Press
Release: Cutting through Portugal’s red tape.
Contact: paul@portugalpropertyforum.com
Cutting through Portugal’s red tape.
A new website cuts through the red tape of new tax laws in Portugal affecting homeowners.
The first fully integrated forum to help homeowners in Portugal address new issues and taxes being brought in now and over the next 2-3 years was launched today.
A new service has been launched called the Portugal Property Forum, driven by the much-publicised new taxes affecting all owners of homes in Portugal.
The man behind it, Nick Ogden, pictured having the red tape cut, explains:
“ My family owns 2 properties in Portugal, in different parts of the country and with different problems to overcome. Whilst the current legislation was formulated back in June 2003, there has been a great deal of speculation, much of it fuelled by the Portuguese government, that there might be a softening of approach prior to the laws coming into force on 1st January 2004.
This has not been the case. The legislation was published in the Diario Da Replubica on 12th November, which means it is now legally binding.
We have been trying to get to grips with the situation for quite some time, and it is not easy. The legislation affects the majority of owners, not just offshore owned property. But our Portuguese friends have been telling us to do nothing. They are weary and cynical of their government’s seriousness to implement any legislation.
There are lots of places for snippets of information, with overlapping and often conflicting views. Whilst we have decided what we need to do, I thought it would be a good idea to set up a forum, where all the facts could be housed for all to see.
The forum also puts matters into context. The Portuguese economy is not in good shape. The tax system was long overdue an overhaul. The new system will affect all property in Portugal, but ‘wealthy’ holiday homeowners provide a soft target.
Amongst the legislation, is the requirement for all non-Portuguese residents to appoint a fiscal representative, no matter how the property is owned. So what, I just give the job to my Portuguese lawyer or accountant. Not that easy. The representative is responsible for all your taxes, and cannot hide behind limited liability.
That does not affect our Portuguese friends but it does affect us. So, in effect, a whole new level of bureaucracy has been introduced, aimed at collecting taxes.
What about the new rating system? This has given the municipalities much greater power. They will ultimately have a highly sophisticated computer system that will, amongst other capabilities, be able to spot anomalies with individual rateable values.
In the meantime, municipalities will be able to collect far higher rates. Most holiday homes are located on purpose built estates such as Quinta Do Lago or Vilamoura. They are easy to pinpoint.
PPF allows those affected to monitor how matters are being dealt with in their area. They can determine what will happen, and when it will happen.
We are also enabling the different communities to interact with each other, in order to demonstrate varying attitudes. There is a growing body of people who question the long-term legality of the legislation. Rather than lots of different groups tackling the government, we provide one forum.”
The Portugal Property Forum web site has news, views and a forum for homeowners to interact and find out the best course of action for them.
Nick, explained:
‘No one is totally sure what how best to protect their assets while complying with the new tax laws, there is no one quick fix but rather a myriad of options culminating in different solutions for people in different circumstances. The Forum will offer people a way to get an overview of the best decision for them, the feedback thus far has been very positive and we welcome the interest we have received form a number of established community groups around the Algarve. We offer our individual members a way of finding out what’s going on and our community group subscribers a personalized web site (free of charge) to help them keep in touch with their members.’
You can see the Forums web site at www.portugalpropertyforum.com
Key features include:
A professionally produced web site and news group dealing with key issues relating to owning property in Portugal.
Kept up-to-date with the new legislation and tax implications as they happen.
Great free forum for community groups to stay in touch with all members even when members may be back in the UK.
About Portugal Property Forum . <www.portugalpropertyforum.com>
Portugal Property Forum has its offices in Harrogate North Yorkshire as well as Obidos in Portugal. It is the finest resource and provider of information about owning a holiday home in Portugal on the Internet.
Contact: Paul Fryer,
A: Portugal Property Forum,
Hedley House,
13 Queen Parade,
Harrogate,
HG1 5PP.
T: 01423 858500
E: paul@portugalpropertyforum.com
W: www.portugalpropertyforum.com
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