The News | 12 Sep 2015 Make the move

The is known for its stunning scenery, fantastic weather and welcoming atmosphere, so it comes as no surprise that many of the visitors who come to the region during the summer months, often leave eager to return for more.

place in the sun While the Algarve is geo- may seem like a graphically a relatively Adistant dream but small area it boasts a huge in reality, owning choice for property buyers your own property in the both in terms of pricing and Algarve has never been in lifestyle options. easier or more affordable, In the centre of the region especially for those buy- there is the famous Golden ing in pounds who are Triangle region of Vale do able to take advantage as Lobo, Quinta do Lago and it reaches its highest level Almancil, known for being against the euro since the home to the rich and fa- 2007/08 global economic mous of Europe, all looking crisis. for stunning properties, top The Algarve offers many restaurants, exceptional benefits for buyers and golf courses and a truly while the market was hit luxurious lifestyle. during the crisis, it did not Those with more modest suffer as much as other budgets will be spoilt for sunshine destinations choice heading both East such as Iberian neighbour and West along the coast, Spain, largely due to sup- from traditional historic ply never outstripping The stylish interior of one of the many luxury properties to be found in the Algarve towns to fishing villages, demand. modern developments and Now the property market living in a country where whether you are from the national population of the difficult part of moving to even secluded country is firmly back on the up and they may struggle to com- UK, , Holland, Ger- region. the Algarve is choosing properties. the strong signs of recovery municate. There are also many or further afield, with Once you have decided your ideal home, owing to Each area of the Algarve have been boosted since many home comforts that shops and businesses that it is time to make the the variety on the market has its own distinct style the country exited the 78 can be found in the Algarve catering for the truly inter- move, perhaps the most across the region. and feel with real estate billion EU/IMF bailout of agents able to listen to 2011 in May 2014 along- exactly what buyers are side the IMF forecast which looking for and then help- predicts GDP to reach 1.6 ing them to pinpoint not per cent this year. only their perfect property There is no denying that but also the location that the trend for the Algarve will suit their needs and as a place to retire contin- lifestyle best. ues, with the region re- Buying or selling a prop- cently coming top of a erty in a foreign country can Forbes list of best places seem like a daunting task to retire to. to many but the wealth of The high quality health experienced professionals care, reasonable cost of on hand in the region to living and inviting tax ben- help at every stage of the efits for retirees makes the process makes the entire Algarve and Portugal a very experience a positive one easy place to live for those and the friendly and helpful of retirement age. However communities are always the facilities, education on hand to offer advice. system and safe environ- Purchasing a property in ment also makes the Al- the Algarve does not mean garve an ideal place for that you have to move here families to relocate, espe- on a permanent basis and cially those looking to in- for many people it is prefer- crease their quality of life. able to buy a property with Portuguese is the official the intention of renting it language of the country but out for either some or all of English is very widely spo- the year. ken, especially in coastal areas, which makes the Make the move, Algarve an appealing choice for those nervous of A typical Algarve cottage, given a quirky modern makeover see page XVI II The Portugal News • 12 Sep 2015 Special tax status offered by government The Non-Habitual Resident status estab- lishes a special tax re- gime for individuals that transfer their tax residency to Portugal. In order to qualify for this regime, the applicant has only to fulfil the two pre- requisites: - not to have been a tax resident in Portugal in the last five years; - to transfer their effective residency to Portugal in accordance with the applicable tax residency rules (stay in Portugal more than 183 days during each year or have available accommodation in Portugal with intention to establish a permanent Luis Rodrigues - Partner of GPA Law Firm residency) Another important point ers to obtain several tax the descending and as- to mention is that this re- advantages such as the cending lines. gime does not require the exemption from taxation in This regime has the individual to acquire a real Portugal of private pension purpose of stimulating the estate property as the resi- income, dividends, inter- economy through the at- dency may be established ests and royalties received traction of new residents by living in an owned prop- from abroad, or reduced such as qualified profes- erty or by purely living in a tax rate of 20% on profes- sionals and retired people rented property. sional income earned by in an attempt by the Portu- Once granted the Non- qualified professionals, guese Government to cre- Habitual Resident status, amongst others. ate the “Florida of Europe”. applies for a 10 years pe- Furthermore, it is also For more information riod, provided that, in each important to note that Por- please contact GPA: year, the applicant fulfills tugal does not have Inherit- Gouveia Pereira, Costa the conditions to be quali- ance Tax and also ex- Freitas & Associados fied as a tax resident in empts from taxation all Telephone: 00351 213 Portugal. donations given to 121 550 The Non-Habitual Resi- spouses, unmarried part- Email: [email protected] dent status allows taxpay- ners and close relatives in Website: www.gpasa.pt The Portugal News • 12 Sep 2015 III IV The Portugal News • 12 Sep 2015 The Portugal News • 12 Sep 2015 V Eastern Algarve still a hidden gem!

lgarve Manta properties.com) and their satisfaction is number and inland above these Prices in the Eastern retirement home. Properties is a sister company Algarve one and their good repu- areas. Algarve are still low The team look forward to Acompany which Manta Property Manage- tation goes before them. Their office is in the tradi- enough and for British hearing from you. has been promi- ment headed by Celia Their selection of proper- tionally Portuguese beach buyers the exchange rates SALES TEAM; nent in Eastern Algarve Ruas and Monica Domi- ties for sale ranges from resort of Manta Rota which very extremely favourable. [email protected] Real Estate for many ngos who deal with small studios from €65,000 has over 22km of wide Add to this the short flight [email protected] years, headed by Antonio rentals. Euros to large Villas over a family-friendly beach, times from the UK and the [email protected] Neves who is Portuguese (www.algarvemanta.pt) million Euros. stretching from Cacela 5 golf courses within a 15 [email protected] and Sarah Gonçalves who The team is highly dedi- The portfolio stretches Velha to Vila Real de Stº minute drive making a RENTALS; is English. They have two cated and their service from Luz de Tavira to Vila António. great place for a holiday or [email protected] businesses: Property doesn’t end when the sale Real de Santo António on Sales (www.algarvemanta is complete. Customer the far east of the Algarve VI The Portugal News • 12 Sep 2015 Peace of mind with L7

Comprehensive cover, cost effective policies and an unrivalled dedication to providing a personal service to all clients have made the L7 insurance brokerage team the first choice for many in the Algarve.

With over a decade of service to all clients and ways visiting our clients experience in the market specialising in insurance homes to provide quota- and franchise offices in for the expat market. tions for home insurance Lagos, Lagoa, São Brás de “Client satisfaction is very policies. Alportel, Vila Real de Santo important to us and most of “We work hard to build up António and Tavira, the L7 our business comes from strong relationships with brokerage team is in the word of mouth advertising all of our clients who know best position to cover your and recommendations,” that in any situation, we are home, health and auto he said, adding that clients here to help them to find insurance needs across can feel confident as the best solution to any the Algarve. L7 is a part of Fidelidade is Portugal’s problem they might find Portugal’s largest insur- largest insurance company themselves encountering”. ance group Fidelidade having a 30 percent share With regards to their Insurance broker Vitor of the national market. products, Fidelidade has Rocha has built up a repu- “What marks us from our devised a range of insur- tation for himself and his competitors is the close ance policies that cater to team across the region by personal attention we pro- the specific needs of foreign providing the best possible vide by, for example, al- residents. Some of the

Insure your house in Portugal through a leading insurance broker. With 17 years experience , working in the foreign resident’s market. House Insurance

As you may be aware, there is a tendency for more robberies. Can you imagine the damage it may cause to your property if your house is broken into? To protect, your assets from any “unwelcome visitors, we offer Comprehensive coverage and competitive premiums.

We are all over the Algarve, contact us: Contact center: 919 727 870 email: [email protected]

Esta apólice de seguro é um produto da Fidelidade - Companhia de Seguros, S.A., comercializado pela LSETE – Mediação de Seguros Lda, como mediador exclusivo. A entidade mediadora tem sede na Rua 1º Junho, lote 9 – 1º Dto, 8150-111 São Brás de Alportel, registada em 20 de Agosto de 2012, e inscrita no Instituto de Seguros de Portugal com a categoria de mediador de seguros, Vida e não Vida, através do numero 412374199/3. Poderá consultar o registo no sítio do Instituto de Seguros de Portugal (www.isp.pt). A mediadora LSETE - Mediação de Seguros Lda, não tem poderes para aceitar a cobertura de riscos de imediato. O Agente está autorizado a receber prémios The Portugal News • 12 Sep 2015 VII benefits of their health insurance policy, for example, include that Are you Buying or Selling a property? the upper limit to join is 70 years of age; it has a higher financial cover for hospitalisation cover than its With a large property selection, we are covering the Algarve from Alvor to Sagres, Aljezur to Monchique. We are an competitors and higher financial established Estate Agent, operating in the western Algarve in Portugal for more than 25 years. cover for medical assistance. The policy also includes free best doctor option worldwide and Luz Bay Real Estate wel- works with all of the private hospi- comes you and trusts that your tals in the region, as well as pro- visit will be truly enjoyable. We viding cover for sudden illness for will unlock the door to spectacu- up to 30 days in a foreign country. lar properties, exclusive estates This policy and its benefits are and the Algarve’s finest homes. only available through Fidelidade Whether you are looking for a franchises in the region. luxury beach front property, a villa The company’s home insur- with a pool, front line golf resi- ance has the advantage of there dence, an exclusive city apart- being no excess, except in the ment or a traditional countryside case of earthquakes. retreat, Luz Bay can offer an over- Fidelidade also cover corpo- seas property to meet your re- rate insurance, including work- quirements. related accidents, corporate Our team of professionals will insurance for buildings and con- be very pleased to help you find tents, public liability for business the property that meets your and company cars. needs, aiming to provide a per- “Aside from these, we cover sonalised and efficient all other forms of insurance, service.Imagine owning a luxury such as personal car insurance home or playing a superb cham- which includes covering foreign pionship golf course whenever plated cars for a period of up to you choose. These are all privi- one year while they are under- leges that come with being part going the Portuguese matricu- of living in the Algarve. Custom lation process.” This is just a built luxury houses on individual sample of the additional areas sites enjoying magnificent views we are able to cover and if you over the sea. With magnificent have an insurance need we will settings, these are homes truly strive to meet it. worthy of one of Europe’s great Contact centre: 919 727 870 tourist destinations. email: LuzBay Real Estate www.luz- [email protected] bay.com [email protected] VIII The Portugal News • 12 Sep 2015

Or you could buy a property in Plenty of style at Property Styles

London... Property Styles is delighted to announce the inauguration of its new real estate office in and investors, Doug has suc- BROTHEL IN PIMLICO Rua Manuel dos Santos Vaquinhas conveniently located in the centre of Almancil cessfully developed business models and implemented inno- WANTED: Someone with opposite the Loja Munícipe. Property Styles specialises in the promotion and sale of vative marketing strategies for taste, means and a stomach exclusive properties in central Algarve, with a particular focus on the so called Golden some of Europe’s leading estate strong enough to buy this Triangle enclave of Quinta do Lago; Vale do Lobo, Dunas Douradas, and the agencies and negotiated a col- erstwhile house of ill-repute in laboration agreement with Pimlico. It is untouched by the neighbouring luxury developments. Knight Frank. 20th Century as far as conven- Buying property in the Algarve ience for even the basic hu- man decencies is concerned. also requires expert advice. There Although it reeks of damp or are many things to consider when worse, the plaster is coming entering into the purchase of a off the walls and daylight holiday home or investment prop- peeps through a hole in the erty in Portugal, such as legal and roof, it is still habitable judging fiscal obligations and Property by the bed of rags, fag ends Styles’ multi-lingual team is quali- and empty bottles in one cor- fied to help with all aspects of the ner. Plenty of scope for the buying process including Golden socially aspiring to express Visa and Non Habitual Resident their decorative taste and get purchases, which offer many their abode in ‘The Glossy’ fiscal and pension benefits to and nothing to stop them non-residents. putting Westminster on their Selling a villa, apartment or notepaper. 10 rather unpleas- town house in the Algarve without ant rooms with slimy back the local knowledge of an experi- yard. £4,650 Freehold. Tarted enced real estate professional up these houses make can be challenging. As a govern- £15,000. ment licensed real estate agency A classic case of negative (AMI 11078 ) Property Styles advertising from a real estate manages the entire selling proc- agent in London who sold ess on behalf of its clients; assist- thousands of houses this way. ing with all aspects of valuing, The book Brothel in Pimlico is showcasing and promoting an a collection of his ads and was Algarve property until it is sold. published by Tony Halstead & For more information on buy- Colin Lowman, Roy Brooks With a wealth of experience in sales negotiations and a real property business and his pri- ing and selling property in the Estate Agents, Moravian Cor- all areas of the Algarve property estate sales and marketing spe- mary area of expertise is the Algarve, Portugal visit the Prop- ner, 359 King’s Rd, London industry, proprietor Doug Styles cialist. Doug has spent almost 25 successful mediation of property erty Styles website today, SW3 5ES in 1985. is a veteran of luxury property years working in the Algarve sales to high net worth clients www.propertystyles.co.uk. The Portugal News • 12 Sep 2015 IX X The Portugal News • 12 Sep 2015 GPA explainsThe Non- Habitual Resident Regime Portugal introduced the Non-Habitual Resident Regime, a very favourable tax regime applicable to non-resident individuals that intend to establish themselves in Portugal. This regime, applicable to non-habitual residents, aims to attract to the country highly skilled professionals, high net worth individuals/investors and retired people.

The Non-Habitual Resident Model Convention if no double Regime provides exemptions on tax treaty exists between Portu- taxation in Portugal on several gal and the country of source of forms of income, as follows: the income, provided, in this · Exemption on income derived case, that under Portuguese from paid employment, self- domestic rules, such income is employment, dividends, inter- not considered as Portuguese (listed in an order of the Minister even if such pension income is more than 183 days in a year or ests, royalties and real estate source income. of Finance), a 20% flat income deemed to be taxed exclusively have available real estate ac- income obtained outside Portu- • For Portuguese source paid tax rate is applicable. The list of by the state of residency (Portu- commodation in the Country gal provided that such income employment and self-employ- high valued activities includes gal), such income will not be (either from buying or leasing a may be taxed in the country of its ment income deriving from high professions such as architects, subject to tax in Portugal as long property in Portugal). source based on (i) the double added-value activities of a scien- engineers and similar techni- as it is not considered to be ob- Once the Non-Habitual Resi- tax treaty rules or (ii) the OECD tific, artistic or technical nature cians; artists, actors and musi- tained in Portugal in accordance dent status is granted, applicants cians; auditors and tax consult- with the Portuguese tax rules; will have the right to benefit from ants; Doctors and dentists; uni- Be careful to note that in order the tax benefits granted by the versity lecturers; psychologists; to be considered as a non-ha- regime for a period of 10 years liberal, technical and similar bitual resident, the applicant (as long as the residency require- professions; high level company must (i) become a tax resident ments are complied with for each staff; investors, directors and under the Portuguese legisla- year). After this 10 year period, managers; tion, (ii) not have been taxed as a applicants will be taxed in ac- • For pension income, the ex- Portuguese resident in the five cordance with the general per- emption method is applicable as years prior to taking up residence sonal income tax rules, as set out long as such income may be in Portugal and (iii) register with in the Personal Income Tax taxed in its source state in ac- the Portuguese Tax Authorities Code. cordance with the respective as a non-habitual resident. For more information please double tax treaty signed between It must also be noted that for an contact GPA, Gouveia Pereira, Portugal and such State or, alter- individual to be considered as a Costa Freitas & Associados natively, if such income is not tax resident in Portugal for any Telephone: 00351 213 121 550 Tomás Assis Teixeira Pedro Borges Rodrigues considered to have been ob- given year, he will have to be Email: [email protected] Senior Associate of GPA Law firm Associate of GPA Law firm tained in Portugal. Therefore, physically present in Portugal for Website: www.gpasa.pt The Portugal News • 12 Sep 2015 XI XII The Portugal News • 12 Sep 2015 A good time to buy – A good time to sell

2015 has seen continued growth in the property market in the Algarve. Winkworth’s offices in Carvoeiro and Praia da Luz have sold properties to buyers from the UK, France, Scandinavia, Ireland, and Holland.

Investors have come back come earnings. Rental into the market, buying prop- yields of 5% to 8 % are not erties for holiday rental. Ex- unusual depending on the pats living in the Middle East property and its location. and Hong Kong who are As a result of our success planning their retirement this year we are actively and want to be close to the searching for new properties UK prefer to buy in a location to market in Carvoeiro, Praia with a more attractive cli- da Luz, Burgau, Salema and mate. UK, Scandinavian and Lagos. If you are interested French buyers are taking in having your property mar- advantage of the Non Ha- keted on our client base then bitual Resident scheme and why not give us a call for an as usual we have several independent market ap- buyers who are relocating or praisal? In the Carvoeiro planning to relocate for life- area call the office on (00 style reasons. 351) 282 356 952 or (00 351) The holiday rental market 913 398 054 and to contact has also been strong in the Praia da Luz office the 2015 with rental clients com- numbers are (00 351) 282 ing from all over the world 763 902 or (00 351) 913 469 including the USA and 016. Alternatively email Canada, and closer to [email protected] or home, Spain and France. visit our website This, combined with the www.winkworth- usual inflow from the UK, international.com. Ireland, Holland, Winkworth - 11 years suc- and Scandinavia has re- cessfully selling and letting sulted in strong rental in- property in Portugal. And if you are thinking of renting out

1. Visit your prospective 4. If you are thinking of holi- property at least three day lets, find a recom- times before making an mended company to man- offer. Make notes each age the lets and property for time as you’ll pick up things you. you missed on the first 5. Location matters. Make viewing. sure the area you’re inter- 2. Get an objective opinion ested in has a demand for - whether it’s a friend, rela- rented property. tive or partner. 6. Get covered. Some poli- 3. Find a tenant who’s right cies cover additional risks for you. This process is a associated with letting, such two-way street, it’s impor- as emergency repair assist- tant to offer your home at a ance, landlord’s liability and price that will appeal to a rental guarantee. long-term tenant, if that’s 7. Be well informed about what you are looking for. local letting laws. The Portugal News • 12 Sep 2015 XIII Sunpoint properties: Finding your home on the Algarve horizon

Leading a small and international team of dedicated sales staff, the Sunpoint Properties agency has grown out of owner Susana Duarte’s 24-year experience in the Lagos area property market. This experience is why our customers come to us for advice, we know the market and we know what our clients are looking for. We offer our clients an environment where they can decide what is right for them with no pressure, after all we are dealing with people’s dreams!

Based in the heart of Praia da languages between us (Portu- Luz and with a portfolio that guese, English, French, German, ranges from Portimão to Aljezur Dutch and Spanish) and will help and Sagres, we focus on selling in any way we can providing Western Algarve properties. friendly advice and guidance to Many of our customers already benefit both buyer and seller. know exactly where they want to Based on the current demand buy and it is not surprising to hear we are looking to add a variety of that they have been visiting the quality properties to our portfolio. area for years. Others are looking We offer very competitive rates Sunpoint Ref: SP-V334, Complete renovation of a 2bed fishing cottage – 250.000€ to invest and recognise Portugal and market extensively with sev- as a preferred destination for eral international companies to holidays, a lifestyle change or reach buyers at home and retirement heaven. Yet others are abroad. We also have waiting coming to the Algarve for the first lists of customers keen to buy. time and are just discovering Visit our website for further how beautiful and relaxed it is. information or come and meet us We have recently enjoyed a at our office, www.sunpoint.pt surge in sales around Praia da Rua 25 de Abril, Nº2 r/c , Praia da Modernism has caught up with Praia da Luz in this local village house transformed Luz and Burgau, which remain Luz 8600-714 Lagos inside to create a fabulously chic urban pied-a-terre. Cast your eye over the two holiday favourites for regular Tel: 282 763 646 st visitors from the UK and northern Email: [email protected] horizon from the 1 floor living room and be within a few metres of everything the Europe. Our team can speak 6 AMI: 9545 village has to offer including stunning coastal walks right on your doorstep. XIV The Portugal News • 12 Sep 2015 Expert legal advice from solicitor The World’s Largest Real Danielle Shrimpton Estate Company has Solicitor Danielle Shrimpton combines her knowledge of both the Portuguese and the British legal systems to provide expert legal services and peace of mind for clients who may be daunted by the prospect of arrived in The Algarve dealing with the Portuguese legal system.

Anyone looking for legal of conflicting advice about guidance on issues such what you should be doing. as buying property, convey- It can be difficult to navigate ancing, Capital Gains in through recommendations Portugal, wills and pro- without professional advice bate, inheritance tax and and Danielle Shrimpton is rental licences can be able to provide this for each assured of professional client while working to assistance with Danielle ensure that the best inter- Shrimpton. ests of the client are met. As well as holding a Prior to qualifying as a British Law Degree, Portuguese Lawyer via the Danielle Shrimpton is also Classic University at the enrolled in the Portuguese service from Danielle Lisbon Faculty of Law and Chamber of Solicitors, Shrimpton with enquiries Chamber of Solicitors in making her perfectly being answered and cli- 2007 she gained valuable placed to be able to ex- ents being constantly up- experience by working with It is with great pleasure plain procedures while dated about progress in Property Development that we introduce you to KW taking into account both their cases. Companies and Foreign Flash, the 1st KW Market legal systems – often es- Danielle Shrimpton said: Exchange Companies in Centre in the Algarve. In sential when dealing with “I keep clients updated London, Gibraltar and this company we have legal matters pertaining to about their cases with Hungary. Danielle was professionals that more issues involving the UK and news of progress or also Pro-Consul at the than listing and selling Portugal. changes but equally I con- British Consulate in property, create bonds with Being British herself but tact clients when there is Portimão, Algarve. all clients (Owners, Ven- living in Portugal since her no news, to make sure they Visit Danielle Shrimpton at dors or Business Partners). early childhood, she is able know that their case is her offices in Lagos at Our team is strong, close- to assist the English- being dealt with. Commu- Parque do Moinho, Lote knit, good spirited and speaking ex pat commu- nication is key to building 1B, Loja D. extremely focused. Be- nity as well as her Portu- strong relationships and to For further information, cause the one thing is to guese-speaking clients, giving clients confidence please contact Danielle attract clients that choose José Bernardo & Luís Garrocho Operating Principals at KW FlashFlash being fluent in both lan- that their case is priority.” Shrimpton’s office on: us without previous knowl- FlashFlashFlash guages. When you are looking for (+351) 282 080 008, edge of us, and come back because they have done that endorse what we say. You can be assured of a legal advice in Portugal fax: 282 181 164, or email to us for appreciating our good business.We have a Come and discover for prompt and professional you can often be given lots [email protected] work and recommend us record of satisfied clients yourself. Put us to the test. The Portugal News • 12 Sep 2015 XV XVI The Portugal News • 12 Sep 2015

Make the move, vestment. there is an entire industry Some property owners dedicated to meeting the from page I like to handle rentals needs of these buyers and themselves but if you are sellers with everything The holiday rental mar- not in the country then from management, to ket is very strong in the there is the option of hiring currency exchange, finan- Algarve and during the a management company cial planning and bureau- summer months the de- to deal with the day to day cratic services available. mand for quality proper- issues that may pop up Make your move abroad ties is always very high, with rentals. stress free and enjoyable offering opportunities for The large number of and turn to the profession- buyers to be able to gain foreign property owners in als to guide you through an income from their in- the Algarve has meant that this exciting new chapter.

There is no denying that the trend for the Algarve as a place to retire continues, with the region recently coming top of a Forbes list of best places to retire.