ABOUT PORTUGAL
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ONE OF THE BEST PLACES TO LIVE

HAVE YOU THOUGHT ABOUT OWNING A HOUSE IN PORTUGAL?

If you’ve already been here on holiday, why don’t you stay to live?
In addition to all of the reasons that you are already aware of, you should know that Portugal offers attractive conditions for making your investment here.
Imagine living in a country where you can find a huge diversity of landscapes and environments in a small area: sandy beaches as far as the eye can see, golden plains and mountains, vibrant and cosmopolitan cities and a millennial heritage.
Here you can practice water sports, play golf on the best courses in the world, contemplate nature, experience the most novel well-being treatments, or just get out into the country and discover unbeatable heritage, wines and cuisine.

CLIMATE

In terms of climate, our winters are mild and summers are hot and dry. Did you know that the number of hours of sunshine per year reaches values as high as 3300 in the south of the country and 1600 in the north, some of the highest in Europe?

THE PORTUGUESE

The Portuguese are gracious and friendly, welcoming all visitors regardless of where they come from. And, in fact, visitors do come here from all over the world, as the country is located on the western coast of Europe and, as such, is a point of entrance into the Schengen zone. A large part of the population speaks foreign languages, specifically English.

GEOGRAPHICAL

Portugal has an excellent geographical location. At the meeting point between three continents – Europe, Africa and America -, it has always been central to the most important international routes. Here you can find international airports all over the country – Lisbon, Faro and Porto have regular connections to major cities in the world.

Did you know that Lisbon is just two and a half hours away from Paris and London by plane? If you want to discover the beauties of Portugal, the country has a modern road network waiting to be explored: it only takes two hours to get from Lisbon to Porto or Faro, the major cities in the north and south of the country. Madrid is just six hours away.

THE COUNTRY

With almost nine centuries of well-defined geographical borders, a democratic parliamentary regime with political stability prevails in Portugal.

Portugal has been a member of the European Union for 26 years and forms part of the European Monetary System, using the European single currency. According to the World Bank, Portugal is the 43rd largest economy in the world, with one of the highest GDP growth rates over the last 40 years among the OECD countries.

Portugal is the 17th most peaceful country in the world out of a sample of 153 countries (Global Peace Index 2011) and holds 32nd place out of 182 countries in Transparency International (Corruption Perception Index 2011): Portugal holds 32nd place out of 182 countries.

BEST QUALITY OF LIFE

In 2010, the European Consumers Choice Awards rated Lisbon (capital of the country) as the “Best Destination 2010” and in 2011 it was voted one of the 42 cities in the world with the best quality of life, by the Worldwide Quality of Living Survey 2011.

COST OF LIVING

Most foreigners consider the cost of living to be low.
According to UBS (Prices and Earnings 2010), the price indices are attractive:
Food: 68.2 (index: New York = 100);
Clothing: 53.3 (index: New York = 100);
Services: 67.9 (index: New York = 100);
Metro ticket: € 1,40 (journey of approximately 10 km);
Bus ticket: € 1.80 (journey of approximately 10 km);
Restaurant: € 40 (3 course meal in a good quality restaurant).

TAX RULES

Portugal is also one of the best countries for buying a house, because it has clear and transparent tax rules and offers facilities for obtaining residence permits, as part of new legal provisions that are more attractive to foreign investors.

It also has a special regime for non-habitual residents, aimed at attracting foreign investors through very favorable income tax rates.

GOLDEN VISA
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The following information is designed to provide an introduction to the process and costs involved in pursuing a Portugal Golden Visa. Should you wish to proceed with an application Breen Ventures will chaperon you throughout the process organizing, independent legal representation, property search, visits and property acquisition. The Q&A section is designed to cover most of the frequently asked questions however should further detail, in any area, be required please don’t hesitate to contact Robin Johnson (robin@bv-group.co.uk)

OVERVIEW - QUESTIONS AND ANSWERS

1. THE GOLDEN VISA. WHAT IS IT?

The Golden Visa Programme launched by the Portuguese Authorities in October 2012 is a ‘fast track’ for foreign investors from non-EU countries to obtain a fully valid residency permit in Portugal (“Golden Visa”) and, ultimately, be at the doorstep of acquiring Portuguese citizenship.

Under the Golden Visa programme, non-EU citizens simply need to carry out one of the investments set out in the law to qualify to obtain a residency permit in Portugal. This residency permit will allow the investor to enter and/or live in Portugal and to travel freely within the vast majority of European countries (Schengen space).

Aimed at attracting foreign investment to Portugal, the Golden Visa is a very straightforward and flexible programme, with simple and clear legal requirements. With extremely reduced minimum stay requirements, the Golden Visa is clearly one of the most attractive residency programs for investors in the world.

2 - WHAT TYPE OF INVESTMENTS ARE ALLOWED UNDER THE GOLDEN VISA RULES?

The following types of investment qualify for the Golden Visa programme

a) Acquisition of property in the amount of or greater than € 500,000

b) Transfer of funds above € 1,000,000 or more.

c) Creation of at least 10 jobs in Portugal

3 - FOR HOW LONG IS THE GOLDEN VISA VALID?

Once issued, the Golden Visa will be valid for an initial period of 1 year and then will be renewed for subsequent periods of 2 years.

4 - WHAT ARE THE GENERAL REQUIREMENTS THAT THE INVESTOR HAS TO COMPLY WITH?

The Golden Visa Programme sets out that the investor must comply with general requirements applicable to all types of qualifying investments and also with the specific requirements of each type of qualifying investment.

In general, all investors have to comply with the following requirements:

a) Keep the investment for a minimum period of 5 years

b) Funds for investment should come from abroad

c) Entry in Portugal with a valid Schengen visa

d) Absence of alerts in the Portuguese Immigration and the Schengen services

e) Absence of conviction of relevant crime

f) Minimum stay in Portugal: 7 (seven) days during the first year and 14 (fourteen) days during each subsequent period of two years

5 - WHAT ARE THE SPECIFIC CHARACTERISTICS FOR EACH TYPE OF QUALIFYING INVESTMENT?

Each type of qualifying investment has specific characteristics, as follows:

(a) Property Acquisitions

– Minimum investment of € 500,000

– All property types qualify

– Freedom to use, rent or lease

– Purchase of one or multiple properties*

– Possibility of co-ownership*

* provided that total investment per applicant reaches the qualifying amount of €500,000

(b) Transfer of Funds

– Minimum investment of € 1 million

– Funds transferred from abroad to a bank in Portugal

– Total freedom to invest the funds

– Possibility of using the funds to invest in shares of companies

(c) Job Creation

– Creation of a minimum of 10 jobs

– No minimum investment value

– No limitation on areas/activities

– Compliance with Social Security obligations

– Possibility of grants/incentives/benefits

6 - WHAT ARE THE MAIN ADVANTAGES OF THE GOLDEN VISA PROGRAMME?

The Golden Visa Programme will provide investors with the following advantages:

– No need to obtain a visa to enter Portugal once Golden Visa is granted.

– No need to obtain a visa to travel in Europe (Schengen area)

– Living and working in Portugal, even with residency in a different country

– Residency extended to family members

– Extremely low minimum stay periods

– Permanent Residency after 5 years

– Citizenship after 6 years

7 - WHAT IS THE SCHENGEN AREA AND WHAT COUNTRIES DOES IN INCLUDE?

The Schengen Area is a group of 26 European countries that have abolished passport and immigration controls at their common borders. With a resident permit from Portugal, the investor is entitled to enter and travel freely throughout all the countries of the Schengen area.

The Schengen Area includes the following countries: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland.

8 - IS IT POSSIBLE TO EXTEND THE GOLDEN VISA TO FAMILY MEMBERS?

Yes. Under the Golden Visa Programme, the investor’s family members may also apply and obtain a resident permit from Portugal by applying for “family reunion”. The Golden visa will be extended to family members, namely children, spouse and dependent family members.

The family members will also be eligible for Permanent Residency after 5 years Portuguese Citizenship after 6 years.

9 - HOW CAN THE INVESTOR AND THEIR FAMILY OBTAIN PERMANENT RESIDENCY AFTER 5 YEARS?

Under Portuguese Law any person that has held a valid Portuguese temporary residency title (e.g. the Golden Visa) for a period of at least 5 years, will be entitled to obtain Permanent Residency in Portugal.

The investor and family members will have to meet the following criteria in order to be able to apply for Permanent Residency in Portugal:

– Absence of conviction of relevant crime during the last 5 (five) years

– Proof of income / financial independence

– Proof of accommodation in Portugal

– Basic knowledge of Portuguese

10 - HOW CAN THE INVESTOR AND HIS FAMILY OBTAIN PORTUGUESE CITIZENSHIP?

The Portuguese legislation also sets out that any person who has been validly resident in Portugal for at least 6 years (either under a temporary or permanent residency title), is eligible for obtaining Portuguese Citizenship.

In order to be able to obtain Portuguese Citizenship, the investor and family members will also have to comply with the following requirements:

– Be at least 18 years old (or at least 16 but married or legally responsible)

– Absence of conviction of any relevant crime

– Pass a simple Portuguese language test, which will serve to show sufficient knowledge of the language

11 - CAN THE INVESTOR SELL THE INVESTMENT AT ANY TIME IF HE NO LONGER NEED THE GOLDEN VISA?

Yes, but without proof that the investment has been kept, the investor will not be able to renew the Golden Visa Permit.

Subject to a pre-authorisation, it is also possible to sell and replace the initial investment made with another investment which fulfils the criteria necessary for the maintenance and renewal of the Golden Visa.

12- DOES THE INVESTOR NEED TO LIVE/USE IN THE PROPERTY OR CAN IT BE RENTED OUT?

No. The investor does not need to occupy the property and it can be rented out to obtain income.

13 - WHAT ARE THE TAXES AND COST FOR OWNERSHIP OF A PROPERTY?

There are three taxes in Portugal related to property:

a) Payable with the property’s acquisition:

– “IMT” or “Property Transfer Tax”, which is the tax on transfer of ownership of property

– Stamp Duty

Note: The exact amount of taxes to be paid varies according to the actual value of the acquisition(s).

b) Payable on an annual basis:

– “IMI” or Council Tax, which is the annual municipal property tax; it is levied between 0.3% and 0.5% on the property’s tax value (not necessarily coincidental with its commercial value)

14 - WITH THE GOLDEN VISA, DOES THE INVESTOR NEED TO PAY TAXES IN PORTUGAL ON HIS WORLDWIDE INCOME?

No. If the holder of the golden visa does not stay in Portugal for more than 183 consecutive days, he/she will not be required to pay taxes for income generated outside of Portugal.

15 - WHAT INCOME TAX APPLIES TO INCOME GENERATED IN PORTUGAL?

Rental income and income arising from capital (e.g. interest, dividends, etc) and capital gains tax (in the event of a profitable sale of the investment) will be taxed at a rate of 28%.

DOCUMENTATION AND REQUIREMENTS

In relation to the documentary requirements and some relevant supplemental information on the family reunion visa costs, here is the list of documents requested for the application and for the renewal, as well as confirmation of the fees payable:

FOR INITIAL APPLICATION

Criminal Report/Record issued by the country of origin/residence, certified and translated by the Portuguese Embassy of the respective country.
Declaration under oath of honour through which the applicant declares and undertakes to fulfil the legal criteria defined for the investment activity which justifies the visa (amount and timescale of the investment).
Documentary Evidence that the Applicant has sufficient financial means to sustain himself (typically a bank statement showing funds held in the name of the Applicant – amount does not need to be significant).
Portuguese Criminal Report/Record.
Medical Insurance (insurance policy set up in Portugal – this attracts a very moderate annual cost – as an example, €500 provides coverage to 2 persons) – the full policy documents must be delivered.
Full copy certified by a Solicitor of the Applicant’s Passport (all pages).
Declaration of No-Debts to the Portuguese Social Security System.
Declaration of No-Debts to the Portuguese Tax Authorities.
Public Deed of Purchase and Sale or Promissory Contract of Purchase and Sale (in the case of the latter, the deposit paid must be a minimum of €500,000).
Land Registry Certificate showing the property registered in the name of the Applicant (definitively, via a complete sale or provisionally, via a promissory contract).
Declaration issued by a Portuguese Bank confirming that the funds used for the investment are of a foreign source (ie. incoming transfer from outside Portugal).
Proof of payment of the Application Fee.

FOR RENEWAL

Criminal Report/Record issued by the country of origin/residence, certified and translated by the Portuguese Embassy of the respective country.
Declaration under oath of honor through which the applicant declares and undertakes to fulfill the legal criteria defined for the investment activity which justifies the visa (amount and timescale of the investment).
Documentary Evidence that the Applicant has sufficient financial means to sustain himself (typically a bank statement showing funds held in the name of the Applicant – amount does not need to be significant).
Portuguese Criminal Report/Record.
Medical Insurance valid for the 2 year period of the renewal (insurance policy set up in Portugal – this attracts a very moderate annual cost – as an example, €500 provides coverage to 2 persons) – the full policy documents must be delivered.
Full copy certified by a Solicitor of the Applicant’s Passport (all pages).
Declaration of No-Debts to the Portuguese Social Security System.
Declaration of No-Debts to the Portuguese Tax Authorities.
Land Registry Certificate showing the property registered in the name of the Applicant (definitively, via a complete sale or provisionally, via a promissory contract).
Documentary evidence that the Applicant has stayed in Portugal for the minimum period demanded in the Law (7 days during the first year and 14 days in the 2 year period of renewal) – normally, air-plane tickets, stamps on the Passport confirming entry and exit from Portugal.
Residency Visa documentation still valid (card).
Proof of payment of the Application Fee.

COSTS AND FEES

ADMINISTRATIVE/GOVERNMENT FEES

Each application implies the payment of an initial evaluation fee of € 514.80 per applicant and then upon granting of the Golden Visa a final fee of € 5,147.80.

The Golden Visa has an initial validity of 1 year, so at the end of the first year, a renewal fee of €514.80 becomes due on application and then upon granting of the renewal a fee of € 2,573.90, being that the subsequent renewals have a validity of 2 years.

Family reunion visa implies the payment of:

Upon initial application:

– Application fee of €80 for each family member.

– Granting fee of € 5,147.80 for each family member.

Upon renewal:

– Application fee of € 80 for each family member.

– Renewal fee € 2,573.90 for each family member.

COMMERCIAL FEES

Legal Fees

If associated with the acquisition of a real estate property in Portugal, which is the most common route to apply for the Golden Visa, the work involved in the application would be included within the fees normally charged for the conveyance of real estate property subject to the particularities of the Golden Visa programme as follows:-

a) If the Client is sufficiently confident that he/she will obtain the Golden Visa – i.e. that he/she will not fail any of the formal requirements for the application, which is unlikely but a possibility, the property transaction would be completed first and the Golden Visa application made afterwards. In which case a fee would be charged of 1% plus IVA/VAT (@23%) over the value of acquisition of the property.

b) If the Client wishes to have the reassurance that he/she has obtained the Golden Visa prior to completing the acquisition, subject to the Seller agreeing to this proposal – we would seek to have the transaction formalised by signing a promissory contract of purchase and sale which would preview the following conditions:

That a deposit of € 500,000 would be paid into an Escrow Account (normally a joint account between the Client’s legal representative and the Seller’s Solicitor);
That the promissory contract would be registered at the Land Registry, thus allowing the property to be provisionally registered in the name of the Client;
That the transaction would be conditional to the Golden Visa being granted (i.e. if the Golden Visa was not granted, the contract could be terminated and, in that event, the deposit would be refunded to the Client).
The above contractual structure would allow for the Golden Visa application to go in without the full transaction being completed, thus giving a substantial level of security and flexibility to the Client.

Under this proposal a fee of 1.25% plus IVA/VAT (@23%) over the value of the acquisition of the property would be charged.

This fee would be reduced to 1% plus IVA/VAT (@23%) for any property with a value of more than €1.5m

The above proposal includes the translation and certification of any documents in English language and there would not be any additional charges or legal fees for preparation and submission of the “Family Reunion Visa” application for the Client’s family members.

Upon application of each renewal, only a nominal fee in order to assist with the processing of the renewal application would be charged.

BV GROUP FEES

Initial fee of €10,000 which is non refundable in the event that the application process is not completed.

Overall fee for managing the visa application process and securing a suitable property of the property, 2.5% of the property acquisition price.

TIMESCALE

Due to the current volume of applications it is taking approximately 60 days for the Administrative Authorities to approve Golden Visa applications.

APPLY NOW

LIVING IN PORTUGAL
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HEALTHCARE

In Portugal, official services for providing healthcare to the population are organised as the National Health Service. In addition to this public service, there are freely available private health institutions and professionals.

The hospital network is made up of modern and well-equipped units, distributed throughout the country, which have long-standing relationships with the major international insurance companies.

In order to make overseas patients feel more comfortable, hospitals are implementing personalised patient care and monitoring services, with English as the language of communication.

Portugal also has an Integrated Medical Emergency System, which guarantees the fast and accurate provision of healthcare to accident victims or anyone suffering a sudden illness, and rapid response times by the emergency services (did you know that average emergency call response times currently stand at 7 seconds?).

The World Health Report by the World Health Organisation awarded the Portuguese health system number 12 in its ranking.

Where to go?

If you need to use the National Health Service, remember that you can get medical assistance at the local Health Centre nearest to you. In emergency situations, you can use the Hospital Casualty Services (serious trauma, poisoning, burns, heart attacks, thrombosis, respiratory problems, etc.).

In the event of an accident or emergency, phone the European Emergency Number: 112. There is also an information hotline that you can phone to clarify any doubts you may have about health – Linha Saúde 24 – 808242424.

Please note:

If you are a national of one of the 27 European Union countries, Iceland, Liechtenstein, Norway or Switzerland, you must show your European Health Insurance Card (issued in your country of origin) and your passport or identification document in order to gain access to free or low-cost healthcare.

Overseas citizens holding Portuguese residency permits must be registered at a Health Centre and must hold a User’s Card, which may be obtained at the Health Centre by presenting a document showing proof of residence authorisation.

If you need to go to Hospital, the national network of units belonging to the National Health Service is available to you. If you have private health insurance, check whether your company has an agreement with a private hospital outside the public service.

INTERNATIONAL SCHOOLS

In Portugal you can access a high quality public and private education system, which offers the opportunity to learn the third most spoken European language in the world, bridging the gap to places like Africa and Brazil.

If you are looking for an international environment, you should known that international schools can be found all over the country, attended by Portuguese and foreign students. At these schools, students may study international programs such as the “International Baccalaureate (I.B.) programme”, or the “British GCSE and GCE examination systems”, for example.

TRANSPORT

Driving in Portugal

The Portuguese drive on the right hand side of the road. At plazas, crossroads and junctions, unless signposted otherwise, vehicles coming from the right have right of way. Vehicles that are already on roundabouts have right of way. Road signs meet international standards and it is always obligatory to wear a seatbelt.

Driving for people with disabilities

Driving rules affecting people with disabilities only refer to their physical and mental aptitude, which can lead to restrictions or adaptations that must be mentioned on their driving licences. European Community model parking cards, issued by any Member State, are recognised in Portugal.

Car hire

Self-drive car hire services can be found at airports, at main international railway termini and in larger towns and cities. Drivers who have difficulties walking may rent vehicles with automatic gearboxes, or adapted vehicles.

Public transport

Visit www.transpor.pt if you need information about public transport. On this site you can find out what transport is available and interactively combine various forms of transport.

Air transport

Portugal has 11 international airports with high levels of safety, service and comfort. These airports offer regular connections with all European countries and major countries in the Americas and Africa, operated by major flag carriers and low-cost airlines.

Daily regular and low-cost flights to major European capitals are available at Porto airport. The main low-cost airlines offer a significant range of destinations from this airport.

Flights to all European capitals – particularly Madrid, Paris and London – can be found at Lisbon airport, the main airport in Portugal, along with intercontinental flights to the United States, Africa and Brazil. Other highlight is the recent direct flight to Dubai, providing fast connections to all of Asia. In addition, fast and frequent flights leave from here to all other airports in the Portuguese network, including Madeira and the Azores.

Faro airport is known for its low-cost connections to major European markets, particularly the United Kingdom, Germany and Ireland. This wide range of low-cost destinations makes the Algarve a destination that is easy to access.

Funchal airport offers regular direct connections to major European countries. London is the destination with the most departures per week, and there is an emphasis on low-cost operations to this major European capital.

Airoports – Useful contacts

ANA – Aeroportos de Portugal

www.ana.pt

ANA – Airports and Navigation Madeira Area

www.anam.pt

Lisboa – Portela Airport

Tel: 21 841 35 00 / 21 841 37 00

Porto – Dr. Francisco Sá Carneiro Airport

Tel: 22 943 24 00

Faro – Faro Airport

Tel. 289 800 800

Beja Airport

Tel. 284 001 020

Madeira – Funchal – Funchal Airport

Tel: 291 520 700

Azores – Ponta Delgada – João Paulo II Airport

Tel: 296 205 400/ 296 205 406

OPENING TIMES OF MAJOR SERVICES

Find out about the opening times of major services to learn more about Portuguese habits and organise your day-to-day activities.

Banks

Banks are open to the public between 8.30 a.m. and 3 p.m. on business days. There is a national network of ATMs, identified as MB (Multibanco), where you can take cash out 24 hours a day.

Post Offices

In general, Post Offices are open Monday to Friday, from 9 a.m. to 6 p.m. Central and airport offices have longer opening hours, and may be open on Saturdays and, in some cases, Sundays.

Visit www.ctt.pt for more information.

Chemists

Chemists are general open to the public on business days between 9 a.m. and 7 p.m. (some close for lunch between 1 p.m. and 3 p.m.), and between 9 a.m. and 1 p.m. on Saturdays. They are marked by an illuminated green cross when they are on duty during the night.

Information about the closest chemists open during the night is displayed on their doors.

Shops

Traditionally, shops open from Monday to Friday, opening between 9 a.m. and 10 a.m. and closing at 7 p.m. Shopping centres open longer hours – normally between 10 a.m. and midnight – every day of the week. In these centres can be found stores with major international brands, but more traditional commerce, with Portuguese products, can be found in town and city streets, particularly in historical neighborhoods.

SECURITY

List of useful contacts that can be used within Portugal, related to security services, credit cards, post offices and telecommunications operations, among other contacts.

Security – Useful Links

PSP – Public Security Police

www.psp.pt

GNR – National Republican Guards

www.gnr.pt

REAL ESTATE
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Apartments & Townhouses
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    The historic 16th century Palácio dos Condes de Lumiares, from which the property derives its name, is situated in the middle of Bairro Alto, one of Lisbon’s most sought after real estate areas. Enjoying a central and prominent hill-top location, the Lumiares Luxury Hotel Apartments command wide views over Lisbon and its majestic river, the…
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    PRICE – €475,000

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Villas
CONTACT
PORTUGAL

Address:

Apartado 3868 – Almancil 8135-909 – Algarve – Portugal

(351) 91 862 69 75

info@cproperty.eu

UNITED KINGDOM

Address:

Mollington Grange – Parkgate – Road, Chester – CH1 6NP

(44) 845 0946359

robin@bvgroup.co.uk

APPLICATION REQUEST

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