Whilst UK overseas home ownership has doubled since 2001 (see Figure 1) recent global recessionary trends have seen take-up levels dramatically slow. Confidence started to ebb in mid 2007 but it was not until the banking crisis in September 2008 that overseas property purchasing ground to a halt. By spring 2009 Savills International noted that interest in international holiday homes had returned, albeit at far lower levels than previous years. The market has now reverted back to traditional, end-user buyers (as opposed to investors), and mostly in traditional, established hotspots.

Click here to download the full report.

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3. Savills rank best Business Superbrand 2010

Business Superbrands has been established for eight years and commissions independent research to identify the UK’s leading brands.
The survey, conducted by YouGov for Business Brands, is scored by a panel of over 1,500 business professionals. It placed Savills in first place with Knight Frank second.

In terms of overall position, Savills was ranked the highest of all the Real Estate contenders at 134 out of the top 500 Business Superbrands 2010. Clients Land Securities, Grosvenor and British Land, were placedfirst, second and third in the General Real Estate Category.

Jeremy Helsby, CEO of Savills, says: “Superbrand businesses represent quality, reliability and distinction, and as top in our category we are extremely proud to have achieved this recognition for the fourth consecutive year.”

View Superbrands web site

For further information, please contact:
Jeremy Helsby
chief Executive Officer
jhelsby@savills.com
+44 (0) 20 7409 8947

Related posts:

1. Savills rank best Business Superbrand 2010

Business Superbrands has been established for eight years and commissions independent research to identify the UK’s leading brands.

The survey, conducted by YouGov for Business Brands, is scored by a panel of over 1,500 business professionals. It placed Savills in first place with Knight Frank second.

In terms of overall position, Savills was ranked the highest of all the Real Estate contenders at 134 out of the top 500 Business Superbrands 2010. Clients Land Securities, Grosvenor and British Land, were placed first, second and third in the General Real Estate Category.

Jeremy Helsby, CEO of Savills, says: “Superbrand businesses represent quality, reliability and distinction, and as top in our category we are extremely proud to have achieved this recognition for the fourth consecutive year.”

View Superbrands web site http://www.superbrands.uk.com/businessresults

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1. UK Superbrands votes Savills top in real estate again

Acca will be holding its first ever Charity Bike Ride to help children in need in the Algarve.  It is open to everyone over the age of 16, all you need is a bike, a helmet (although both can be hired for the day), a reasonable level of fitness and quite a bit of determination.

Pre-registration is required and will cost €20 (this goes towards the target of €50 sponsorship) and ensures you a place on the ride.  A full information pack with advice on training, a tee-shirt and a drink and snack on completion.

Advice and training is available from Activity Algarve (professional organisers of group bike rides across the Algarve).  A special training schedule is open to all participants starting 6 weeks prior to the ride and it is advisable to do at least some training, please go to www.activityalgarve.com for details.

For further information, sponsorship forms and to book your place, visit www.accakids.com/news, alternatively email sam@accakids.com or call 914 665 870

All proceeds from the ride will go towards local children and they are hoping to raise at least €5,000!

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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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Golf course Pinheiros Altos

Pinheiros Altos, one of the best and most famous golf courses in mainland Europe´s undisputed capital of golf, just got a whole lot better. Thanks to demand, this wonderful, testing course has been increased from 18 to 27 holes.

The most recent nine were opened in January of 2007 and were designed by a collaboration of the course director, Brian Evans and leading Portuguese golf course architect, Jorge Santana da Silva.

For many properties in Quinta do Lago, ownership brings automatic golf course membership. This, in turn, brings many benefits of its own. For example, members of Pinheiros Altos are provided with pyramids of free balls on the driving range, discounts in the shop and restaurant and pre-reserved tee-times.

Kenny Fairbairn – golf professional at Pinheiros Altos

The golf professional at Pinheiros Altos, Kenny Fairbairn, explains part of the appeal:

“The Algarve is a wonderful place for someone ho loves golf, as there is a 12 month season. For many northern European golfers, the only chance of playing a comfortable round in January is if they fly to the Algarve for a golfing holiday.”

Kenny is, without a doubt, “someone who loves golf”. The Scottish PGA pro has made the Algarve his home and spends the majority of his working life at Pinheiros Altos. He’s a lucky man. Pinheiros Altos is a world class course, originally designed by the famous American designer Ronald Fream, in 1992. It hosts the annual European Seniors Tour First Pre-qualifying every November.

The holes at Pinheiros Altos

Each nine-hole course is named after one of the local types of trees found in the area: olives, pines and corks. And each presents the golfer with different types of challenges. Olives tends to be pretty flat, punctuated by an abundance of water. Pines and Corks are both more undulating with large, fast greens and a good number of trees and water hazards.

When pushed for a favourite hole, Kenny sighs; it’s evident that he prefers to be challenge in different ways by his golf and he is reluctant to be pinned down to a single hole. Passion for Property insists, and with his mind on the hole, he can barely control a grin as he confides that he adores Hole 8 on the new nine, Corks.

“It begins with a difficult tee shot, big dog leg left, then right”, he says. “It is a par 5 uphill and takes a good three shots to reach the green. Head too far right or left and you are immediately out-of-bounds, in the trees. You have to take care. You can’t just blast it without any thoughtful placement, but have to play intelligent golf and work the hole out before you play it.” Hooked by his enthusiasm, we ask for more. He doesn’t take too much prompting and launches into Hole 8, Olives.”This is a psychologically difficult hole”, Kenny asserts. “You are coming towards the end of the round and the 8th green greets you from its island position, completely surrounded by water. That’s pretty scary. It’s as much about getting your mindset right as it is about choosing the right club and controlling your swing on this one. We find a lot of balls in the water. A few golf clubs too, so I guess it has claimed a few victims in its lifetime.

“Pines has a new 4th hole”, Kenny continues. That’s an interesting one as it is a short par 5 and gives the slightly higher handicap players the chance to be macho and go for the green in two shots; something not normally possible on a par 5″. Kenny pauses to laugh. “Though, with a large lake in front of the green, this of course can be your undoing if you try too hard”.

A lot more fantastic golf courses in Quinta do Lago

Pinheiros Altos is not the only fantastic golf course in Quinta do Lago.

San Lorenzo

San Lorenzo is a beautiful course, located close to the nature reserve’s salt flats. “I’s not long, but trick”, explains Kenny. “The front line is very pretty, but if you don’t drive well, you can get through quite a few balls”.

Quinta do Lago South

Quinta do Lago South has hosted the Portuguese Open on the European Tour.”It has a very nice championship layout”, affirms Kenny. “It has generous fairways and big greens and offes a really enjoyable, but testing, game.

Quinta do Lago North

“Quinta do Lago North is slightly trickier than South. Its fairways are tighter with undulations and it has a few more dog legs, though it is also a very beautiful course to play,” he adds.

“I know I’m getting better at golf because I’m hitting fewer spectators.” Gerald Ford

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The new Savills Ultimate Property Guide – Summer 2009 is out now. Featuring over 130 pages and packed with the most desirable properties in Europe.

Please order your copy here or have a look at the online version: The new Ultimate Property Guide – Summer 2009

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High quality cuisine, fine wine and a Christmas party to remember!

Picture Gallery

[View with PicLens]

 

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The award is one of 12 various infrastructure projects in Europe to benefit from part of a total investment of 500 million euros.

The airport’s total redevelopment plan is estimated to cost around 130 million euros and will be carried out in two phases.

The first phase, which has already begun, will concentrate on the airport’s operational areas, while the second phase will see the terminal and accesses completed by 2013.

Meanwhile, low cost airline Ryanair, opened its first Portuguese domestic route on October 26 between Faro and Porto airports.

Ryanair spokesman, Daniel de Carvalho said: “Until now, many hours and a lot of money were wasted to travel between the north and south of the country.”

The new flights from Faro to Porto will operate every Monday, Wednesday, Friday and Sunday. As well as allowing easy access to various areas of interest in the north of Portugal, the connection also allows for flights to other destinations otherwise unavailable from the Algarve.

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1. New Private Hospital in Faro
2. Works on the Almancil EN125 are in motion

The Hospital Particular do Algarve in Alvor has completed the construction of their second facility in Faro and would like to invite all afpop members to visit the NEW hospital in Faro, which is being inaugurated on the 27 November 2009.

The Hospital is holding an “Open Day” event, where between 9am and 12am there will be hourly guided visits of all the installations, including the Operating Theatres. A welcome drink will be available.

So if you would like to take the opportunity to see the new private hospital and the facilities there simply take the road to the airport, follow the directions to the University of Faro and Gambelas and the hospital is situated one block before the University. There will be signs along the road to direct you. (For those with GPS the co-ordinates are: 37º 02’.43”N – 7º 58’.08”W)

Link to the Hospital Particular do Algarve Website

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1. Faro International Airport
2. Services in the Quinta do Lago and Vale do Lobo area – Quinta Properties, Algarve