Golden visas’ attract interest

Portugal has already granted 13 golden visas to foreign citizens, representing a total investment in the country of €10 million, a source from the foreign affairs ministry told Expresso newspaper.

With the rules to obtain the Portuguese ‘golden visa’ relaxed (read below), the permits are issued to foreign citizens who invest a minimum of €1 million in Portugal, set up companies employing at least 10 people or purchase real estate worth a minimum of €500,000.

Holders of these golden visas are 10 Brazilian, one Indian, one Venezuelan and one Chinese.

A further 60 golden residence permit applications, some from Angolan citizens, are currently being analysed, confirmed the government source.

Meanwhile, the Portuguese ‘golden visa’ rules have been relaxed to simplify the Golden Residency Permit Programme and make it more attractive to foreign investors.

Law firm Neville de Rougemont told the Algarve Resident this week: “In January 2013, changes to the ‘golden visa’ rules were approved by the government and entered into force on January 29. The legal requirements for application of the residence permits have been relaxed, making it easier for applicants to meet the conditions.”

The amendments are as follows:

Establishment of a company that has created a minimum of 10 jobs – the applicant must show proof of the 10 job positions and proceed with the registration of the employees with the Social Security (previous rules demanded the creation of at least 30 jobs);

Acquisition of property(ies) in an amount equivalent to or higher than €500,000 – the applicant must bear a legal title of immovable asset(s), either individually or in co-ownership so long as each owner invests individually at least €500,000; or make a promissory contract of purchase and sale with a deposit of at least €500,000, so long as the purchase is effected prior to the application for renewal of the residence permit;

Transfer of capital in an amount equivalent to or higher than €1 million – the applicant must show proof of having invested the minimum amount required, including investment in shares of companies (previous rules demanded that companies that were not listed were excluded from this condition).

These requirements must be fulfilled when submitting the application for the residence permit.

Concerning the period of mandatory stay in Portugal for investors, it has been reduced from 30 to seven days for the first year and from 60 to 14 days in the following year and subsequent periods of two years. The investment activity in Portugal must last for a minimum of five years from the date the residence permit is issued.

www.livinginportugal.com

source: Algarve Resident 26-Apr-2013

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Savills has topped the UK Business Superbrand charts in the real estate sector for the fifth consecutive year and ranks at 151 in the overall league table of the top 500 Business Superbrands.

Savills, established in 1855, has over 500 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.

The Business Superbrands survey is independently administered by The Centre for Brand Analysis (TCBA) and brings together a panel of industry experts and over 1,900 business professionals to choose the UK?s strongest B2B brands, based on three key factors: quality, reliability and distinction. This year Savills was once again placed ahead of rivals including Knight Frank, Strutt and Parker, BNP Paribas Real Estate, Jones Lang LaSalle and CBRE.

Mark Ridley, Chairman and Chief Executive of Savills UK, comments: ?The strength of the Savills brand continues to grow both throughout the UK and on a global platform and we are therefore thrilled to be recognised for our quality of service and reputation for a fifth consecutive year.?

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This status can be achieved by:

1. Acquiring real estate of over Euros 500.000

2. Transferring capital of over Euros 1 million
or
3. Creating 30 jobs

with a general requirement that these investments are maintained for at least 5 years.

During the “Living in Portugal” campaign, the minister of finance said that there were plans to invest heavily in the residential tourism segment in order to attract high-end investors who would then also contribute to job creation in the real estate industries. In partnership with the Portuguese Resorts Association and the government, the tourism board will launch a road show later this month to show case some of the holiday homes available on the market to countries including the UK, Germany, Sweden, Russia and Holland.

The minister also said that the tax regime in place is now “one of the most competitive tax regimes in Europe”, essential to attract foreign investment.

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UK golfing magazine Today’s Golfer has again named the Algarve number one value-for-money European golfing destination.

Ahead of Turkey and Murcia, the Algarve came out victorious for the second year running after gaining 43% of the votes, revealed the golf publication. The Algarve was also the region in Portugal receiving the most distinctions – six in total.

Readers of the magazine, which reaches more than 200,000 British golfers each month, and clients of the major golf travel tour operator, Your Golf Travel - totaling more than 7,000 people – voted for the winners of the awards.

|| Today’s Golfer Travel Awards

Best value destination (Mainland Europe)

1. Algarve 43%

2. Turkey 13%

3. Murcia 12%

Best Course in Portugal

1. Oceânico Old Course, Vilamoura 30%

2. Onyria Palmares Golf, Meia Praia – Lagos 11%

3. San Lorenzo Golf Course, Quinta do Lago 11%

Best Hotel/Resort in Portugal

1. Vale do Lobo 15%

2. Dona Filipa Hotel & San Lorenzo Golf Resort, Vale do Lobo 14%

3. Quinta da Marinha, Cascais 11%

Source: Algarve Resident 1st February 2013

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It is now possible for people from around the world to obtain Residency in Portugal and thereby the EU by investing in Portugal. The General Principles: With the introduction of this mechanism it is now possible for a temporary residence permit to be granted without the need to first obtain a residence visa if the foreign national, personally or through a company, makes an investment that leads to the creation of at least one of the following situations in Portugal:

(A) Transfer of capital in an amount equal to or greater than EUR 1 000 000 ;

(B) Creation of at least 30 jobs; or

(C) Acquisition of real estate of a value equal to or greater than EUR 500 000.

This is of course great news for international investors wishing to come to Portugal and the EU, but closer to home this could be great news for our local property market!

To read the full article published by PLMJ, one of Portugals leading law firms please click here

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According to a survey made by Castle Cover, who surveyed 23 countries based on criteria such as hours of sunshine, rainfall, temperature, property price, murder rate, healthcare, distance from home and the grocery index. Castle Cover found Portugal to be in second place after Malta, which had more sunshine hours and which also has English as a first language. Portugal, according to the insurance company, “shares time zones with the UK, retirees will find it remarkably cheap to live in Portugal – it’s three times cheaper to buy property here than in France. It also has the third largest European British expat community”.

This, together with a series of new changes to the existing IRS code implemented by parliament earlier this week, whereby retired expats spending part of their time in Portugal are free from taxes on their pension, is all good news for Portugal. Tax experts say that even with the latest tax hikes, Portugal is still a more attractive country than for example Spain for expats looking to retire or invest.

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For privately owned properties and all properties owned by white listed companies, for 2012 the new stamp tax will be 0,5% or 0,8% of the patrimonial value depending if the property has been re-valued under the new rules. For properties owned by companies registered in the so called black-listed jurisdictions, the rate is 7.5%

For 2013 the rate will be 1% for privately owned properties and those owned by white listed companies. For properties listed in black-listed jurisdictions, the rate will be 7,5%.

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The QP Team

It was with great pleasure that we sponsored the Gala week again this year. Champagne, fresh-out-of-the-oven pastel de nata and fruit tarts were well received by the members but the good old bacon butties were the biggest winners. It was great fun and as always we really enjoyed catching up with the club members. The Gala dinner at the Hotel Quinta do Lago on Saturday night was magnificent and it is time for us to thank the club for allowing us to participate in this fun event.

We have already come up with some great new ideas for next years event!

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