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The Emergency Legal Guide is available at this site at the cost of £24.99 plus postage .
Please contact us if you wish to order the Guide or pay online through Paypal or by credit or debit card.
The content and views expressed in the Emergency Legal Guide to Property in Portugal are those of the author and not that of the Firm Lita Gale Solicitors. Lita Gale is part of an International Association of experienced lawyers specialsing on all things Portuguese in the UK and Portugal and much more...
10% of the net fees raised by the sale of this Guide are donated to a Charity of Choice by the Author.
The information on this site and on the Guide available for sale is provided on a "as is" basis and not on a proper and formal expert basis. To insure the correct legal use of this site and of its contents please contact our office using the address below or email us by using the Contacts menu area.
THE INFORMATION CONTAINED IN THIS SITE AND THE PHOTOGRAPHS AS WELL AS ALL INFORMATION CONTAINED IN PRACTICAL LEGAL GUIDE GUIDE TO BUYING SELLING RENTING AND CONSTRUCTION AND TAXATION OF PROPERTY IN PORTUGAL IN SO FAR AS IT DOES NOT CONTAIN INFORMATION AVAILABLE TO THE PUBLIC AT LARGE BELONGS EXCLUSIVELY TO MGALE AND MAY NOT BE REPRODUCED OR COPIED IN WHOLE OR IN PART IN ANY FORM WHATSOEVER WITHOUT OUR EXPRESS WRITTEN CONSENT AND IT IS PROTECTED BY COPYRIGHT (c) WORLDWIDE AND ANY BREACHES OF SUCH COPYRIGHT WILL RENDER THE OFENDER LIABLE TO PROSECUTION ANYWHERE IN THE WORLD.
In this site you will be able to buy a unique work dealing with the buying and selling process as well as building and renting property in Portugal.
The Emergency Guide to Property in Portugal, also contains practical guidance and information on the tax treatment of offshore companies, taxation of property in Portugal and vital information on Wills and Sucession in Portugal and is designed to provide practical guidance and to save you costs and time.
This purchase can be made by Credit Card or through PAYPAL - a easy and secure way for shopping online.
10% of the net fees generated by our GUIDES on this website, will be donated by us at our discretion, to charities benefiting the elderly, children and animals. It is our way of repaying the faith put in us by the community.
Some of our pictures are an artists composite image of the greatly missed Portuguese Fado Singer AMALIA RODRIGUES.
Please note that the list below is a summary of the information and advice provided in our Emergency Legal Guide to Property and Taxation in Portugal which can be purchased through this website.
QUICK GUIDE,CHECKS, TIPS AND TERMINOLOGY FOR BUYING AND SELLING PROPERTY IN PORTUGAL.
Parties Identity and Residency checks
Money laundering and other legislation
The Bankrupt seller
The seller is a company
The seller is an offshore company
Marital Regimes and Pre-nuptial Agreements
Número de Contribuinte - Tax Number
The seller is not the owner
The property is not registered
Title Searches - Land Registry - Fiscal Department - Local Authorities- IPPAR
Fiscal Representative
IMI Payment
Tax Returns
Fiscal Representatives Duties
Termination
Money Laundering Legislation
A property is transferred when the Seller and the Buyer sign the Deed (Escritura) before a Notary Public in Portugal who acts as an officer of the State in a similar capacity to that of a Registrar. The Notary witnesses the transaction and retains the original deeds and issues copies.
The Notary Public’s role in Portugal is different to that of a Notary Public in the UK or the USA for example. In England and Wales the work of a Portuguese Notary Public, is normally undertaken by Solicitors.
Who represents who
Common sense
Recommended legal representative
The interested parties
The Lawyer
Engaging a lawyer
Is a lawyer required
Common sense again
Services to expect from a lawyer
Lawyers charges and services
Professional Indemnity Insurance
Independent Legal Representation
Any person who intends to or owns property in Portugal and who is non resident, must have a Fiscal Representative in Portugal who is responsible before the Portuguese authorities to file all the necessary tax returns arising out of the ownership of the property.
Many non resident owners of property in Portugal are not aware that they are registered in Portugal or registered as “Resident” for tax purposes. You should contact us to regularise your status.
Lita Gale Solicitors shall be pleased to introduce you at no cost, to several sources of finance that may assist you in the purchase or remortgage of your property in Portugal.
Over the years our personal experience of representing various banks in Portugal and in the UK has led us to streamline the mortgage work. We are also able to assist you with preparing the documentation that you will have to supply to the Bank.
We can provide you with information on the lending sources available. This is strictly on the basis that we are not acting as agents of any bank or lending authority and that there is no commitment on your part.
We work with BPI, Caixa, Barclays, Millenium, Santander Totta, Caixa Duero and Caixa Agricola many other lenders.
Sources
Type Of Finance Available
Usual Lending Criteria
References And Valuation
Currency Risks
Cost Of Borrowing
Offshore Lending
Additional Security
Mortgages
Valuation and Survey - Mortgage offer Survey
Provisional Registration
Completion
Independent Financial Advice
The most common methods of financing the purchase of your home in Portugal falls into the following main categories:-
Each of the above methods of finance has advantages and drawbacks.
Lita Gale Solicitors shall be pleased to discuss with you the method which best suits your personal circumstances.
We work with most banks ranging from BPI, Santander Totta, Barclays, Millenium to Caixa Agricola.
We have many years experience in Portugal dealing with mortages. We handle mortgages over properties and also over companies who own properties
We have represented both the banks and other lending authorities as well as our
clients, be they individuals or offshore companies owning property in Portugal, Spain and in many other countries.
Loans may be made in any given currency. However, in the event that the loan is taken in one particular currency and repaid in another there is a risk
that the amount repayable may differ due to a rise or fall in the exchange rate.
The lender will carry out his own investigations to determine the value of the property and to ascertain your ability to repay the loan and may wish to obtain references and you will have to prove your ability to repay the loan.
Please remember that a valuation carried out by the bank is not the same as a survey
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Each lender has its own criteria. However, under normal circumstance you should anticipate that the maximum each creditor would be prepared to lend is on average
75% of the purchase price or alternatively, 75% of the valuation of the property (whichever is the lowest value), to be repaid over a period of 10 - 15 years to coincide
with retirement age.
Taxation in Portugal
Overview
The Tax Revolution 2003 onwards
The trap for the unwary
“Fashionable” to use offshore companies.
A personal view
Spain did it 15 years before!
Rates - Council Tax
IMI and Capital Gains Tax
Capital Gains Tax
Inheritance Tax
Income Tax
Double Taxation Agreements
Capital Gains Tax Warning
In the event that you are to sell your property you may be liable for Capital Gains Tax and may need to file the appropriate Returns, failing which you may be liable to fines or interest.
The following matters to which we would specifically like to draw your attention:-
Please consult the Emergency Guide to Property in Portugal which is full of practical information and designed to make you aware of and help you to deal with the potential problems, pitfalls and joys of buying property abroad and in particular in Portugal.
The Guide has been created and edited by exerienced international lawyers and are designed to assist anyone who wishes to buy, sell or rent property in Portugal or who requires finance to purchase or build a property in Portugal as well as giving guidance on the basic taxation andd Wills and sucession.
Unique luxury properties in stuning world class locations in Portugal available only to Rainbow-Estates.com
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Please contact us for a brochure
Thank you
Wills and Sucession
Planning ahead
Should I make a Will
Intestacy
What is domicile
Executors and Administrators
Guardians
Gifts Donations Charity and Residue
Special Requests
Civil Partners
Probate
Nationality
Forced heirship rules
Probate formalities with and Without Will
Proof of Law
Death - formalities in Portugal
Translation and legalisation of documents
Payment of Inheritance Tax and fines
Execution of Deed of Heirs
Probate proceedings.
The decision of whether to buy the Property in your own name or in the name of a Company will depend on a number of factors.
Recent changes in legislation do not make it attractive any longer to purchase property using the vehicle of an offshore company but it may still be good advice to use a company to acquire property in certain circumstances.
The common practice has been to purchase of shares of the company which owns the property in Portugal . This should be undertaken with great care. You should be fully informed and aware of the potential Tax consequences.
The tax legislation changes in 2003 have made a substantial difference to the payment of Inheritance tax in Portugal as between parents and children and husband adn wife and which can make Portugal a very attractive place.
Making a Will is always advisable. You should contact us to discuss this is detail.
Special care should be taken if you are living in Portugal. There are many instances when it is appropriate to make a will solely to deal with your property in Portugal. In some cases the contrary may be the best alternative.
The decisison of whether to do a Will in Portugal and the consequences or the requirements may be highly complicated and will and should always be judged on a case by case basis and if need be in conjunction with your tax advisers, accountants and Solicitors.
There are various fees and expenses involved in buying and mortgaging property in Portugal. In every instance and significantly to the Tax Authorites, Land Registry, Notary Fees, Lawyers fees.
The fees are payabe in respect of the mortage adn of the purchase as they are treated by the authorities as separate transactions, even though they may be made on the same deed and at the same time.
