Discussions

Hi everyone, I have a question about mortgages - have any of you dealt with Portuguese bank loans to buy real estate here in Portugal? Imagine such situation: I take a loan from the bank 50,000 eur for 30 years. According to Portuguese law, the monthly payment may not exceed 1/3 of my monthly income (let us say, this will be 1000 eur/month : 3 = 333 eur) Also, the final amount of money I am going to pay eventually to my bank in 30 years, will be about 2 times higher, than the loan itself, so 50,000 * 2 = 100,000 eur. (That's how banks make money out of nothing lol) So, we devide 100,000 eur on 30 years and 12 months, and my monthly payment will be about 300 eur a month. Than's a very rough calculation, I understand, but that's not the point, the point is:   What if I have extra money and I want to pay my loan faster, for example, not in 30, but in 5 years. I know it's not that simple as it seems, and my bank will charge me anyway, but how much?   I mean in case if I pay during 30 years, I lose about 50,000 eur (I pay to my bank about 100% extra), and if I pay off the loan during 5 years only instead of 30 years - how much money, what % do I lose in this case?  

2 interesting and useful articles have been posted by Virginia La Torre Jeker J.D. on her blog: Let's Talk About: US Tax We would draw your attention to these 2: Foreign Assets? Form 8938 Tax Filing Requirement for US Persons 2011 and Later Tax Returns and The IRS Will Soon be Asking Questions PART I — Nominees and FATCA

We are now in the period of preparation of the IRS Tax returns in Portugal so Geoffrey Fletcher, Chartered Accountant, has taken a look at the tax breaks available. His timely and important article, Your Tax in Portugal, can be found at this link: Your Tax in Portugal  The article was first published this month in C, the free monthly newspaper from Cascais Town Council which has pages in English each month provided by AngloINFO. As is usual, due to printing space constraints, a longer, more complete article is made available on our community platform, Cascais Live. 

In need of a solicitor for house purchase, who has worked with and has an excellent reputation amonst the English speaking population here. Post here or email via this site, please.

For our American readers in particular who may have offshore accounts A very interesting article on the blog; Let's Talk About US Tax on the development of disclosure negotiations. The author believes the Program will serve as a template for banks in many other countries. "If you had an undisclosed offshore account in existence on August 1, 2008 you should seek appropriate legal advice. Simply closing out the account won’t help and in fact, can serve as evidence against you – perhaps indicating you had some kind of “intent”, for example, to evade tax"   Click here for the background to this: http://blogs.angloinfo.com/us-tax/2014/01/27/swiss-continue-to-cave-in/ 

Let's Talk About US Tax has published an interesting interview with Bill Yates, recently recently retired from the Office of Associate Chief Counsel (International) (ACCI), Internal Revenue Service. Find it here: If You Go, You Can’t Come Back. The Reed/Schumer Follies-Past And Proposed Anti-Expat Legislation: Interview With Bill Yates, Former IRS Attorney (International) Fascinating stuff !

Just a reminder that, if affected, you will need to provide the DWP - Department of Work and Pensions - with your IBAN and BIC numbers by the end of January 2014. Click here for more: Payment of Pensions and Benefits Changes for British Eurozone Expats

A very informative piece has been published on Algarve Live regarding gambling and includes resources available for people to learn more. Take a few moments to read: Gambling Information Pamphlet Published.

A new press release was published on Lisbon Live regarding Benefit Fraud: No Excuses For Stealing From the Taxpayer. Some very interesting info for everyone.

Have a read of the article over on AngloINFO World: Money. Here is the link to take you there direct: UK State Pension: Important Change to Witnessing of Life Certificates

Like myself, if any other forum members, friends or family are investors in the Axiom Legal Financing fund that went into receivership in February of this year. I would like to hear from you. I am an expat Axiom investor living in Spain and I am currently co-operating with a City of London law firm that feel that an injustice has been done by way of being mis sold the recommendation to invest by Independent Financial Advisors in Axiom. We are currently working towards and have formed a group of like minded Axiom investors here in Spain. So if there are more investors living in Portugal  and would like more information, please email me at  axiomclaimgroup@gmail.com me in the first instance. As we could all help each other. Thank You.

We have agreed the purchase from a UK resident of a property to include the furniture etc.  The seller has now advised that the sale of the furniture is to be "private" and must not be detailed in the promissory contract.  Additionally he wants the the monies for the furniture to be paid direct to him (not through the lawyer) in advance of completion.  He has inferred that if we don't do this he will be liable to tax on the sale of the furniture (even though the promissory contract is quite clear on the amount being paid for the property and the amount for the furniture).  Have asked our lawyer for advice but can anyone else help?  Not very comfortable with this as don't want to fall foulf of the tax authorities.

Virginia La Torre talks about this over on her blog Let's Talk About: US Tax   New Trend? Advisors Turning in Clients With Offshore Accounts?

The Department for Work and Pensions needs to know IBAn and BIC Bank account numbers. See the Money blog on AngloINFO World:  Payment of Pensions and Benefits Changes for British Eurozone Expats

Virginia reminds us in her blog: Let's Talk about US Tax. Please click here:   Despite IRS Shutdowns, Tax Returns Still Due October 15 2013 For Those on Extension

We asre planning our move to the Silver Coast and would like to know how much monthly income we'd need to get by. Two people in a three bed house. What would readers expect us to be paying for; electric, bottle gas heating, water, sewage, any taxes (IMI) broadband and or satellite. supermaket. Thanks for any help.

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

Hi - we are thinking of buying a property in the Tomar area, but have heard some very negative things about taxes and also about inheritance issues.  Can anyone shed light on these  topics, and possibly recommend an English/Portugese lawyer to ensure that we don't get it wrong! Many thanks, Sylvie

There is an interesting Discussion Topic developing on AngloINFO Algarve which covers several areas of recent activity by the authorities and is equally applicable to the Lisbon & Silver Coast area. Please click here to have a look:  http://algarve.angloinfo.com/forum/viewtopic/11896/0/    

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