about though, is his passion for the cars and his job. “I absolutely love it!” says Paulo, who started his business nearly two years ago. “The clients are great, the cars are incredible, and the business is going well – so my wife is happy too. What more can I want?”

Excellent relationships

Critical to Paulo’s popularity with Quinta do Lago’s proud car owners is not just the sheer amount of care that goes into his work protecting his clients’ investments, it’s in large part due to the excellent relationships he builds with his clients – many of them trust him with his own keys to their cars.

“What’s so special about Paulo is just how seriously he takes his work,” says Quinta Properties’ Alison Hojbjerg. “He has an incredible service ethic which shines through in everything he does for clients. He’s a real asset to the local community.”

Drive around Quinta do Lago and it’s likely you’ll soon spot one of Paulo’s vans kitted out with all the latest professional equipment and products. They’re also fully powered with electricity, clean water, and all the gadgets imaginable.

Quinta do Lago’s local treasures

Paulo himself has become one of Quinta do Lago’s local treasures – even the police stop to say “hello as he weaves his spell on yet another luxury car.

So what does the future hold for Platinum Valet? “More teams,” Paulo hopes, “extending our services, perhaps even bridging over to southern Spain.” But don’t fear. Paulo won’t be going anywhere yet.

“My teams can expand,” he says, “but I shall always stay with the best – in Quinta do Lago!”

Paulo Assunção, Platinum Valet, Quinta do Lago
Tel: 00351 969 277601
www.platinumautovalet.com

No related posts.

A builder enters the construction process when the architect has drawn up plans and the project is put out to tender, either by the architect or the project manager. There are normally 4 to 6 builders tendering for each project and, in Seamus’s experience, it is not always the cheapest bid that wins the contact.

“We are not the cheapest builders in town, but we give a fair price and we never cut corners, and we do the work as best we can,” he says, “we don’t believe in compromising to the detriment of the quality of the work, in terms of price or timescale.” He explains that he is aware of a couple of projects he has lost because the timescale he quoted for completion was longer than another builder. ” I knew that the house could not be built in the timescale the other guy quoted, and I explained that to the client,” he said, “and so it turned out. The project started, and the timescale stretched and stretched beyond the original limit. But by then the client is committed, and cannot change.”

His role in the construction process is to take the plans drawn up by the architect and bring them to life. But, of course, it is not that simple. “Clients arrived with a batch of magazine cuttings and say ‘I want that’ even though it was not on the original plans,” he says, “or ideas develop during the building process. We have to maintain a constant dialogue with the architect and the client – or, if he is not around, with the project manager – to keep everything on track.”

What are the main changes over the last five years?

Seamus is clear. “The level of competence and workmanship has improved enormously,” he says, “and there is now a much wider range of top-quality materials available for builders to use.” Styles, too, are evolving, with the market becoming more sophisticated, using decorative stonework, columns and colour to create character. Two storey villas are now the norm, partly because of the cost of land and partly, thinks Seamus, because people enjoy ‘an upstairs and a downstairs’ as they had back home.

What does he feel strongly about?

“Communication and customer service would be top of my list,” he says, “the project is a partnership between the builder and the client, and their needs and ours need to be compatible. There has to be ongoing two-way communication to avoid problems.”

What is his company philosophy?

“We are very aware that we are building something to last a very long time, and we do it as well as we possibly can”.

Costs and Timescales?

“This obviously varies enormously depending on the project and the specification,” Seamus explains,” but a typical Quinta do Lago house should be completed in around 12 months – add another 8 weeks for a basement. Costs? Around 1,000 Euros – 1,400 Euros per square metre for a typical villa in Quinta do Lago. And remember that changes to the plans can seriously impact both time and budget.”

Final words?

“If you are holding land, now is the time to build. After a hectic few years, things are calming, companies have capacity and prices are competitive. Make sure that you get your specifications right at the beginning, and keep a dialogue going with the architect and the builder throughout the process.”

No related posts.

What to make of a company that has become the largest in its field, in both Spain and Portugal, but has never advertised? That has enjoyed growth in every year of its 19 year life? That employs the latest technology to do something apparently as simple as planting plants and laying lawns? That has dozens of projects and two hundred employees, but a boss who personally oversees every new garden? That attracts high profile clients in smart locations in Spain, Portugal, Madeira and Gibraltar, yet still builds the humblest of gardens? That is known for its designs, but wins client plaudits for its quality maintenance?

Jardim Vista Algarve

These are some of the striking characteristics of Algarve-based Jardim Vista S.A., headed by founder and inspiration Richard Westcott, the driver of this highly efficient, yet highly creative landscape architecture and construction firm. A UK qualified Landscape Architect, with extensive experience in Saudi Arabia & Dubai, where he worked for the ruling Maktoum family, Richard was prompted to come to the region believing his warm climate landscaping experience could be put to good use. That – along with a Spanish wife and four young children – form the bedrock of his successful Iberian tale.

With more than 1500 projects completed, Jardim Vista’s reputation rests on a solid combination of design quality, meticulous execution and professional maintenance, vital if gardens are to achieve their design potential. Critically, all key functions are undertaken ‘in-house’. “We don’t rely on subcontractors,” says Richard. “We want full control over everything to get the quality of execution that our clients deserve. Our three year guarantee on all we do is not offered lightly,” he adds. “The quality of our service to our clients – before, during and after construction – is of paramount importance.”

An extensive infrastructure includes departments such as Project Management, Electrical, Irrigation and Drainage, Carpentry, Project Quotation & Accounting, Personnel, Transport Management, Workshop and Vehicle Repair – essential for a business with some 100 vehicles on the road. The firm even has its own garden nurseries with over a hectare under plantation, to provide the Construction & Maintenance Departments with a constant supply of quality plants. And, at its Landscape Centre near Quinta do Lago, the firm just inaugurated a new architectural studio alongside stylish reception and meeting facilities, to improve conditions for both designers and clients.

Managing irrigation systems and optimizing water usage

Technology plays an increasing part in the firm’s business. Alongside design, accounting and management information, it is now used to manage irrigation systems to optimize water usage.

The development of these functions and capabilities has been paralleled by the employment of more graduates and professionals to head the various departments.

Any business, however well managed, still needs that creative spark, that ‘call to arms’, that will attract customers. And it is here that Richard Westcott’s creative and conceptualizing talent, backed by a highly qualified design team, provides inspiring, original and responsive solutions to customers’ landscaping needs.

Expert in the use of CAD and graphic design software, and imbued with a profound aesthetic sensibility, the team produces gardens of great beauty. “Yet for all that we have done ’til now” says Richard, “I still believe there is a higher level of landscaping that we can aim for. With every project, we raise the bar another notch. The best is still to come!”

To date, there has been no job the firm has been unable to handle, however large; no technical challenge it has been unable to overcome; no garden style it has been unable to master, from the `Mediterranean’ to the ‘Exotic’, from the `Japanese’ to the `Water Garden’ (a key collaborator with the firm in this specialized field is Charlie Dimmock, internationally renowned expert and UK TV personality); no client it has been unable to accommodate, from the high end, to the more modest, from private to commercial – whether hotel, restaurant, business park, shopping centre or leisure complex.

As a further demonstration of the firm’s capabilities, its garden makeover programmes on TV, drew such audiences that further programmes are being considered. They also prompted a flood of enquiries from potential customers, both commercial and private, much to Jardim Vista’s gratification.

“At the end of the day” says Richard, “our success comes down to the success of our client relationships. We work extremely hard to understand their needs and their dreams and to give them what they want – and more – at an affordable price. With a good relationship, anything is possible. Dreams really can be satisfied.”

Great gardens also mean more than just aesthetic satisfaction. “Our experience” says Richard, “is that a beautifully designed and executed landscaping investment means significant asset value enhancement. Any Jardim Vista garden will easily pay back its cost, and more, by a handsome margin, an important issue for the commercial or private client alike”.

Creative, responsive, reliable, organized, and motivated, Jardim Vista stands to the fore as both landscaper of choice and as long term partner.

No related posts.