We are non resdent owners of a small property in Central Algarve and our current Fiscal Rep disburses payments for Water,Electricity and IMI Tax.We understand that Fiscal Representation is no longer compulsory as it was when we purchased the property, hence we are planning to pay for the Services from a Portuguese Account Could someone please clarify what IMI Tax is exactly, is this Portuguese Council Tax ? Thanks,John
Hi Guys, I am looking for open minded accountant who can deal with portuguese taxes, IRS, etc. need advice and proffesional help, person who will work for me not for government . if you know this kind of person let me know how to contact with her/him Many thanks Agata
Hi all, i think i basically understand this - Capital gains on house sale. All gains are potentially taxable in Portugal 25% tax rate for all non-residents 50% reduction of profit then taxed at your personal tax rate for residents / Portuguese. Only exemption - applies to your main home - if you re-invest the sale amount in a new property to be your main home anywhere in the EU - then you have no tax liability. Question - When can you sell that 'new' home and have no capital gains to pay ? I ask because for most of the EU countries there are no capital gains applicable to the sale of your main residence. This is an example of what could happen now Sell main home in Portugal for 500k profit - 100k Buy new house in UK for 500k Sell new house in the uk 1 year later for 450k - loss of 50 k in a falling market Potentially tax owed to Portugal on the original 100k profit or at best the 50k loss is allowed. Or in a rising market sell house in uk for a further 50k profit - no capital gains in the UK - but what rules apply to the portuguese profit invested ? So does anyone know the timescale that applies to the re-investment in main home legislation - i can't find it anywhere on the internet ? Many thanks
Do you have a Swiss Bank Account? On August 29, 2013, the US Department of Justice (“DOJ”) and Swiss authorities jointly announced a landmark non-prosecution program for any Swiss bank that is not a current target of US criminal investigation. On the Swiss side, the agreement with DOJ was signed by the Swiss Federal Department of Finance. The program is designed to encourage all Swiss banks to come forward and admit the role they played in assisting US persons to evade tax. Click here for more info: Easy to Predict the Future – Foreign Banks Will Tell All
A friend of mine, whilst on holiday in Algarve and therefore a non resident and is not familiar with Portugal or AngloInfo has asked my advice....she lost her driving licence for 3months for drink driving after her breath test was in excess of the amount for an on the spot fine. She surrended her driving licence after a court case in Algarve. She has now recovered it after 3 months Her concern is whether she should declare this when she comes to renew her UK car insurance. In other words - does anybody know if the portuguese authorities inform the uk authorities of such an occurence?
My wife and I have been hit with a huge Tax Demand (we are both retired, re Private and State Pensions), different people are telling us different things. Should I pay part of this demand, as we intend to 'appeal-this matter'. Has anyone heard of a FORM that you can apparently get in Portugual (or is it England) called, ****a....DOUBLE INDEMNITY APPLICATION FORM. and any advice on this matter will be most welcome Thank you.......Sapper.
An interesting and very helpful article on What to Do - and What Not to Do if you are looking to buy property has just been published on Lisbon Live by Guest Writers, lawyers Neville de Rougement & Associados. Please click here to read it: Lisbon Live: 5 Do’s and 5 Don’ts to Remember When Buying Property in Portugal
Probably a difficult one but I would really appreciate any local decent lawyer recommendations to assist with a case against my ex employer. Really don't know where to find one as all the lawyers I know seem to just deal in conveyancing. Appreciate any recommendations - central Algarve area.Thanks in advance.
This year I will be spending more than 200 days in Portugal. I do not have a permanent adress, but I understand that I have to register for tax, which I think is fine. I have been looking at different areas, but find it hard to take the decision, and I do not want to buy or rent anything before I find the place I like. Help is apreciated. Thanks
Hi Has anyone completed a Power of Attorney form in Portuguese Have just received one and translated it through goggle translate, but want too double check what needs to be included. ( Cant speck to our translator till tomorrow pm and its a bit urgent!!)If you can help, I will send my translation and if you can let me know what goes in a couple of spaces, i would be so grateful.thanks
For our American Readers: Virginia La Torre has a warning for former US citizens (and possibly former “long-term” green card holders) who are deemed to have expatriated for tax avoidance purposes. Please click here: URGENT NEWS Expatriates – Banned From the US? Senators Reintroduce “Taxpatriate” Bill