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IMI
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Offshore Owner
IMI
Biffa - Thanks once again for sharing your 'intelligence' with us on this site.
You mentioned that the revaluation process is underway - I seem to remember from an earlier post that you were aware of a proposed factoring system based on the age of property and existing tributavel. Have the actual factors v's age been published yet
G
You mentioned that the revaluation process is underway - I seem to remember from an earlier post that you were aware of a proposed factoring system based on the age of property and existing tributavel. Have the actual factors v's age been published yet
G
IMI
No factors published yet. All we know is they range between 44.2 and 1 and are based on the Government devaluation coefficient adjusted for the property market.
Offshore Property
In response to Biffa's relentless (grateful thanks) direction and guidance is there a time frame as to when a decision is likely to be forthcoming.
I have commenced redomiciliation to Malta - and while I read your note of caution could all this be the same as the Amnesty rumour that raised so many people's hopes a few weeks ago?
I have commenced redomiciliation to Malta - and while I read your note of caution could all this be the same as the Amnesty rumour that raised so many people's hopes a few weeks ago?
IMI
If you are in process of moving your company or selling etc then just keep going. If the rumours are true all it is going to do is open the "window" a little for those that have done nothing.
The fact is for most owners the 2% will be unacceptable so most must make a move one way or the other.
The fact is for most owners the 2% will be unacceptable so most must make a move one way or the other.
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Guest
IMI oh My
I haven't seen a copy of the News yet but certainly the law as published under D.L. 278/2003 (If I recall it correctly) of 12.11.2003 does not give anything away to offshore home owners.
It is exactly as it was proposed. Strong rumour still says that there will be an "easing" of its effect written into the 2004 Budget which wil be published around 29 December.
Rumour still says that either the 5% will only apply to NEW offshore acquisitions OR that the 5% will be phased in gently.
As have said before the present 2% is too much for most so keep weighing up your options. If you are bringing onshore, the problem now is finding a lawyer who has time to assist and for the lawyer to find a Notary with time to do the escritura.
It is a mess whichever way you look at it.
It is exactly as it was proposed. Strong rumour still says that there will be an "easing" of its effect written into the 2004 Budget which wil be published around 29 December.
Rumour still says that either the 5% will only apply to NEW offshore acquisitions OR that the 5% will be phased in gently.
As have said before the present 2% is too much for most so keep weighing up your options. If you are bringing onshore, the problem now is finding a lawyer who has time to assist and for the lawyer to find a Notary with time to do the escritura.
It is a mess whichever way you look at it.
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Guest
my lawyer has just contacted me to say she is applying now that the house is in my own name for the 10 year property tax exemption..of course now that we are all honest tax payers and having paid our dues so too must we receive the benefits.
as e.u citizens we would not have it any other way.
thus it is now good to think that while these camaras have received some extra cesar tax they are now going to lose 1o years of annual taxes.....when i go past the camara building all i can say is HA HA
as e.u citizens we would not have it any other way.
thus it is now good to think that while these camaras have received some extra cesar tax they are now going to lose 1o years of annual taxes.....when i go past the camara building all i can say is HA HA
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Guest
my lawyer has just contacted me to say that she is appyling for the 10 year property tax exemption on my behalf as the property is in my own name..as honest tax payers just as we now pay taxes so too must the benefits be shared...we would not have it any other way.
so although these camaras have now received some extra cesar tax they will now lose 10 years of annual taxes...so when i go past silves camara all i can say is ha ha
so although these camaras have now received some extra cesar tax they will now lose 10 years of annual taxes...so when i go past silves camara all i can say is ha ha
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Guest
IMI
Yes if you are permanent resident then you can apply for an exemption.The new law reduces this to 6 years though, rather than 10 like it used to be, and you can only apply for the exemption twice.
Also of course whilst everyones rates will increase under this new scheme if you are "non offshore" there is a capping procedure in place which limits the increase each year for the first 5 years. Thus the first year the most your payment will go up by is €60.
Interestingly this capping procedure also aplied to offshore in the first draft of the tax law but they soon swiped it away!!
Also of course whilst everyones rates will increase under this new scheme if you are "non offshore" there is a capping procedure in place which limits the increase each year for the first 5 years. Thus the first year the most your payment will go up by is €60.
Interestingly this capping procedure also aplied to offshore in the first draft of the tax law but they soon swiped it away!!
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Guest
it would be an interesting project if someone could work out that if all the offshorees having come legit then got their rates exemption, whether the loss of annual taxes would be equal to the one off cesar tax most have now paid.
I think it would be a close run thing..it might even be that at the end of the day the govt here looses more revenue than if they had left everything alone.
(eg 4 wheel drive car tax...if they had left it alone the Govt would be now earning more money than they now do...oh well just because God gave them beauty didnt mean he gave them brains!!!)
I think it would be a close run thing..it might even be that at the end of the day the govt here looses more revenue than if they had left everything alone.
(eg 4 wheel drive car tax...if they had left it alone the Govt would be now earning more money than they now do...oh well just because God gave them beauty didnt mean he gave them brains!!!)
Sisa tax
It has been announced that sisa tax paid this year will only be good until 31.12.2003. Thus if your lawyer is booking a deed for next year he can only pay the sisa as from 02.01.2004. Then of course it will be called IMT.
This is good - ish news in an otherwise bad scene as it effectively lengthens the posssibility of signing deeds I think until the year end rather than only until 01.1.2003 as feared.
Tip of the Month - buy shares in Portuguese paper manufacturers - we are getting through a rainforest a week here!
This is good - ish news in an otherwise bad scene as it effectively lengthens the posssibility of signing deeds I think until the year end rather than only until 01.1.2003 as feared.
Tip of the Month - buy shares in Portuguese paper manufacturers - we are getting through a rainforest a week here!
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guest 4
Notaries
Dear Guest
Sorry for lack of reply. Not dead - just snowed under.
Even well known local lawyers are now having to go to Lisbon and beyond to find Notarial space. There is no easy answer and some out of the way Notaries do not understand the offshore concept and raise weird objections to the documentation supplied from the company (powers of attorney etc)
Have you a lawyer already? If not - try contacting a largish Lisbon law firm like HENRIQUE ABECASIS, ANDRESEN GUIMARÃES & ASSOCIADOS who you can reach on geral@haaag.pt. They may not be the cheapest although maybe cheaper than some local lawyers (!) but they probably will have the clout to get a Notarial appointment. Not much time left before year end now though
Yours - still praying for some breathing space in the Budget!
Sorry for lack of reply. Not dead - just snowed under.
Even well known local lawyers are now having to go to Lisbon and beyond to find Notarial space. There is no easy answer and some out of the way Notaries do not understand the offshore concept and raise weird objections to the documentation supplied from the company (powers of attorney etc)
Have you a lawyer already? If not - try contacting a largish Lisbon law firm like HENRIQUE ABECASIS, ANDRESEN GUIMARÃES & ASSOCIADOS who you can reach on geral@haaag.pt. They may not be the cheapest although maybe cheaper than some local lawyers (!) but they probably will have the clout to get a Notarial appointment. Not much time left before year end now though
Yours - still praying for some breathing space in the Budget!
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Gazza
IMI Eascape to Malta!!
Dear Biff,
Do you know if the Maltese transfers are going to plan and timetable? I have heard that there some delays that could result in some properties remaining on the dreaded blacklist over the cutover period.
G
Do you know if the Maltese transfers are going to plan and timetable? I have heard that there some delays that could result in some properties remaining on the dreaded blacklist over the cutover period.
G