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| July 2008 |
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The Tax department have confirmed that commission paid to a real estate company on the sale of the property is considered a deductible expense against capital gains tax (Mais Valia).
In accordance with the Portuguese tax laws, the costs of any improvements made to the property which are likely to have increased its value providing you held valid receipts from the last 5 years, were deductible and expenses necessary to the effect of purchasing/selling the property.
Up until now the Fiscal Administration had not yet made its position clear whether or not the commission paid to real estate companies would be considered as a necessary expense in the purchase/sale of a property.
Now the Fiscal Administration have publicly confirmed that as long as it clearly and unequivocally shows the connection on the amount paid to the real estate agent, and it is legally documented on the sale of deeds the agent involved in the sale then there is no reason why this cannot be considered as a necessary expense deductible on capital gains tax. |
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| July 2008 |
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| Golf titles available for limited period at the Quinta do Lago golf club |
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| May 2008 |
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The new Quinta do Lago 18 hole golf course "Laranjal"
This new course due to open in October 2008 has been created between the existing umbrella pines, cork oaks and orange trees of the former orchard. The par 72 golf course of 6500meters will have five par fives, five par threes and eight par fours, and will include five lakes. The course has been designed to be both challenging to the golfer, and environmentally friendly. As everywhere in Quinta do lago, respect for nature and countryside is paramount, with as many trees as possible being kept, and a programme of replanting to ensure minimum disruption. Laranjal is a course of its time. The lakes are an integral part of the sophisticated drainage and irrigation system which includes two pumping stations and a recycling system. Future plans are for recycled residual water from Quinta do Lago’s water treatment plant (ETAR) to be used to irrigate the course. A fully-computerised system incorporates humidity sensors and individual controls for each zone of the course to ensure maximum efficiency in water usage. New golf courses use less water per square metre than traditional citrus orchards, so efficient is modern water management.
The only construction on this golf course will be the clubhouse, which will be designed to be rustic to fit in with surroundings, but also has all the modern facilities one would expect from this five star resort.
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| July 2008 |
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| Reduction in VAT (As from 1st July 2008) VAT tax in Portugal was reduced from 21% to 20% |
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| June 2008 |
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We need Sea View properties!
Despite much doom and gloom in the papers, its business as usual at Quinta Properties. Lower and middle markets are down a bit and there are perhaps fewer clients walking into our offices, but the buyers still come and they still want only the best property. And, when Quinta do Lago is not what they are looking for, sea view properties to the east and west are in demand!
If you know of or have a property with fabulous views and lots of land, we have the buyers!
Please contact us on Tel +351 289 396073
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| May 2008 |
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Alteration to Land Registration
New law coming into effect in 2009 will allow other entities besides the Land Registrar and Notaries to carry out property registrations; Lawyers, Chambers of Commerce & Industry, and Solicitors will also be able to carry these out. Registrations will also mention if there is a habitation license and also the Technical Property Booklet.
A compulsory limit of 30-day period will come into effect for any ownership changes and/or alterations to be registered.
Land Registration certificates will be obtainable on-line, and some changes will also be able to be done on-line.
We will be updating this information as soon as the law has been ratified.
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