Further Offshore Property Reform ??

Gazza · Post by **Gazza** » Thu Nov 16, 2006 12:10 pm

I picked up on a conversation last week in which there was a suggestion of more changes, due next year, in the laws and regs surrounding owning properties offshore?

Has anyone heard this or better still have any deatils?

G

bazza · Post by **bazza** » Thu Nov 16, 2006 3:08 pm

Yes front page news in the Portugal News 11th November edition. Changes only any good if you are still offshore. IMI down from 5% to 1% Also IMT (old sisa tax ) down from 15% to 8% on purchases of offshore property. Also on page 10 article on new residency laws. Anyone in Portugal for more than three months must register with their local camara,
stating the basis of their residency.including health insurance and declaration of means ( how you are going to support yourself, work, savings, etc ) No doubt these changes will be changed again in a couple of years as normal

Graham · Post by **Graham** » Thu Nov 16, 2006 3:39 pm

So back as we were then only my Lawyers are a lot richer!

bazza · Post by **bazza** » Thu Nov 16, 2006 5:32 pm

Yes so are mine ! also the finances as i came onshore after professional advice and paid the tax due.

If you want to end up in Portugal with a small fortune come with a big one

tomgibson · Post by **tomgibson** » Thu Nov 16, 2006 7:03 pm

Likewise. However in their defence professionals can only advise on the situation as it presents itself at the time. Wouldn't it be great if we could all have a crystal ball to gaze into!!!!!