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Where are the buyers going to come from?
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Guest
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Guest
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Owner
Malta
It is unlikely that one EC country will be allowed to 'blacklist ' another. There are still benefits of owning an offshore property, but it does very much depend on ones own circumstances. There is no universal correct answer other than take professional advice from those who deal in these matters every day of the week.
G
G
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Guest
I would suggest that you check first hand yourself with Sovereign, because we have personal knowledge that what you state we believe not to be correct.Anonymous wrote:Sovereign has advised all my friends with property here to ..xfer on shore asap......Of course I agree that might just be their particular circumstances...but I dont know any case where he has advised the contrary......
by the way there are two or three 'Guests' postings..
We are aware that there has been an increase on Offshore Company purchases.
In cases were there had been an underclaration, some found themselves in a situation that they could not afford to purchase back into their names
and had little alternative but to go to areas such as Malta or Delaware. Or even worse still could not afford either. Therefore, in some cases and those wishing to improve their position with regard the underclaration,
a Portuguese Small Holding Company maybe the answer.
See Dennis Swing Green's (Finesco) article in last's month's Property Mag:-
"First-time home buyers in Portugal should give serious consideration to using a Portuguese nominee company to hold their future property".
AngoIrish Bank have a good Off shore package for First time buyers in Portugal.
The problem is as I have no doubt others will agree "gossip and scaremongering" can be costly here in the Algarve.
Guests why don't you consider joining the forum and by doing so perhaps could help each other.
United we stand divided we fall.
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Guest
An interesting article appears in The Algarve Resident this week (Sept 16th, Page 24) entitled "Portuguese Nominee Companies: The better way to hold property in Portugal".
The article commences: Although infrequently used in recent years. Nominee Companies have exsisted in Portuguese statute law since the 19th century and have been embraced in subsequent legislative reforms over the past 150 years, Therefore they are fully compliant and not subject to any of the punitive laws that have made Offshore Property Companies a pariah: no deemed income assessment, no five per cent rates bill.
The article goes on to cover:-
Reduced CGT rates.
Potential Transfer Tax exemption.
Ease of Transfer
No taxation on re-domiciliation.
Uplifted basis for CGT.
and the last paragraph reads:-
Residential properties and SIPPs:-
With the liberalisation of UK pension rules for holding residential properties in a Self Invested Pension Plan (SIPP) which are scheduled to come into effect in April 2006. Portuguese Nominee Companies lock in a host of advantages. Even if a property was acquired today in a Nominee Company, it could easily be transferred in the SIPP at low cost after next April. The full spectrum of Domiciliary Services offered by euroFinesco s.a is ideally suited for the non-resident investor. The modest annual running costs also include any complusary company compliance requirements.
The article commences: Although infrequently used in recent years. Nominee Companies have exsisted in Portuguese statute law since the 19th century and have been embraced in subsequent legislative reforms over the past 150 years, Therefore they are fully compliant and not subject to any of the punitive laws that have made Offshore Property Companies a pariah: no deemed income assessment, no five per cent rates bill.
The article goes on to cover:-
Reduced CGT rates.
Potential Transfer Tax exemption.
Ease of Transfer
No taxation on re-domiciliation.
Uplifted basis for CGT.
and the last paragraph reads:-
Residential properties and SIPPs:-
With the liberalisation of UK pension rules for holding residential properties in a Self Invested Pension Plan (SIPP) which are scheduled to come into effect in April 2006. Portuguese Nominee Companies lock in a host of advantages. Even if a property was acquired today in a Nominee Company, it could easily be transferred in the SIPP at low cost after next April. The full spectrum of Domiciliary Services offered by euroFinesco s.a is ideally suited for the non-resident investor. The modest annual running costs also include any complusary company compliance requirements.
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Guest2
I suppose that if a property was to be purchased, all of this -portuguese company or in own name- would have to be considered with the aid of an adviser, perhaps Soverign or other.
What I am trying to decide is whether or not to buy say a T2 in a place like Rocha Brava or similar. What is the price I might have to pay currently for such? I have looked in Rocha Brava before and found that places are rarely available, and those which come up seem to be taken quickly. Is this still true? What other suggestions? From the look of things, it might be wise to purchase sooner rather than later or be priced out of the market.
Discussion or advice welcome.
What I am trying to decide is whether or not to buy say a T2 in a place like Rocha Brava or similar. What is the price I might have to pay currently for such? I have looked in Rocha Brava before and found that places are rarely available, and those which come up seem to be taken quickly. Is this still true? What other suggestions? From the look of things, it might be wise to purchase sooner rather than later or be priced out of the market.
Discussion or advice welcome.
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Guest
[quote="Guest2"]I suppose that if a property was to be purchased, all of this -portuguese company or in own name- would have to be considered with the aid of an adviser, perhaps Soverign or other.
What I am trying to decide is whether or not to buy say a T2 in a place like Rocha Brava or similar. What is the price I might have to pay currently for such?
Guest:
Algarve Property Mag May/June 2005 Issue Page 99
Praia da Rocha 1 bed, 2 pools,tennis court, garden and fully furnished.
110,000€/£77.050
2 bed,pool, parking space 170.000€/120.000£
Hope you find this information of use.
What I am trying to decide is whether or not to buy say a T2 in a place like Rocha Brava or similar. What is the price I might have to pay currently for such?
Guest:
Algarve Property Mag May/June 2005 Issue Page 99
Praia da Rocha 1 bed, 2 pools,tennis court, garden and fully furnished.
110,000€/£77.050
2 bed,pool, parking space 170.000€/120.000£
Hope you find this information of use.
I have a
T2 in Rocha Brava, and I don't consider the management fees high especially considering all the nice grounds. They do expect you to rent through them, if you are using a management service at all. I have done it, and since they remit half of the management fees if you rent through them, the return seems satisfactory to me. If you rent on your own, say to friends, you don't have to use them, in my understanding.
T2 in Rocha Brava, and I don't consider the management fees high especially considering all the nice grounds. They do expect you to rent through them, if you are using a management service at all. I have done it, and since they remit half of the management fees if you rent through them, the return seems satisfactory to me. If you rent on your own, say to friends, you don't have to use them, in my understanding.
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Guest2