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IMI
Redomiciliation
This process varies depending on the jurisdiction you are leaving as there are differences in the exit legislation for most places. It can be a bit lengthy and there will be many who don't make it before 31.12.
I think that if you do move before then and even if the registration characteristics here in Portugal are not altered before year end, you will always be able to challenge a future erroneous "offshore" tax charge by producing the certificate to show you were not blacklisted at the end of the year.
For those that miss the boat and all those many who have done nothing (lots!) then lets hope for some Christmas cheer in the Budget. If not who is for marching on Lisbon! Wat Tyler and all that?
I think that if you do move before then and even if the registration characteristics here in Portugal are not altered before year end, you will always be able to challenge a future erroneous "offshore" tax charge by producing the certificate to show you were not blacklisted at the end of the year.
For those that miss the boat and all those many who have done nothing (lots!) then lets hope for some Christmas cheer in the Budget. If not who is for marching on Lisbon! Wat Tyler and all that?
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Gazza
IMI
Does not sound too positive for those transferring to Malta as they must be under a mountain of paperwork over there. It seems that those of us who researched ithe subject well and instructed our tax advisers in good time are to be penalised due to the sheer weight of late traffic, and may have to fight the Portuguese tax authorities post 31st December. The whole thing is becoming tiresome and I am beginning to loose patience with all those involved.
G
G
Budget Day
Biffa,
What date is Budget Day
What date is Budget Day
2004 Budget
I think this will be published on 29th December
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Guest
Was wanting to buy a property in Cvo. last year and Estate Agent was pushing offshore - thank goodness I didn't. Reading all these comments though has made me think that purchasing at all in Portugal at this time is not a good idea and might be best not to bother or at least wait until someone in Govt. knows what is meant to be happening re. taxes etc?
Also is there any truth in the rumour that prices should have levelled out and could be dropping which is what I was hearing whilst in Cvo. a couple of months ago?
Thanks to anyone who can advise.
Also is there any truth in the rumour that prices should have levelled out and could be dropping which is what I was hearing whilst in Cvo. a couple of months ago?
Thanks to anyone who can advise.
Property
Dear Guest
Your attitude is common amongst potential investors and whether you were pro or anti offshore the recent legislation has put many investors off Portugal generally.
Many people do not read news articles in depth and when they see a double page in the Sunday Times with the words "Portugal - property-problems" etc many are tempted to turn to the Spanish and Florida property pages.
I am not in real estate but I think you may see some forced sales later next year or early 2005.
Your attitude is common amongst potential investors and whether you were pro or anti offshore the recent legislation has put many investors off Portugal generally.
Many people do not read news articles in depth and when they see a double page in the Sunday Times with the words "Portugal - property-problems" etc many are tempted to turn to the Spanish and Florida property pages.
I am not in real estate but I think you may see some forced sales later next year or early 2005.
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Gazza
IMI
Interesting to hear Biffa's views on the potential for forced sales during the latter part of 04 and beyond. Looking at the CVO real estates sites prices appear to be holding up and there does not seem to be a huge overhang of stock.However, it is the price the properties are achieving that is important, and is the real indicator of how well the market is performing. Algarve prices have had a tremendously good run during the past few years and they simply cannot go on increasing at double digit percentages for ever. Having said that, the interest rate outlook in Euroland, and probably the UK, looks set to remain low for sometime yet - Gordon Browns predictions not mine(!), which will not fuel an early nineties, high mortgage rate and default level crash. The other investment factor to take into account is the Euro / Sterling debate. If you believe the UK will adopt the Euro, then £ is still too far too for an acceptable entrance level, and will need to depreciate another 10-15%. Therefore holding a euro denominated asset at todays rates, or even better when it was trading at 1.55 and above, is a big plus and should not be ignored.
Finally, and I think it was Biffa who sometime ago on this site, where someone was asking for an opinion on a land price they were contemplating buying - which was viewed by many as steep, and Biffa cited an example of a clifftop site that 10 years ago seemed very high, which now commands a price many many times higher and wished he had bought it.
Personally I do not forsee a big decline in prices, but I do predict a levelling out period.
There I said it, so you can all judge and quote me in a year or so's time when property prices have halved, West Ham are in the 3rd division, and Charlton are playing Real Madrid in the Champions League final!!
:
G
Finally, and I think it was Biffa who sometime ago on this site, where someone was asking for an opinion on a land price they were contemplating buying - which was viewed by many as steep, and Biffa cited an example of a clifftop site that 10 years ago seemed very high, which now commands a price many many times higher and wished he had bought it.
Personally I do not forsee a big decline in prices, but I do predict a levelling out period.
There I said it, so you can all judge and quote me in a year or so's time when property prices have halved, West Ham are in the 3rd division, and Charlton are playing Real Madrid in the Champions League final!!
:G
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Guest
Prices
I just can't understand why Gazza would ruin a perfectly sensible and well reasoned reply by sniping at one of the worlds great football teams - and I don't mean Real Madrid or Charlton
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Guest
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Gazza
IMI
Dear Biffa, I was only jesting. Although my team is Charlton, I am supporter of London Utd and like to see all the Smoke's teams do well, and sincerely hope that the Hammers make it back into the top flight next term - especiallly as they provided Curbishley, who has been the architect of Charltons rise over the past decade.
Mike - I have thanks, and hopefully my card like yours is on its way to Cvo as we speak.
G
Mike - I have thanks, and hopefully my card like yours is on its way to Cvo as we speak.
G
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Gazza
IMI Details of the Budget
Has it been confirmed that today is budget detail publication day?
Let us hope that this brings some post Christmas cheer to all, and in particular the offshore owner brigade who might not have made it in time to the safe havens of Malta, Delaware, on shore et al.
G
Let us hope that this brings some post Christmas cheer to all, and in particular the offshore owner brigade who might not have made it in time to the safe havens of Malta, Delaware, on shore et al.
G
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Guest
Like you gazza we have the villa back on shore now and the only reasons we kept if off shore (it was off shore when we bought it) was it was easier and, as the villa is shared owned (2) the inheritance tax laws as they were were not favorable. They are now and we are more than happy to pay the taxes due to the authorities. On a much brighter note I know you support Charlton, what a Christmas new year! Fantastic against Chelsea and swept up the expected points against Spurs albeit with a half hearted (knackered) first half. Biffa, your team will reach the play offs or better, trust Pardew, he's Curbs trained!
