Fiscal representative

[Maggyanne]

Hi, can anyone tell me: Do non residents need a fiscal representative? We have bought a property and we are obliged to honour the rental agreement until the end of the year, after which we will keep it for ourselves. As this is only going to cover a few months after completion (4 at most), I am worried that I am going to incur a large bill for accountancy services. I am led to believe that there will be little or no profit from the rentals.

[Alison]

The simple answer is "No", you don't have to have a fiscal rep. In practice it isn't that simple - nothing ever is in Portugal!
But you don't have to pay a fortune for fiscal rep or accountancy services. There have been quite a few threads on this in the past so may be worth looking them up. I've also sent you a PM. Enjoy your new home!

[Maggyanne]

Hi

Thanks so much for your answer.

[sunman]

you'd need a Fiscal Rep is if your villa is registered in the name of an offshore company, otherwise you're all set to handle it yourself

[joeysoap]

Hi, can anyone tell me: Do non residents need a fiscal representative? We have bought a property and we are obliged to honour the rental agreement until the end of the year, after which we will keep it for ourselves. As this is only going to cover a few months after completion (4 at most), I am worried that I am going to incur a large bill for accountancy services. I am led to believe that there will be little or no profit from the rentals.

If the property is in your name on 31st december then you will have to pay all this years tax next year. If however the property is not in your name on 31st Dec then you don't pay anything next year. First step is to get a fiscal number (you probably already have one) and I don't think you need a fiscal rep any more for this either, costs under €10 each. Once the property is in your name, just call in to the most convenient Financas office, and if you have an EU home address they will forward the tax invoice to that address. Very easy to pay at a Multibanco machine as well, instructions, while in Portuguese are easy to decipher. Good Luck and health to wear.

**Just after thinking of something - If uk voted out of the european union then Portugal would not be oblidged to treat UK citizens equally as their own when dealing with them ie they might need a fiscal rep from the date of withdrawal.**

[EMM]

Apparently things have changed.
If you are selling then you will have to pay the proportion of that years tax up to the date of the sale.
This is much fairer for buyers who if they bought in Dec were still hit with a full 12 months tax.