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Portugal has long been a popular choice for people, particularly from the colder climates of Northern Europe, looking to purchase a holiday home or a retirement home. Traditionally they have done so using offshore companies, mainly to avoid estate taxes. Unfortunately Portugal, along with some other countries, has made this route considerably less attractive by the imposition of swingeing tax penalties on offshore companies. The magnitude of these penalties can be seen from the examples below,

Real Estate Transfer Tax

This tax is paid by the purchaser, at progressive rates of up to 6% (5% for rural property) on property used exclusively for residential purposes, on the higher of the registered value or the purchase price agreed between the parties. This is usually the purchase price.

For offshore companies this rate has been increased to 15%.

Municipal Property Tax

This is a tax, at a rate set annually, levied by the local authority and based on the registered value. The rates are different for urban and rural properties and the total is typically about 1.6%.

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For offshore companies the rate has been increased to 5%

Tax on a Deemed Rental Income

Where a property is owned by an offshore company, it is treated as having produced a rental income, which is charged to income tax, of one-fifteenth of the registered value.

There are other taxes, which have to be taken into account and these are,

Income tax

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Where a property is rented out, the rent is charged to income tax and on a sale 50% of the chargeable capital gain is subject to Portuguese income tax.

Stamp duty

There is a stamp duty of 0.8% on the transfer of real estate.

Donations tax

Gifts to a spouse, antecedent or descendant are tax- free but other donations attract a tax of 10%

A Solution

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Fortunately there are territories, which are not on the Portuguese black list and by purchasing a property in Portugal through a properly structured corporate vehicle incorporated in one of these locations, it is possible to avoid the penalties on offshore companies. These arrangements may bring with them other benefits such as,

The ability to sell the property in the future without the buyer having to pay Real Estate Transfer tax,
Avoidance of Portuguese capital gains tax on re-sale,
Avoidance of donations tax or inheritance tax
Avoidance of the deemed benefit provisions in U.K. law.

As taxes and the manner in which they are applied change frequently specialist advice should always be taken before entering into any arrangements.

About the Author

The Chesterfield Group provides a full range of trustee, and corporate advisory, formation and management services and invites enquiries. More particulars can be found on our web-site www.chesterfield-management.com

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You may be looking for some extra money to fix up the house, go on a vacation or buy a new car, and you want to take some equity from your home to do it. To do this you could either refinance your home and take some of your equity or apply for an equity line of credit instead. The question is which one is right for you? There are some things to consider about both options when determining how you should obtain the money.

Refinance Your Home

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-Are you currently paying a high interest rate and would like to reduce it?
-Does your lending company charge closing costs or points to refinance?
-Consider that you will be borrowing this money and be paying interest on the full borrowed amount for the duration of your mortgage
-Is the interest tax deductible? Speak with your tax advisor.

Equity Line of Credit

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-You are only charged interest for the money you take out.
-You may repay the minimum amount or additional monies without penalty.
-What are the interest rates? Are they lower then the current mortgage rates?
-Are there any fees associated with opening an equity line of credit with our financial institution?
-Is the interest tax deductible? Speak with your tax advisor.

The increase in the real estate market has provided people the opportunity to borrow money against their residences to generate cash for the things they need. Financial institutions are making it easier for people with equity in their homes to borrow money. If you are looking for extra money and own a home, you may want to consider one of the two options, either refinance your existing mortgage or take an equity line of credit against your home.

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About the Author

Ashlee Hovsepian is the publisher of http://www.anything-loans.com where you can find the right mortgage and refinance companies to finance your mortgage online.

You may freely distribute or publish this article provided you publish the whole article and include this copyright notice and links in full.

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