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Portugal
OVERALL LOOK AT PORTUGAL LOCATION
• Portugal Western Europe, bordering the Atlantic Ocean, to the west of Spain, The Algarve is at the south western tip of Portugal
• The Silver Coast and Blue Coast are at western edge of Portugal
• 2 hr flight time direct flights from UK & Irelands main airports – Faro International Airport
FACTS
• 10.3m Population of Portugal
• It has one of the highest life expectancy rates in the EU
• Joined the EU in 1986 – Joined the Euro in 2002
• Popular towns include Albufeira, Vilamoura, Vale do Lobo, Quinta do Lago, Tavira, Lagos & Faro
• Huge producer of wine & port
• Over 8 million visitors per year
• Hosted the UEFA football championships in 2004
• Foreign nationals are allowed to buy property in Portugal
• 92,000 sq km in size equal to that of Austria
• Same time as GMT
• 2hrs drive from the east to the west of the Algarve
• Regular visitors:- rich and famous LIVING IN THE ALGARVE
• Strong English community
• Main airport serving The Algarve is Faro International Airport
• Very good infrastructure motorways etc.
• Transport services in place trains, buses, taxis
• Very low cost of living
• Michelin–star restaurants
• French, Mexican, Chinese, Thai, Italian cuisine - basically all cuisines available
• Multilingual doctors, dentists, 24hr pharmacy,
• Modern hospitals, private specialist clinics, with bilingual doctors DESCRIPTION OF THE ALGARVE
• 300 days of sunshine - 32 degrees in summer, 10 degrees in winter
• Over 100 beaches & 59 blue flagged
• Amazing night life, Exquisite restaurants offering some of the finest sea food, fresh from the Ocean
• Shoppers paradise – thousands of designer shops
• 5 star hotel resorts, casinos, long vibrant promenades, Playground for the rich and famous
• Pleasure harbors, Yacht clubs and marinas
• Ancient historic sites
• Museums, castles
ACTIVITIES
• 29 championship 18 hole golf courses, including one of the most famous any where in the world, San Lorenzo in Quinta Da Lago
• hosted the World Golf Championships Nov 05
• Windsurfing, parasailing, scuba diving and sailing-Hiking, equestrian centers and tennis centers
• Local markets INVESTMENT
• Rated in the top 3 investments in the world for investment by channel 4’s “Place in the Sun”, for the last 3 years running
• Capital growth estimated at an average of 15% per annum.
• All year round rental market – Golfers & Tourists
• A proposed new theme park, which will be the largest investment ever seen in Portugal, some 500 hectares in size, with movie cinemas, concert halls, which will undoubtedly bring a huge boost to tourism, and also property prices in the area
• Building guarantees for 5 years – Excellent Quality of build
• Construction period will be 12 - 36 months
• Utility bills approx. €30 - per month - Community charges. €50 - 80 per month
LIVING ON THE SILVER & BLUE COASTS
• Fairly Strong English community
• New airport being built providing easy access to the Silver Coast
• Main airport serving The Silver and Blue Coasts is – Lisbon International Airport
• Very good infrastructure, motorways etc.
• Transport services in place trains, buses, taxis
• Very low cost of living
• French, Mexican, Chinese, Thai, Italian cuisine - basically all cuisines available
• Multilingual doctors, dentists, 24hr pharmacy,
• Modern hospitals, private specialist clinics, with bilingual doctors DESCRIPTION OF THE SILVER & BLUE COASTS
• Temperature in summer, rarely above 30ºC due to winds that come from the sea. Average temperature in winter is 15ºC by day and 8ºC by night
• Dozens of blue flagged beaches, such as Santa Cruz, Porto Novo, Areia Branca and many more…
• Very good night life, Great restaurants offering some of the finest sea food, fresh from the ocean
• Nature lovers paradise- water sports centre (Peniche), sailing on Obidos lake, flying from the Santa Cruz aerodrome
• Pleasure harbours, Yacht clubs and marinas
• Ancient historic sites
• Museums, castles ACTIVITIES • Windsurfing, parasailing, scuba diving, sailing, hiking, equestrian centres and tennis centres
• Local markets
• The most important ceramics centres in Portugal are located in Peniche and Caldas da Rainha
• The region offers several thermal baths: Vimeiro, Cucos, Torres Vedras and Caldas da Rainha
• Professional fishing, and sport fishing, (mainly swordfish)
• Championship standard Golf courses INVESTMENT • According to leading property consultants, Hampton’s International, prices on the Silver Coast are cheaper than the Algarve and half the price of a similar property in Spain
• Estimated capital growth, averaging 20% over the last 3 years
• Planning restrictions, to avoid the excessive over-development which has occurred in some parts of Europe, developers in the area have to obtain strict planning permission
• Very strong summer rentals
• EU property and non-EU prices, leaving plenty of room for growth
• Roads and transport links have been significantly upgraded, and in 2008 construction on a high speed rail line will begin, which will cut the 10hr journey from Lisbon to Madrid to less than 3hrs
• The Eu has pledged a further €22.5 billion into the country over the next 5yrs. The equation is simple: when the infrastructure improves, property prices increase
• The need to expand Lisbon’s airport, an hour south, has been identified in anticipation of increasing passenger numbers in the future. €550 million has been set aside to expand the existing facility, in preparation for the new €3.5 billion Lisbon airport just 25kms from Sao Martinho do Porto, which is set to increase the passenger numbers from their current annual figure of 10.7 million to 33 million by 2039. The airport is due for completion in 2017 and this huge increase in passenger numbers, will result in subsequent increase in demand for quality accommodation through the region
• Building guarantees for 5 years – Excellent Quality of build
• Construction period will be 12 - 36 months
• Utility bills approx. €30 - per month - Community charges. €50 - 80 per month INHERITANCE TAX
• From the 1st January 2004, Gifts or Inheritances received by a spouse, or direct line ascendant or descendant are exempt.
• On all other situations the rate is 10% CAPITAL GAINS TAX
• Capital gains tax 25%
• However, as a company, we would suggest that the clients do their due diligence and check their tax liabilities in their country of origin. (We are not tax specialists) INCOME TAX
• Income tax 15% (depends on income made throughout the year) tax can be off set.
• Double taxation agreement with number of European countries RENTALS
• We have a rental & after sales division
• Rental Market all year round - Long term, Short term – 6%-10% rental yield annually
• Vilamoura € 1000 per week high season = 10 weeks
• Vilamoura € 800 per week mid season = 10 weeks
• Albufiera € 800 per week high season = 10 weeks
• Albufiera € 600 per week mid season = 10 weeks MORTGAGES
• Typical mortgage rates 4%-4.25%
• Mortgages – You can borrow up to 70-80% loan to value on your property and they are available for people up to the age of 75yrs – for 30yrs – with up to 10 years interest only
• Loan to value mortgages on completion
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