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Proposed tax changes affecting offshore held property
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tax
Proposed tax changes affecting offshore held property
ATTENTION ALL OWNERS OF OFFSHORE HELD PORTUGUESE PROPERTY
THIS MESSAGE COULD BE OF GREAT IMPORTANCE TO YOU!
Dear Carvoeiro.com subscriber
You may have read or heard of the tax changes affecting offshore held property which came into effect in early 2002 and perhaps also of the proposed changes to take place as from January 2004. Lets us not make any mistake - the proposals are serious and punitive for offshore home owners.
The 2002 legislation imposed a taxable presumed income and an increased council tax of 2% on offshore held property in place of the usual 1% to 1.3% as charged to individuals and non “black listed” company held property. The new proposals push the rate payable to an unacceptable 5%. In addition as the intention is also to implement a wholesale re-valuation upwards of all Portuguese property the proposed rate charge of 5% will be untenable for almost all offshore owners.
Following extensive research, it has been established that there are solutions to avoid or minimize the effect of the taxes. Unfortunately there is no “one size fits all” approach and each situation needs to be studied on a case by case basis. Due to the enormous amount of work these changes are creating it is impossible to offer such specific, detailed tax advice free of any charge. It is intended to make a charge for that advice on a time spent basis in line with quoted hourly rates, available on request.
Any offshore owner who requires such advice should contact either Sovereign Lda in Lagoa or Finesco Lda in Guia by fax, letter, e-mail or telephone to arrange either a personal meeting at their respective offices or alternatively an exchange of correspondence when the alternatives may be fully explored.
Do not delay! For many it may be imperative that action is taken before the end of 2003.
Sovereign Lda
Parque Empresarial Algarve
8400 - 431 Lagoa, Portugal
E-mail: port@sovereigngroup.com
Tel: (351) 282 340480
Fax: (351) 282 342259
Finesco Lda
Rua do Sol, 4
Guia
Albufeira 8200.448, Portugal
Tel: (351) 289 56133
Fax: (351 289 562061
E-mail: finesco@mail.telepac.pt
THIS MESSAGE COULD BE OF GREAT IMPORTANCE TO YOU!
Dear Carvoeiro.com subscriber
You may have read or heard of the tax changes affecting offshore held property which came into effect in early 2002 and perhaps also of the proposed changes to take place as from January 2004. Lets us not make any mistake - the proposals are serious and punitive for offshore home owners.
The 2002 legislation imposed a taxable presumed income and an increased council tax of 2% on offshore held property in place of the usual 1% to 1.3% as charged to individuals and non “black listed” company held property. The new proposals push the rate payable to an unacceptable 5%. In addition as the intention is also to implement a wholesale re-valuation upwards of all Portuguese property the proposed rate charge of 5% will be untenable for almost all offshore owners.
Following extensive research, it has been established that there are solutions to avoid or minimize the effect of the taxes. Unfortunately there is no “one size fits all” approach and each situation needs to be studied on a case by case basis. Due to the enormous amount of work these changes are creating it is impossible to offer such specific, detailed tax advice free of any charge. It is intended to make a charge for that advice on a time spent basis in line with quoted hourly rates, available on request.
Any offshore owner who requires such advice should contact either Sovereign Lda in Lagoa or Finesco Lda in Guia by fax, letter, e-mail or telephone to arrange either a personal meeting at their respective offices or alternatively an exchange of correspondence when the alternatives may be fully explored.
Do not delay! For many it may be imperative that action is taken before the end of 2003.
Sovereign Lda
Parque Empresarial Algarve
8400 - 431 Lagoa, Portugal
E-mail: port@sovereigngroup.com
Tel: (351) 282 340480
Fax: (351) 282 342259
Finesco Lda
Rua do Sol, 4
Guia
Albufeira 8200.448, Portugal
Tel: (351) 289 56133
Fax: (351 289 562061
E-mail: finesco@mail.telepac.pt
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Gordon and Sandy Low
- CVO Regular
- Posts: 78
- Joined: Tue Jan 14, 2003 11:10 am
- Location: Muscat, Oman
-
Gordon and Sandy Low
- CVO Regular
- Posts: 78
- Joined: Tue Jan 14, 2003 11:10 am
- Location: Muscat, Oman
tax stuff
No problem at all. I just can't seem to keep my profile low though! I thought I was so clever logging on as "tax". Maddi ought to be working at Scotland Yard
I would love to keep giving free advice but someone has to pay my salary. Perhaps I can give cvo.com users 10% discount on any fees charged? Good idea??
I would love to keep giving free advice but someone has to pay my salary. Perhaps I can give cvo.com users 10% discount on any fees charged? Good idea??
Tax changes
PLEASE NOTE
Finescos telephone number should read 289 561333
Finescos telephone number should read 289 561333