October 23, 2007
BRITISH COUPLE WIN NORTHERN CYPRUS CASE
A British couple won the latest and final round of a court case foreseen to have dramatic consequences for the property market in northern Cyprus. David and Linda Orams of Sussex won their battle in the High Court against Meletis Apostolides, a Greek Cypriot who claims ownership of the land in the self-declared Turkish Republic of Northern Cyprus (TRNC), which his family used to own before the Turkish invasion of 1974.
Apostolides had obtained a judgement in a Nicosian court (the Greek Cypriot capital) that ordered the Orams to compensate Apostolides, to demolish their home (which cost them £160,000 including land and construction) and to hand over their land to him. When the Orams refused to abide by this judgement, Apostolides sued them in the English courts. It was a defeat for the couple (who were represented in this stage of the case by Cherie Booth QC, the wife of the prime minister) who were forced to to sell their home in Sussex to pay for Apostolides’ costs and compensation.
Posted on: Cyprus
October 20, 2007
Why Invest in Portugal
With more than 200,000 Britons and Irishmen investing properties in Portugal, this country has proven to be one of the world’s most sought-after vacation spots, or business or for pleasure.
The reasons why Portugal is now the hottest destinations to be are aside from their people being friendly and accommodating, Portugal is also the choice country because of its ease of access, its wonderful climate and the sumptuous cuisine.
One of the stunning places in Portugal is the Algarve region, where the best sandy beaches are located. It is also found here the best in golf courses, where golfers can tee off and have fun. There are also lots of international schools here for those investors who would want to relocate.
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Posted on: Portugal
British lead way with new firms in Spain
According to the newest research from a leading employment organization, more and more foreigners are setting up their own businesses in Spain, and have discovered that at least one in four self-employed workers are now foreign.
The new Brits are now planning to service residential needs of the community as most of the second home buyers in this country are now British. But the businesses they have put up are not only the pub houses galore, but also IT-related firms and high-tech industries.
Posted on: Spain
Changes in Portuguese Tax
Changes in result and tax reduction in Portugal are very much important, especially with people buying properties in their own name. Investors who would still want to purchase Portugal properties through offshore companies, it is advisable that you seek legal advice and specialist tax before proceeding.
Getting to Portugal is as easy as tourists can now fly direct from Faro to Dublin on Air Luxor. The airline is accommodating passengers two days in a week, on Thursdays and Sundays, as a promotional tour of 230 euros. The inauguration of these flights consisted of jet water being sprayed in a symbolic ceremony, courtesy of the Faro Bombeiros, and an excited and anxious pool of staff and reporters in the airport. There were also public relations staff from the Faro airport who were giving out momentos to leaving passengers from the flights. According to airport director, Antonio Correia Mendez, the “Irish” market is very much important since the Irish people are the fourth largest generator of passengers to the Algarve, and according to the Regional Algarve Tourist Authority, tourists from Ireland represent the highest average daily spenders in Europe.
Posted on: Portugal
October 19, 2007
Oceânico Developments tees up with Seve Ballesteros for new €250 million Óbidos Golf Resort
The largest and most prestigious property developer in Portugal, Oceanico Developments, broadcasted a new and improved golf and leisure resorts to be developed on Portugal’s Silver Coast, a 650 meters distance away and close to the town of Obidos.
The new Royal Obidos resort, which is scheduled to operate in May 2007, includes amenities such as a championship golf course that is designed by Severiano Ballesteros in mainland Portugal. The resort also covers the boundaries of at least 130 hectares on the Portuguese coast, 50 kilometers north of Lisbon.
Other features of the resort which foreign investors will love include a five-star condominium Hotel and Spa with one and two bedroom apartments. Also, it includes four and five bedroom villas in golf front plots of 2,000 square meters, and also an option to stay in two or three bedroom apartments, all made to tailor the highest quality, safety, security and comfort of visitors.
Posted on: Portugal
Cyprus property prices match Spain
Investors who are planning to invest in Cyprus property are now changing their sights to Spain after a shock survey in the island’s premier and business newspaper of the local real estate market.
The increased prices for the last year are driving investors away with a sudden durge of prices dropping, with places such as Pathos already eyed to be those in Spain, according to the Financial Mirror, a credible newspaper in Cyprus which deals with economic, industrial, financial and investment news in Cyprus.
During the first half of the year, a financial drop of 29 percent year on year to CYP 492 mln compared to CYC 626 mln a year ago in the same period, according to the Land Registry figures.
Posted on: Cyprus
Buying overseas just got easier
When people near their retirement age, they usually contemplate on buying holiday homes abroad for their golden years. In fact, a report by Saga, specialists of people over 50, says a third of people aged 50 and over is considering purchasing a holiday home abroad for the future. Over half consider living abroad permanently.
To help those looking at the possibility of migrating to Spain, Saga launched its Saga Overseas Homes. The project consolidates all the services needed to buy a property in Spain including estate agents, legal advice and help with renting out properties bought as buy-to let investments. Saga is working closely with property specialists Chesterton and Medsea Estates on the Saga Overseas Homes project.
Posted on: Spain
October 18, 2007
Turkish Property: Reasons to be positive
Paul Beasley says that the Turkish lira may be experiencing some short-term turbulence, but property agents are talking up the mid-term prospects of Turkey’s property market. Moneycorp, a currency exchange specialist, says that a recent decrease in the value of the Turkish lira has helped to create new bargains for sterling buyers in recent months.
Posted on: Turkey
October 17, 2007
Living and working in Portugal
On arrival
Citizens of EU member states are free to enter Portugal by presenting a valid passport or identity card. Visitors intending to stay no longer than three months need not apply for a residence permit. Those intending to stay for three to 12 months will need a temporary residence permit and new arrivals proposing to stay longer than a year in the country should apply for a full residence permit (autorizaca de residencia). Permits are issued by the Servico de Estrangerios Fronteiras. On application for a residence permit one will be issued with a receipt needed to collect one’s cartão. A residency permit acts as one’s official identification card and, officially, it should be carried at all times.
Working
Members of EU countries do not require a work permit in order to work in Portugal but must adhere to residency requirements as explained above. Workers will also need a fiscal number, which may be given at the time of residence approval. For the first few months a temporary number is given. Income tax – Imposto Sobre O Rendimento Singulares (IRS) – is payable by both residents and non-residents. It is self-assessed annually and must be paid a month after the notice of the tax owed is sent out by the tax office. Non-residents are taxed only on income received inside Portugal. Residents are liable to IRS on their worldwide income. One is deemed a resident if: one remains in Portugal for more than 183 days in any calendar year. Double taxation can occur when income from one’s country is received in another and is taxed in both. To counteract this, Portugal has taxation agreements with all EU member states under which each one agrees to give up or reduce its tax in certain circumstances.
Posted on: Portugal
A Turkish investment
It was a holiday that first gave Sue and Sean Flynn the idea of buying a Turkish property. Having enjoyed visiting Kalkan, an upmarket village in Turkey’s Mediterranean coast, they gradually realized the investment potential of the area. According to Sue, Kalkan is renowned for its rooftop restaurants and great seafood. Its location is excellent for exploring nearby ancient sites and for visiting the Patara beach, which is often cited as one of the best beaches in the world.
What’s more: Kalkan is very easy to reach. Sue adds that a new tunnel opened recently, cutting travel time to the village by 20 minutes. She and husband Sean decided to look for a property that they could use as a holiday home but that would also serve as a good investment. Sue recalls that their search was not a long one. They bought their first apartment by October 2005; they came for a week’s visit and made a purchase at the end. The purchase was made directly from the builder, Aslan Uzun, who owned the Asfiya hotel, where the couple had stayed previously. They knew and trusted his expertise, thus they were confident that the building would be good.
Posted on: Turkey
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