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
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
October 13, 2007
Property in Portugal remains popular
The Silver Coast
Property experts have been advising clients to look beyond the Algarve - with its pockets of overcrowding - and invest instead in homes 45 minutes’ drive from Lisbon on Portugal’s Silver Coast. Barbara Maddison, UK sales director of Praia D’el Rey Golf & Beach Resort, says, “The Algarve used to be the most popular area. However, it is now rather overrun with Brits and over commercialised. In other words it is too popular now, with many of those looking to purchase in Portugal now looking elsewhere.”
According to Maddison, the Silver Coast is now the up-and-coming area in Portugal. “Many Brits are selling up in the Algarve and moving up to the Oeste Region, which is located just north of Lisbon. This area is still very Portuguese, with farming the main source of income for the locals. It does not die in the winter because most of the locals are Portuguese. The cost of properties is so much cheaper than on the Algarve – so there is still room to make money in this area”, Maddison explains. She adds, “There is no average price for Portugal because you have three areas that need to be considered: Firstly, the Algarve which equals expensive, secondly the Silver Coast which equals mid-range, and lastly the countryside and Inland where prices are cheap.” Maddsion estimates that if a buyer is looking at purchasing a two-bedroom townhouse he/she could expect to pay 390,000 euros in the Algarve, approximately £220,000 on the Silver Coast and £100,000 inland.
Posted on: Portugal
New property developments in the Algarve
The Algarve property has performed well in the past few months and in particular, the Western Algarve, house prices have soared up to 66 percent in the last three years. Clever investors can look this up as a viable option for investing a property in.
Posted on: Portugal
October 12, 2007
Portugal and Profiting from Investment Property
Most places in Portugal don’t have a fast-paced lifestyle when you talk about the property market. For anyone who is thinking about buying a property in Portugal, residual income from their investment assets is more often than not, top of mind.
There are several ways to increase investment returns. One is to use financing to buy, second is to leverage investment capital at low interest rates, and third is to choose the right property that will return the strongest yields possibly in a market that has strong tourism income potential year round.
Posted on: Portugal
October 10, 2007
Essential Financial Aspects of Property in Portugal
When buying a property in Portugal, it is quite advisable that you need to establish a good working relationship with a credible lawyer who will show you the rounds and talk to you about other information in buying a property in this country. In Portugal, you should expect to pay around 4 percent to 5 percent of a property’s purchase price in legal fees which would include not only your lawyer’s fees but also those of the land registry fees and the notano.
Once you have purchase a property in Portugal, you will be responsible for the transfer tax as well which is known as imposto municipal sobre as transmissoes and which is computed through the sliding scale which is dependent on the market value of the property that you have purchased. The value would be around 0 – 8 percent and if your budget is at the most high, then there is no reason for you not to have any shock!
Posted on: Portugal
Portugal
According to the Organization for Economic Cooperation and Development (OECD), they expect that Portugal can make a speedy economic recovery in 2006 and 2007. The country’s economy still remains brittle and growth is still expected to remain below the two percent in two years. This is according to the OECD.
With these predictions, there is the widening of the gap in living standards with other advanced economies. OECD also estimated that the Portugal’s GDP growth would average as much as 1.7 percent for the whole eurozone as a whole.
With this recent finding that Portugal is having a very much owner occupation throughout the whole Europe, there is also a highly growing percentage of being ruined vacant dwellings which is very much due from the migration from the rural areas to the urban areas.
Posted on: Portugal
October 9, 2007
Property for Sale in Aveiro Portugal
An Atlantic Ocean seaside and port town, the city of Aveiro is the capital of the Aveiro municipality in North West Portugal which is becoming more and more popular with foreigners and tourists and it serves as an escape from the ever-growing number of golf resorts and seaside resorts in Portugal.
Property which is for sale in Alveiro – both the city and the municipality – includes a traditional fisherman’s cottage or house, well situated villas which is accessible to beaches and cottages and views of the sea and surrounding countryside and property prices in this region are quite competitive.
The Aveiro municipality is situated to the north of the Silver Coast region of Portugal, an area so vastly famous for those seeking a getaway in the beaches and seaside resorts, historic and cultural pride, and sumptuous meals to suit your palate. It is also one of the most interesting and wonderful places to stay in.
Posted on: Portugal
The Secret of Quinta do Lago Golf Property in Portugal
In a luscious and vast forest in the Algarve region lies one of the best hot spots in the world where you can easily mingle with the rich and famous in which they own several properties there, where property owners can exclusively stay in their properties and relax without the concern of security, an embracing plan of nature to digest all property owners of their time and see the beauty of a revitalizing nature, and a haven for golfers everywhere in the world which hosts an array of leisure and sport facilities and it is quite one of the most wonderful places in the world.
And for people who haven’t been here, get ready for a bountiful place in paradise, one where you can easily forget your problems and just dabble with the beauty of nature. This article introduces the wonders and beauty of Quinta de Lago, an exclusive golf property in Portugal, and if you think that this country still doesn’t have anything to offer in terms of real estate, then better think again!
Posted on: Portugal
October 5, 2007
Golf Property in Portugal
When you mention the country Portugal, the only thing that comes to mind is the game golf, particularly in the Algarve region since this has a long history of golf and the first golf course was constructed in the 1920s.
Today, more than twenty of the most popular and most scenic golf properties in the world are located in the Algarve region, which makes this place a hot spot for golf property investment.
All year round, the demand for golf properties in the Algarve region is very intense, although the main golfing season is from autumn to spring. The other people who cannot let their golfing properties have the season with soaring heat and have marketers observing the properties all year round, therefore with a year round demand for golf properties in the region, a well-round investor makes it impossible to make an income just because of this.
Posted on: Portugal
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