The guide to spectacular property in and around

Transcription

passion
The guide to spectacular property in and around Quinta do Lago, and the life that goes with it
in association with
2008
l
5th Edition
The World of Quinta do Lago
Quinta
affinity
Welcome
We are delighted to bring you the fifth edition of Passion for Property,
Quinta Properties’ annual guide. We hope you agree that it is not just
another property magazine. It combines fascinating features about
some of the people that help to make Quinta do Lago what it is today,
with valuable information about property buying and selling procedures
for both buyers and vendors, and of course, a window on some of the
wonderful properties we are proud to include in our portfolio.
Despite some difficulties in many of last year’s global real estate
markets, we are pleased to report from our vantage point as Savills’
chosen associates and specialists in exclusive Algarve properties, that
Quinta do Lago continues to offer strong stability and growth.
Growth in our market area is not only the result of carefully
controlled development, but as one of the leading (and most beautiful)
integrated golf resorts in Europe, it remains in high demand.
Quinta do Lago has something for everyone. Young professionals,
retired couples, celebrities and growing families all enjoy the enviable
combination of first-class sports facilities, clean beaches, high-class
shops, top restaurants and wonderful climate.
Our clients come to us from all over the world. We are able to
offer multilingual, informed and individually tailored advice, focusing
on both homes and investment opportunities in Quinta do Lago and
many other choice property areas of the Algarve.
We live and breathe the Algarve and all it has to offer. We hope
we can share our passion for this delightful corner of Europe with you.
Alison Højbjerg and Kerstin Ferreira Dias,
Directors, Quinta Properties
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7
in association with
contents
team players
10
the Quinta connection
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EDITOR
Kerstin Ferreira Dias
EDITORIAL
Kerstin Ferreira Dias
Victoria Walker
Helga Hampton
Julian Williams
PHOTOGRAPHY
Colin Peacock: +44 (0)1454 633 545
DESIGN & PRODUCTION
Village Design, Bristol, UK
+44 (0)117 910 6050
www.villagedesign.co.uk
ADVERTISERS
Edjoia: 289 392 334
Savills: +44 (0)207 016 3740
Bentley: +44 (0)1270 535 032
Quinta Jacintina: 289 350 090
Lifa Design: 289 300 650
Fine Dining In Style: 919 915 366
HTA: 289 435 112
Dunas: 289 392 602
Ecoplay: +44 (0)208 956 2300
Santander Totta: +44 (0)207 621 2660
Jyske Bank: +350 72782
Credit Suisse: +350 20078399
The paper used in this brochure contains
material sourced from responsibly managed
and sustainable commercial forests. It has been
made from totally recyclable, biodegradable
and acid-free material.
like no other place on earth
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safe beach in safe hands
24
world class golf
28
the architect & the entrepreneur
34
for the love of food
38
the magic of Sintra
46
everyone for tennis
54
the art of light
66
portfolio pages
72
financial matters
99
map of Quinta do Lago
113
Quinta Properties directory
114
in association with
Perhaps the greatest single quality that marks out the
team at Quinta Properties is professionalism. It distinguishes
them from other real estate agents in the area and is an
attribute inherent within the entire team.
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Although the business-like drive and devotion to
buying and selling properties undoubtedly comes from the
directors, Alison Højberg and Kerstin Ferreira Dias (they
together enjoy more than 25 years’ experience), each of
the nine-strong team is dedicated to real estate and to
providing the highest levels of service to their clients.
“It is the quality of our service that keeps us at the top
of our market”, explains Kerstin. “We are not just about
selling property. We guide our clients through the buying
and selling process in order to help them achieve their
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objectives. Each of our clients has different aims. For some,
it is all about buying a holiday home in the Algarve and
finding the perfect pool to relax by. For others, it is all about
property acquisition and investment.”
“Our aim is to smooth our clients’ paths to their goals”
she continues. “This means we are dedicated to their
evolving needs from the moment they begin to search for a
property or a buyer, to agreeing the deal and helping them
through the paperwork, to achieve the desired result.”
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“We are proud of the fact that we have built up a great
number of long-term relationships with our clients. Many
people repeatedly return to us, often looking for further
investment opportunities or seeking guidance in selling their
home and finding a new place”, she says. “It is always good
to see people again especially when, as so often is the case
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in real estate, we have not seen them for a few years”.
It is not just developing long-term relationships
with clients that provides evidence of Quinta Properties
dedication to real estate. The agency has also built up a
network of relationships with other national and international
organisations. Most notable of these is their partnership
with Savills – a business association that has prospered for
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more than ten years.
Quinta Properties’ dedication to professionalism can
also be seen in this annual guide. “Passion for Property
is not just another property magazine”, explains Kerstin.
“In addition to showcasing some of the most beautiful
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properties in the area, the pink pages in particular include
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much of the nitty-gritty information on taxation and
legislation that property buyers and sellers need to make
informed decisions.”
“Passion for Property is a good representation of what
we are all about. We are friendly and personal but always
provide professional service and present sensible and
pragmatic advice”, she concludes. n
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team players
1 Alison Højbjerg, 2 Kerstin Ferreira Dias, 3 Debbie Pugsley, 4 Karen Meza, 5 Hannelore Singh, 6 Sigrun Vaz dos Santos, 7 Marco Guerreiro, 8 Lina Rodrigues
meet
the team
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Savills is one of the world's leading
property advisers, with over 180
offices and associates throughout the
Americas, Europe, Asia Pacific, Africa
and the Middle East
Savills International Department
020 7016 3740
savills.co.uk/abroad
From beachfront villas in St Lucia to country
houses in Tuscany, when buying abroad use
a name that is known and trusted at home...
Savills, ranked No.1 UK Property Agent for the eight consecutive year*
*Estates Gazette
With extensive experience of selling all types of international residential property, backed by a multitude of professional
departments, Savills' teams of consultants provide advice on all aspects of sale, purchase, investment, strategy, finance
and mananagement of overseas property
the Quinta connection
Savills’ International Managing Director, Charles Weston Baker,
has over 21 years experience in the international property
world. Here he shares his thoughts on Quinta do Lago and on
the area’s real estate experts, Quinta Properties.
We are proud of the Savills name, which has
Perhaps it is the estate’s desire to get better
become synonymous with luxury residential property
and better. For example, despite being Europe’s
worldwide. Our International Team has extensive
premier location for golf, the courses there continue
experience in selling all types of international
to upgrade and improve. In addition, Quinta do Lago
residential property from ski lodges in Canada to
seems to do this nonchalantly: it never seems golf
apartments in Dubai. Based in London, they work
obsessed. It simply accommodates the needs of
closely with a network of 23 associate agents
all of its different residents quite comfortably, from
around the world. This includes Quinta Properties,
young professionals and growing families to retired
based at Quinta do Lago on Portugal’s glorious
couples and celebrities looking for a perfect retreat.
Algarve coast.
Our strong working relationship with Quinta
Its natural beauty and many luxurious services
make this easy. Excellent quality sports facilities,
Properties stretches over 11 years and continues
exquisite shops and restaurants, perfect beaches,
to grow. We want nothing but the best for our
stunning natural surroundings, wonderful climate,
clients and are never disappointed by our Algarve
cared-for public spaces and a safe and secure
associates. We are pleased to regularly receive
environment combine to create a resort that
positive feedback from them, as well as prospective
appeals to everyone.
purchasers, telling us about the excellent service
they received from Alison, Kerstin and their team.
At a time when there is some uncertainty in
property prices around the world, Quinta do Lago
What sets Quinta Properties apart is their
remains steady and offers a calm and strong
attention to detail: they don’t just assist in the sale
opportunity for investors. I am delighted that,
and purchase of properties, but also go out of their
through the work of Alison and Kerstin and all of
way to smooth the path for people coming into
the Quinta Properties team, we have such a strong
the resort, as well as doing all they can to minimise
presence in one of Europe’s most beautiful and
stress for the vendors.
sought after corners. I look forward to continuing our
Their detailed knowledge of every aspect of life
in Quinta do Lago has further helped to make them,
1 7 D AY S T O C R A F T T H E I M P E C C A B L E W O O D V E N E E R S .
4 . 9 S E C O N D S TO R E AC H 6 0 M P H .
prosperous association with Quinta Properties well
into the future.
without a doubt, our first choice agency.
It’s no surprise to learn that Quinta Properties are
involved in more property sales in the area than any
other agency.
As International Managing Director, I have
THE CONTINENTAL FLYING SPUR.
represented Savills in many luxury resorts and
developments around the world. Few of them have
managed to impress and delight me in the way that
Quinta do Lago has done and continues to do.
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Charles Weston-Baker
Director of Savills International
Residential Department
Pure. Undiluted. A form that catches your eye and beckons it to glide gently down its fluid lines.
Sculpted. Refined. A physique propelled by an exhilarating 6-litre, twin-turbocharged, 552 bhp†
heart. Inside lies a spacious world that envelops you with the finest handcrafted leather hides.
Wood veneers. Sophisticated technology. A paradox of total relaxation and sheer exhilaration.
A Grand Tourer beyond compare. Beyond compromise.
For more information call +44 (0)1270 535032 or visit www.bentleymotors.com
The names ‘Bentley’, ‘Continental Flying Spur’ and the ‘B’ in wings device are registered trademarks. © 2007 Bentley Motors Limited.
Model shown: Bentley Continental Flying Spur, price £117,500. All prices mrrp. Official fuel consumption figures for the Bentley
Continental Flying Spur in mpg (l/100km): Urban 11.2 (25.3); Extra Urban 24.3 (11.6); Combined 17.0 (16.6). CO2 emissions (g/km): 396.
†Maximum power is measured using 98 RON fuel.
fly
Quinta do Lago - like no
other place on earth
World class is a phrase that you hear a lot when
enquiring about Quinta do Lago. The residential estate
and tourist resort is the Algarve’s flagship venue. It is
regularly voted one of the top golfing destinations in
the world and boasts four championship golf courses.
Evidence of world class architecture can be seen
among the sumptuous villas that peer out from behind
umbrella pines.
The nature trails of the famous Ria
Formosa Natural Park will afford you
glimpses of some of the rarest species of
birds in the world, as well as offering you
softly coloured lakes of pink, in the form
of flocks of flamingos. Its status as one of
the most important wetland locations in
Europe is well-known among ecologists,
bird-watchers and locals alike.
The fact that a development can
sit so comfortably alongside the delicate
eco-system of a nature reserve is
testament to the quality and sensitivity
of Quinta do Lago. Building density and
height are low and the entire estate is kept
immaculately clean. As a homeowner in
Quinta do Lago you may arrive to a fully
serviced villa, where all of your needs
have been catered for by a team of
maids, gardeners and specialist
maintenance staff.
It is because such care has been
invested in its maintenance that Quinta do
Lago gets better with each year. Some
resorts can look tired after 20 years, but
somehow Quinta do Lago has retained the
freshness of a new resort. The exquisite
quality of its environment is reflected in
the estate’s property prices. These have
remained strong since its inception and
continue to rise steadily.
With more than 300 days of glorious
sunshine a year, chances are you will wake
up to another beautiful day, where the
naturally warm weather can be tempered
by the cool sea breezes that fan the
fragrance of abundant blossoms along the
gentle valleys formed by the low rolling hills.
Watch the setting sun turn the crashing
rollers of the Atlantic Ocean ablaze as you
stand on a deserted beach, sinking your
toes into the cooling sand.
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Quinta do Lago is a popular destination
among more discerning travellers, so it is
not surprising that you will find plenty of
examples of world leading cuisine here.
Local chefs have plenty to work with in
Portugal’s ‘garden’. There’s fresh fish,
of course, but good local produce also
includes figs, almonds, oranges, honey,
pomegranates and the delightful pastel
de natas, the egg-custard tarts that are
simply a must with a steaming cup of good
strong coffee.
Many people choose to live here all
year round. For others, their privatelyowned villas form the most perfect retreat,
offering sunshine, relaxation and recreation
within just three hours of most of Europe’s
airports. As well as beautiful villas, the
estate has elegant townhouses, wellappointed apartments and an exclusive
luxury hotel.
In addition to golf, if you are seeking
recreation, you will not be disappointed.
From horse-riding along the dunes and
through the nature reserves, to jogging
along a choice of nature trails, sailing,
windsurfing and raising your game with
some professional tennis tuition, there is
plenty to keep you active. Alternatively,
simply sink back in an exclusive spa and
allow any tension to melt away.
Whether you come for a long
weekend, you stay for a summer of
outdoor play with your children, you
choose to work or retire here, or you are
seeking a reliable and profitable investment
opportunity, finding Quinta do Lago will
always feel like an exciting discovery. n
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The Palácio da Quinta Resort and Spa will be the first six star hotel and Spa in
Europe, situated on the fringes of Quinta do Lago. The resort will offer beautiful
one, two, three and four bedroom apartments for sale. Property owners will have
full access to the hotel’s world-class standard facilities and services.
High-end European property developers Imocom are behind this exciting new
scheme. Imocom have an impressive portfolio of prestigious projects including
Lisbon’s award-winning Sony building and the majestic Ritz Hotel.
Europe's first six star resort
coming to Quinta do Lago
The Palácio da Quinta is due to open early 2010. Facilities will include:
PRESTIGIOUS RESTAURANTS
STYLISH WINE BAR
LUXURY SPA AND THERAPEUTIC POOLS
SWIMMING POOLS LOCATED AMID LUSH, SPRAWLING GARDENS
TENNIS CLUB
HEALTH CLUB
GAMES ROOM, CINEMA, GOLF CENTRE, KIDS’ CLUB
MAGNIFICENT BALLROOM WITH ACCESS TO PRIVATE GARDENS
24-HOUR BUSINESS CENTRE WITH FULLY-EQUIPPED MEETING ROOMS
Computer generated imagery. Details may vary.
6 STAR SERVICE
in association with
Quinta Properties are proud to act as selling
agents for the Palácio da Quinta
www.quintaproperty.com
Tel: +351 289 396 073
safe beach
in safe hands
Canada has nine, Ireland
has 81 and the UK (including
Northern Ireland) has 144 Blue
Flag Beaches. In contrast,
and despite having a smaller
coastline, Portugal has 189. One
of these is Quinta do Lago.
At over 40 miles long, the Ria Formosa is the longest
stretch of protected coastline in Western Europe
This is no small feat. The
operate between the beginning
deepening pink skies, with a glass
criteria for being awarded a much
of May and the end of October, a
of champagne in one hand, to
coveted blue flag is tough and
full month before the official start
watch the sunset on a deserted
includes environmental education
of Portugal’s swimming season
beach.
and information, good water
on June 1. However, as Gigi’s wife,
quality, strong environmental
Leonora, explains, if the weather is
to the beach is a day in isolation.
management and excellent levels
good and their operating licence
By day, the beach is a vibrant and
of safety and services. This includes
has been issued, the lifeguards can
fun place to enjoy sun, sea and
a fully operating team of trained
start as early as April or even March.
sand. It is a fantastic location for
lifeguards. Quinta do Lago’s beach
Gigi has been responsible for
This is not to say that a visit
watersports and many people enjoy
is also affectionately known as
the lifeguards at Quinta do Lago
windsurfing, parasailing and jetskiing
Gigi’s beach by locals. Gigi is the
for the past 20 years, but as an
in the Atlantic surf. However, you
larger-than-life restaurateur who
organisation the ISN has a long and
will not find the skyscrapers, shops
for the past 20 years has run the
illustrious history. It was founded by
and nightclubs that you may in
legendary beachside restaurant
Queen Amelia in 1892 and today is
other beachside locations. This also
that also bears his name. As part of
co-ordinated from more than 30
means that your day at Gigi’s beach
the restaurant’s operating licence,
lifeguard stations located around
will not be affected by the noise or
Gigi’s employs the lifeguards that
the nation’s coastline.
litter that can be generated in more
operate along the three and a half
kilometre stretch of golden sand.
Although the team of lifeguards
The lifeguards work in pairs
and spread out along the length
built-up locations.
“We want our beach to be
of the beach, spaced about 350m
clean and our visitors to respect the
are officially trained and run by
apart. At Gigi’s beach, they are
environment”, explains Gigi. “We
the ISN (Instituto de Socorros
lucky. It is rare for them to have
try to promote this with our local
e Náufragos), Gigi takes his
to help anyone and they have not
children and invite scout groups
responsibility for beach safety very
had to complete a dramatic rescue
to several beach trips throughout
seriously. “I want maximum levels of
at all. Part of the reason for this is
the year. They come to clean the
safety, security and well-being for
that Gigi’s beach is never crowded.
beach, study the wildlife and learn
my clients at all times”, he asserts.
Located in a protected area and
about its habitat. It’s important that
This is supported by information
separated from the mainland by a
we teach our children to keep the
posters sponsored by Gigi’s and
320m walkway that carries visitors
environment clean and in return,
the fact that all of the restaurant’s
across part of the Ria Formosa
we make sure that every child has
staff are also able to provide safety
estuary, Quinta do Lago beach
refreshments on all of their beach-
information for beach visitors.
is as romantic as it is idyllic. It is
cleaning expeditions.” n
Gigi’s lifeguards normally
quite possible to lie back under
27
world class golf
at Quinta do Lago
The Algarve has recently been twice voted
to be pinned down to a single hole. Passion for
“Established Golf Destination of the Year” by the
Property insists, and with his mind on the hole, he
International Association of Golf Tour Operators (in
can barely control a grin as he confides that he
2000 and 2006).
adores Hole 8 on the new nine, Corks.
Pinheiros Altos, one of the best and most
“It begins with a difficult tee shot, big dog leg
famous golf courses in mainland Europe’s
left, then right”, he says. “It is a par 5 uphill and
undisputed capital of golf, just got a whole lot
takes a good three shots to reach the green.
better. Thanks to demand, this wonderful, testing
Head too far right or left and you are immediately
course has been increased from 18 to 27 holes.
out-of-bounds, in the trees. You have to take
The most recent nine were opened in January
care. You can’t just blast it without any thoughtful
of 2007 and were designed by a collaboration
placement, but have to play intelligent golf and
of the course director, Brian Evans and leading
work the hole out before you play it.”
Portuguese golf course architect, Jorge Santana
da Silva.
For many properties in Quinta do Lago,
Hooked by his enthusiasm, we ask for
more. He doesn’t take too much prompting
and launches into Hole 8, Olives. “This is a
ownership brings automatic golf course
psychologically difficult hole”, Kenny asserts. “You
membership. This, in turn, brings many benefits
are coming towards the end of the round and
of its own. For example, members of Pinheiros
the 8th green greets you from its island position,
Altos are provided with pyramids of free balls
completely surrounded by water. That’s pretty
on the driving range, discounts in the shop and
scary. It’s as much about getting your mindset
restaurant and pre-reserved tee-times.
right as it is about choosing the right club and
The golf professional at Pinheiros Altos, Kenny
controlling your swing on this one. We find a lot of
Fairbairn, explains part of the appeal: “The Algarve
balls in the water. A few golf clubs too, so I guess it
is a wonderful place for someone who loves golf,
has claimed a few victims in its lifetime.
as there is a 12 month season. For many northern
“Pines has a new 4th hole”, Kenny continues.
European golfers, the only chance of playing a
“It’s an interesting one as it is a short par 5 and
comfortable round in January is if they fly to the
gives the slightly higher handicap players the
Algarve for a golfing holiday.”
chance to be macho and go for the green in two
Kenny is, without a doubt, “someone who
shots; something not normally possible on a par
loves golf”. The Scottish PGA pro has made the
5”. Kenny pauses to laugh. “Though, with a large
Algarve his home and spends the majority of his
lake in front of the green, this of course can be
working life at Pinheiros Altos. He’s a lucky man.
your undoing if you try too hard”.
Pinheiros Altos is a world class course, originally
Pinheiros Altos is not the only fantastic
designed by the famous American designer
golf course in Quinta do Lago. San Lorenzo is
Ronald Fream, in 1992. It hosts the annual
a beautiful course, located close to the nature
European Seniors’ Tour First Pre-qualifying every
reserve’s salt flats. “It’s not long, but tricky”,
November.
explains Kenny. “The front line is very pretty, but if
Each nine-hole course is named after one of
you don’t drive well, you can get through quite a
the local types of trees found in the area: olives,
few balls”. Quinta do Lago South has hosted the
pines and corks. And each presents the golfer
Portuguese Open on the European Tour. “It has a
with different types of challenges. Olives tends
very nice championship layout”, affirms Kenny. “It
to be pretty flat, punctuated by an abundance of
has generous fairways and big greens and offers
water. Pines and Corks are both more undulating
a really enjoyable, but testing, game.
with large, fast greens and a good number of
trees and water hazards.
When pushed for a favourite hole, Kenny
sighs; it’s evident that he prefers to be challenged
“Quinta do Lago North is slightly trickier than
South. Its fairways are tighter with undulations and
it has a few more dog legs, though it is also a very
beautiful course to play,” he adds. n
in different ways by his golf and he is reluctant
"I know I’m getting better at golf because
I’m hitting fewer spectators."
GERALD FORD
30
A warm welcome awaits you!
fly
the architect &
the entrepreneur
An appreciation of the Quinta do
Lago way of life is fundamental
to our success
Vaughan and Wendy Davies are very much part of the local
community and can often be found sipping coffee or having lunch
in the heart of the resort at Quinta Shopping with work associates,
friends and clients.
35
Their relationship with the
Vaughan’s practice, Fraser
and need a bit of extra space to
& Davies Limitada, draws on a
partner in the firm of Fraser Design
accommodate visits from their
team with international expertise,
International, Vaughan initially visited
growing family”.
hailing from Portugal, Venezuela,
the site with Quinta do Lago’s
Understanding the needs of
Greece and, of course, Wales. Their
visionary creator, Andre Jordan, just
a family is central to the thinking of
knowledge of the region and their
ten years after the developer first
Wendy and Vaughan, who have
discovered the lagoon and saw the
raised their own family in Portugal.
relationships with local suppliers,
area’s wonderful potential. One
The couple, who are originally from
of many talented designers who
Wales, moved to Quinta do Lago
have worked on the estate during
from London during the 1980s.
its lifetime, Vaughan worked on
The move made sense. As one
the site’s masterplans and is still
of the principle architects to the
working in Quinta do Lago today,
resort, Vaughan needed to spend
surrounded by his beautiful designs,
increasing amounts of time in the
including many luxury private villas,
Algarve. Wendy joined him and their
the Lakeside Village, as well as
two sons, Tod (17) and Iuean (15),
expertise is in managing these
São Lourenço apartments and the
were born a little after.
services and in adding her own
elegant Hotel Quinta do Lago.
“Quinta do Lago is a wonderful
from project management to
builders and artisans is consummate.
Wendy’s service is expansive.
Wendy Davies Lda employs a
team of administrative staff, maids
and maintenance engineers
and organises pool and garden
maintenance. Wendy’s own
personal touch from sourcing quality
Many of Vaughan’s projects
place to live”, enthuses Vaughan.
local tiles, to organising weddings
are managed by his wife, Wendy, as
“Winter is like spring in the UK. Of
and even transporting personal
part of her Property Management
course there are days of rain, but we
belongings from China! Wendy
Company.
also have amazing, bright, blue skies.
believes her brief is to support her
I love the almond blossom in January
clients’ individual needs in any way
we do", explains Wendy. "Vaughan
and I am a keen, if limited, golfer and
she can. Her work is recorded in
creates the home and I try to make
enjoy playing all the local courses”.
each property’s log book, and may
“There is a harmony with what
sure it works as one, once the
Understandably, Tod and Iuean’s
range from an annual maintenance
owner moves in. Although not all of
UK friends are pretty keen too and
programme of safety checks on
the properties I manage have been
try to visit as often as they can,
designed by Vaughan, many of them
relishing the freedom of the outdoor
boilers and guttering, to individual
have been and I am able to bring
lifestyle and the opportunities to play
my knowledge of that building, from
many different sports from golf to
its first designs to its life today, to
windsurfing.
my clients. Quite often if the house
Vaughan enjoys working with
is sold I continue the management
natural materials, particularly stone
with the new owners because of this
and wood. His eye for detail is not
reason.
confined to a building’s exterior;
“I also keep in touch with many
36
they have become grandparents
estate is a long one. As a young
you will find his signature finesse on
restaurant and golf course advance
bookings.
“If you don’t live in your villa all
year round, it is reassuring to know
that someone is looking after it when
you are not there”, explains Wendy.
“But it is more than that, too. It can
be a real relief to arrive knowing that
of my private clients”, adds Vaughan.
everything from the kitchen floor to
the house is warm in the winter and
“Designing and building a house
the master bedroom’s wardrobe
that there is fresh produce in the
is a long project, it is hard not to
doors. “We will design pretty much
fridge, fresh flowers in the vases and
become friends over this period. In
everything our clients want us to.
all rooms are ready. When you come
addition to that, many clients return
The only areas we don’t tend to look
for a break, it’s great to know that
to me requesting additions to their
at are the furniture and fabrics”,
you can relax from the moment
villas. This is nearly always because
he confesses.
you arrive”. n
37
Casa Velha
for the
love of food
Variously described by a range of
reviewers as “an excellent dining choice”,
“gourmet food”, “fine dining” and “a new
sophistication”, Casa Velha enjoys the skill
and passion of Head Chef and owner,
Yannick Guichaoua.
Originally from Brittany, Yannick’s CV
reads like a Michelin guide to France’s top
restaurants, not to mention some of the
country’s most famous gastronomic and
wine regions. From Champagne to Savoie
and the Dordogne, Yannick honed his craft
in regions that provide some of France’s
greatest local specialities. And it is this skill,
knowledge and love of locally sourced
quality ingredients that Yannick brings to
the Casa Velha kitchens.
Front of house and offering a
genuinely warm welcome, making
each visit feel like a treat, is the
restaurant’s multilingual hostess,
Céline Guichaoua. It is no surprise
to learn that the restaurant has a
strong hardcore of loyal regulars.
Casa Velha benefits from the
unspoken understanding that can
only come from a pairing such as a
husband and wife team. The couple
met 14 years ago while working
together in a chateau in the South
of France. Of course, it was love
at first bite and today they share
everything. They discuss menus –
occasionally a heated subject! –
and enjoy family life with their
two sons and “fin gourmets”,
Pierrick, 11 and Corentin, 9.
A 200 year-old Algarvian
farmhouse, Casa Velha means
Old House. Céline’s soft features
break into a glittering smile as she
describes it: “it has a soul”, she
says.
It is the oldest building in
Quinta do Lago and one of the first
restaurants in the region. Located
in the heart of the resort, the
restaurant is just off roundabout
number 6 and close to Hotel Quinta
do Lago and the Ria Formosa.
The restaurateurs obviously
love the building and they use it to
its full potential, cosily seating diners
around a great open fireplace
during the winter months, while
enjoying the cool night air with
al fresco dining during the summer.
Located in the central part of the
house, the patio is filled with the
delicate fragrance of abundant
blooming bougainvillea and the
soothing sounds of a Moorish
fountain. Nestling firmly on a rocky
hillside overlooking both Quinta do
Lago and the lake, its impassive
exterior is calmly imposing. Inside
the building has been lovingly
restored, with design choices
that respect and enhance the
farmhouse’s history and culture.
40
“I don’t have a particular
favourite food”, explains Yannick,
“because there is always
something interesting in each
world cuisine. I prefer simplicity and
my philosophy is to work with the
finest ingredients”. His menus echo
this. Although perhaps inevitably
French influenced, Yannick also
explores the flavours and dishes
of the region, changing the menu
every season to take advantage of
the freshest produce. One season
may bring you foie gras from the
Dordogne, followed by a breast
of duck seasoned with 12 locally
sourced spices. Another time, you
may enjoy a marinated lobster
salad with the catch of the day,
which could be a filet of sole or a
melt-in-your-mouth sea bass.
The restaurant has a wine list
that is as extensive as it is exquisite
and enjoys wines from Portugal’s
many excellent vineyards as well as
a good number of French classics.
When pressed on what makes
Casa Velha such a success, the
ever-modest Yannick suggests it
is a combination of “the scenery,
the food and the staff”. However,
while this undoubtedly forms the
basis of the restaurant’s quality, it is
the passion through which they are
combined, the essence of Yannick
and Céline’s relationship and the
outstanding panache of Yannick’s
skill in the kitchen that makes an
evening at Casa Velha such a
memorable one. n
"Never drink black coffee
at lunch; it will keep you
awake all afternoon."
JILLY COOPER
fine dining in style
Fine Dining In Style - Gisela Matthijs –
Unipessoal, Lda. is a gourmet catering service
successfully operating in the Algarve for several
going out to a smart restaurant - but why not bring
the restaurant to your home instead?"
Boat catering is a unique service, stretching
years. Our services range from “Fine Dining at
as far as the imagination, with possibilities including
Home” services, when chefs and waiting staff
on-board chefs and full service staff, preparing
enter your home to create a luxury restaurant
dishes in the boat’s galley. So whatever your
experience, to private events and functions
catering needs, Gisela and the Team are ready with
with exclusive cooking for you and your guests.
new ideas sure to impress. The team includes four
Whether you’re hoping to treat a loved one to a
chefs, and in the summer they have additional staff.
surprise candlelit meal, or impress clients with
Our work is also our passion, and we run what
delicious finger-food at a delightful cocktail party,
can best be described as a “tight ship” – Every
our aim is to meet and go beyond your every
aspect of our service is strictly managed, but you
catering and event requirement. Dinner evenings
still find the staff working with a smile. If you would
and cocktail parties form part of the catering
be interested in hearing more about our many
company’s repertoire.
services and possible suggestions for different
“We offer the same quality as a first-class
party scenarios, we would love to hear from you.
restaurant. We enter the client’s house, cook,
Until then, our warmest regards
everything up. It’s great getting dressed up and
Gisela Matthjis and Team
Pictures by Pink Imaging
decorate, supply waiters, and afterwards we clear
Gisela 00351 919 915 366
Sascha 00351 912 807 718
[email protected]
www.finedininginstyle.com
60 minutes
fly
mountain of
the moon
The magic of Sintra
A short helicopter flight from Quinta do Lago
and perched close to Europe’s most western
tip is Sintra, one of the nation’s most precious
Loule Heliport is a 15 minute drive
architectural and historical jewels. Protected
from
doWorld
Lago
from unflattering progress
by Quinta
its UNESCO
Heritage status, the little town has enjoyed fame
and royal privilege for hundreds of years. Lisbon
Every golf course in the Algarve
and South East Spain
Seville
Or Sintra …
The Celts celebrated it with a profusion
of menhirs that still litter the surrounding
countryside. The Romans magically
described it as “the Mountain of the Moon”.
The Moors built a stunning castle here, to
be rivalled only by the summer residence
of the former Portuguese royal family – the
Palácio Nacional. With its distinctive conical
chimneys and a lived-in history that spans
from the 13th to the 20th centuries, the
Palácio Nacional is essential viewing.
Lord Byron and Robert Southey are
among Sintra’s most famous visitors.
In “Childe Harold’s Pilgrimage”, Byron
describes Sintra as a “glorious Eden”.
Fellow English poet, Robert Southey
describes it as “the most blessed place in
the whole of the inhabitable world.” The
19th century Portuguese novelist Eça de
Queirós describes Sintra as ''a trysting
place, and beneath its romantic foliage
noble ladies had surrendered to the arms
of poets.'' Maybe this was what attracted
poets Byron and Southey to its vistas, or
why Cameron Diaz chose to holiday here
with her boyfriend. Then again, perhaps
they were simply seduced by Sintra’s
captivating beauty and the sense of
intimate seclusion that emanates from the
little town.
Narrow, cobbled, medieval streets
radiate out from the royal Palácio, lined
with antique shops, galleries, boutiques
and cafés. Lush vegetation fills the air with
the scent of bougainvillea, mimosa and
camellias. Throughout Sintra and in the
attractive villages that dot the countryside
all around, you can taste the fine local
wines and sample the region’s famous local
pastries, the delicious queijadas.
All around is the architectural evidence
that Sintra used to be the playground of the
rich and the regal. Many country palaces,
great mansions and quintas were built
by the wealthy in the vicinity of the Royal
residence.
48
These include the impressive
Monserrate Palace, the Palácio da Pena,
the Palácio de Seteais and the Quinta de
Penha Verde.
The monumental entrance to the
magnificent Palácio de Seteais is not to
be missed. It was here, in this 18th century
palace that the Convention of Sintra
was signed in 1808 which, according to
legend, gave the palace its name; House
of Seven Sighs. It is now one of Portugal’s
finest five star luxury hotels, offering every
possible comfort including its own private
jet service.
Monserrate Palace was built in
the 1850s for Francis Cook, Viscount
Monserrate, who filled the garden of his
neo-Oriental castle with great palms,
cedars, redwoods, ponds and waterfalls.
The Palácio da Pena is an astonishing
example of Romantic architecture.
Standing on one of the rocky peaks of the
Serra de Sintra, it dominates the skyline
with its fanciful towers and domes. Dating
back to 1839, the palace was inspired by
the castles of Bavaria and was built by
Baron von Eschwege to the specifications
of Portugal’s then King, Consort Dom
Fernando II of Saxe Coburg-Gotha.
Head west out of Sintra and you will
drive under an arch of the Quinta de
Penha Verde. This stunning 16th century
mansion was first owned by one of the
Viceroys of India.
But it is not just the architecture
of Sintra that is breathtaking. Its green,
wooded hills are navigated by frighteningly
narrow roads that spiral around
picturesque hairpins, dominated always by
the shadow of the Serra de Sintra. Rising
high out of the surrounding green, there
is a huge granite block 530 m
(1,700 ft) in height, which separates
Sintra from the dramatic rollers of the
Atlantic Ocean. It is this Serra that best
encapsulates all that is special about Sintra.
It combines the magnificent with the solid
and, with its peaks hidden in the swirling
mist, adds a large dose of romanticism
for good measure. And, as if that wasn’t
enough, it will provide you with such an
amazing view of this beautiful landscape
that the panorama will remain with you,
forever etched in your mind’s eye. n
50
HTA
helicopters
Chauffeur services, sporting events, aerial photography,
or whatever your requirements may be, customer care
is at the heart of everything HTA do.
Heliport just 15 minutes from Quinta do Lago
HTA Helicopteros Limitada
Estrada Nacional 270, Quinta Morgado de Apra
Barreiras Brancas, 8100-227 Loule, Portugal
+351 289 435 112
www.htahelicopteros.com
fly
everyone
for tennis
the Jimmy Stewart
way to get the most
out of your game
“Fun first”, declares Jim Stewart in
answer to the question: what’s the Jim
Stewart Tennis Academy like? “It doesn’t
matter what level you are. Whether you are
four years’ old and a knocking a big foam
ball over a mini-net, or you’re one of the
country’s elite players, tennis should be
fun”, he clarifies.
His booming Canadian twang
resonates around his small office, stressing
the importance of his point. But no matter
how much seriousness he injects into his
big voice, his eyes can’t keep from smiling
and you just know that he practises what
he preaches.
This is not to say that he doesn’t take
tennis seriously. Forget strawberries and
champagne, when tennis can pay for your
education at Princeton or Syracuse, it
suddenly becomes more important than
an excuse for a social gathering.
A string of graduates who enjoyed
tennis scholarships at some of America’s
top universities have Jim’s coaching skills
to thank for getting them there.
54
55
But for Jim, coaching some of the
world’s best does not just stop with the Ivy
League. The Jim Stewart Tennis Academy
in Quinta do Lago currently hosts three
of Portugal’s top players, including Demi
Rodrigues, who is a face of the future with
a ranking on the Junior Ladies’ Tour.
“We look at people as individuals and
help them improve their game, if that’s
what they want”, says Jim. “Different
people want different things from tennis.
We can arrange some great competitive
league games for people. But we also
have a bar, serving a range of drinks and
light snacks. Some of our guests just come
for the social life. We also run several very
successful barbecues over the summer.”
The Academy’s court records bear
out this welcoming attitude. Although
there is a core of regular players, most of
whom are club members, there are a lot of
non-members who just come to play for
short bursts. Most of these are enjoying a
vacation in Quinta do Lago and are either
staying in one of the resort’s nearby hotels
or are the owners of one of the region’s
luxury villas.
The club’s facilities reflect the level
of its most discerning visitor. There are
nine courts in both American Acrylic and
Synthetic Grass. It’s possible to play just a
stone’s throw from the centre of activity
at the club house or you could book a
secluded court in a more peaceful location.
The Academy repairs, rents and sells all you
56
57
could possibly need to play and provides fun
equipment to enhance the skills of children,
such as coloured cones and different sized
ball and racquets.
It is this devotion to the needs of
children that is, perhaps, one of the nicest
things to see around the club. The Academy
has more than 120 children on its books
and runs special programmes with several
local Portuguese and international schools
throughout the year. The children of Quinta
do Lago’s visitors are also welcome and
many make the most of the activities on
offer during their stay.
Children as young as four can enjoy
private or group lessons with specialist
equipment principally designed for their size
and ability. And judging by their interaction
with children, most of the coaches could be
as at home on a summer camp as they are
on one of the Academy’s pristine courts.
The approach of the club’s coaching
has a lot to do with its international heritage.
Run by a Canadian in Portugal with players
that come from all over America and
Europe including England, Ireland, France
and Spain, the club’s focus is unashamedly
international, while maintaining a pride in
the Algarve. “We’re in the best garden in
Europe, with a perfect climate, people,
ocean and food”, says Jim. He’s talking
about Quinta do Lago, but when he adds
“You can’t get much better than this”, he
could easily be talking about his love of
tennis and how that is reflected in
his Academy. n
58
59
Sophisticated home and fashion accessory shops
in the heart of Quinta do Lago
liberate your senses
TOUCH
HELEN KAMINSKI
JULIET DUNN
LE TANNEUR
HEIDI KLEIN
SCENT
SPARKLE
DIPTYQUE
AZUNI
ACQUA DI PARMA CLIO BLUE
ESTEBAN
VINNIE DAY
MILLEFIORI
REMINISCENCE
AMBIENCE
BLANC D’IVOIRE
CARROL BOYES
VINCENT SHEPPARD
MANUTTI
www.dunas-style.com
Dunas and Quintessence, 3 & 5 Quinta Shopping, Quinta do Lago, Algarve
Tel: 00351 289 392602
the essence of dunas
style
Dunas in the heart of Quinta do Lago, already
established as the destination of choice for chic home
and fashion accessories, is expanding upstairs. The
new gallery displays a wealth of beautiful products that
are certain to make your Algarvian experience special.
Gently faded provençal style furniture by Blanc D’Ivoire
is set against soft chalky paint colours by Flamant. Vincent
Sheppard Lloyd Loom furniture mixes bygone charm
with a contemporary edge... and new to the Algarve, crisp
modern outdoor furniture by Manutti is infinitely adaptable,
with solid tables in teak and stone and chairs in deep
natural shades.
To create the quintessential Algarvian alfresco lunch
under the olives, or dinner by the pool, simply add fine
Belgian table linen, colourful handblown glass, pristine white
china and funky pewter tableware. Dress with fabulous
flowers by Parisian designer Hervé Gambs and after dark,
illuminate with glowing lanterns.
Bring the outside indoors with delicious fragrances by
Diptyque and seasonal scents by Esteban, Millefiori and
Kenneth Turner. But it is not just your home that can benefit
from a little indulgence...
Stay cool in a gorgeous hat by Australian milliner Helen
Kaminski and cutting edge eyewear by Tom Ford. For the
men, choose a classic panama, fast becoming a must
have golf accessory! Cover up with an exotic silk or cotton
kaftan by Juliet Dunn or laze by the pool in chic swimwear
by Heidi Klein. Add an element of continental style with a
luxurious leather bag by Le Tanneur or Roberta Gandolfi
and complement with exquisite designer jewellery from
sister store Quintessence, and shoes by French Sole and
Coral Blue.
Of course with the Algarvian sun comes the damage
to our skin... Dunas offers a range of soothing bathtime
luxuries necessary in a hot climate. From Abahna, bath
products infused with essential oils that nourish and
restore. From Provence, fresh, pure fragrances by Place
des Lices and from Acqua di Parma, classic Italian aromatic
scents for men and women.
With a keen eye for detail and quality, owners Judy
and Simon Clayton spend much time sourcing the best
liberate your senses
products from across Europe and beyond. Judy is always
happy to visit your home to help with new designs, the
revamp of an ageing look or simply to give ideas on how
to create a warm and welcoming ambience... the essence
of Dunas.
www.dunas-style.com
Dunas and Quintessence, 3 & 5 Quinta Shopping, Quinta do Lago, Algarve
Tel: 00351 289 392602
fly
divine
water
With more than 300 days of sunshine a year, it is not
surprising that water is a valuable commodity in the
Algarve. But it is not just the Algarve that sees water
in this way. In today’s more ecologically-conscious
climate, water conservation and recycling is
becoming increasingly fashionable around the world.
For example, located in the middle of
and eliminate waste. Ecoplay is certainly
Madrid’s luxury retail district of Salamanca -
able to make a huge contribution towards
known affectionately as the Golden Mile -
both of those aims,” said Jilly Player-Bishop,
and situated alongside stores such as Chanel,
New Business Development Director for the
Dior and Versace, is Aveda’s Lifestyle Salon
company.
and Spa. The salon practises what it preaches
Part of Ecoplay’s strength is the
when it comes to its philosophy of promoting
maintenance-free unit which can be installed
the health of the planet. It does this through a
almost anywhere and can be easily concealed.
pioneering system that recycles water from its
It collects bath and shower water, cleans it and
showers for use in the lavatories, saving them
then transfers it to a storage tank where it is
from using 30% of their clean water.
kept, ready to flush lavatories. The system has
But saving water does not need to be
a storage capacity of 100 litres, which means
the sole preserve of ecologically-minded
that a single Ecoplay unit can provide enough
companies. The latest must-have accessory
water for about 20 flushes.
for your home is the same pioneering system
Through cutting-edge innovations, such
that Aveda placed into their exclusive Madrid
as the Ecoplay system, it is increasingly
salon. The system, which is due to be available
possible for home-owners to represent the
in Portugal next year, has been designed by
sophisticated avant-garde in green living.
Netherlands-based company Ecoplay and
Installing such a system, especially in water-
is distributed in the UK and Eire by Polypipe
conscious areas such as the Algarve, will not
Sanitary Systems.
only ensure that home owners are up with the
Ecoplay’s green credentials are strong.
Just three weeks after it was officially launched
times and are environmentally aware, it will also
enhance the value of their properties.
into the UK market, Ecoplay’s flagship system
scooped a major environmental award; the
Green Product of the Year as voted for by
the Sustainable Building Services Awards,
organised by the Building Services Journal
and Electrical and Mechanical Contractor
magazines.
“The Award judges were looking for
innovative solutions or products that can
help reduce consumption of our resources
HB Systems
500 Chiswick High Rd
London W4 5RG
Phone +44 (0) 20 89 56 23 00
E-mail [email protected]
www.ecoplay-systems.com
hosting talented leather and ceramic
craftsmen, you will find Beau McClellan,
the legendary sculptor and lighting
designer.
Featured in a previous edition of
Passion for Property, Beau is in the news
again for sweeping the board at the 2007
Red Dot Design Awards, collecting four
of the coveted Red Dots. The prestigious
international Award ranks among the
largest and most renowned design
competitions in the world. In 2007
the competition received more than
7,000 submissions from 60 countries.
To achieve four awards was outstanding.
Beau’s Red Dots were all won by
the art of light
The town of Loulé is famous for its
artisans, so it is fitting that in addition to
individual examples of his new Beau
for Brumberg range, designed for the
German lighting manufacturer, Brumberg.
They include the Bomac and Icicle
ranges. Speaking of his inspiration for the
Icicle lights Beau said:
“As a young boy growing up in
Scotland, I was always amazed by the
way light was refracted in the surface of
a frozen loch, how the scratches left by
the blades of an ice skate would reflect
beautifully the colours of the sunset.”
Beau’s work, however, is not limited
to creating beautiful pieces for specialist
manufacturers. His original and exclusive
work, from cascading chandeliers to
handcrafted pieces of furniture and
stunning outdoor water features, can be
found in some of the most discerning
homes around the world.
67
precision design
Perhaps thanks in part to his
studio’s locality, many of his beautiful
pieces are here in Quinta do Lago.
One chandelier uses specially coated
glass to enable it to blend into its
surroundings. Unlit, each tear drop
resembles a mirror reflecting all it sees.
When lit with the latest LED technology,
each drop of glass becomes
transparent. Pure, hand ground
crystals, placed with precision behind
each piece of glass are frosted to catch
the most subtle nuances of colour. The
effect is stunning, only to be further
enhanced by its colour changing ability.
Like a living sculpture, the chandelier
never looks the same.
An ornate balustrade makes a
feature out of a staircase, a night lit
sculpture brings a garden to life long
after the sun has set. Or for an easily
accessible example of his sculpture,
head to the entrance roundabout at
Loule and gaze upon the Municipal
Council’s commission: the Zephyrus.
Beau’s grounding is in art, both
as a sculptor and an art director in
film, advertising and theatre. His move
into lighting is a natural step and it is
unsurprising that he is already being
recognised for his lighting work by such
prestigious awards as the Red Dots.
Mirroring the impact of his
installations, Beau’s reputation far
exceeds his Algarve location.
For more information and
examples of his work, see
www.beaumcclellan.com. n
"Creative design needs
a practical knowledge
of what is possible, while
pushing the boundaries of
what might be possible."
BEAU McLELLAN
When making a purchase as important as buying
a property abroad, whether for investment purposes
or for that second home in the sun, it pays to contact
a bank that knows what it is talking about. This means
LONDON BRANCH
a bank with a solid reputation and, preferably, one that
knows the area you plan to invest in.
Banco Santander Totta SA is a Portuguese
commercial bank which can trace its origins back
to 1843. It is a member of Grupo Santander, one
of the largest financial groups in the world and is
represented by a network of branches throughout
Portugal and the world, including London.
Simon Perks is deputy general manager of
Santander Totta’s London branch. “The majority of
our clients come from the UK and Ireland and are
looking to buy properties in Portugal. We have the
convenience of a London office, while providing a fast
and efficient service because we understand exactly
what our clients are looking for”, he explains.
Simon is not known as “Mr Portugal” for nothing.
“we know the
market, the
procedures
and of course
our clients
needs”
He knows Portugal and in particular, the Algarve, well,
dividing his time between the region and London. He
keeps in close touch with developers, estate agents
and property professionals, and ensures that he is
always up-to-date with local market conditions.
“We are one of the world’s biggest banks with
more than 160 years’ experience in the Portuguese
property market, but we are able to provide a
personal service to clients, including the support of
our bilingual London staff”, he says. This includes
meeting clients in person in either London or Portugal.
The bank currently offers four main mortgage
products including; capital repayment, capital
repayment with an initial interest-only period, residual
and five year interest only. Loans are available in
Sterling, Euros, Swiss Francs, and US Dollars.
The London branch has a strong heritage,
BUYING IN PORTUGAL?
enjoying an established presence in the UK’s capital
SIMON PERKS
for more than 30 years. It is regulated by the Financial
Santander Totta London
Services Authority and the majority of its work
involves providing banking services to individuals and
companies that wish to trade or invest in Portugal.
As part of the Santander Group, which acquired
Abbey two years ago, it is one of the largest financial
Talk to the bank with local knowledge
groups in the world. The bank’s London branch has its
own English language website (www.santandertotta.
Santander Totta arrange mortgages for individuals purchasing freehold land, buildings, apartments and
co.uk), which includes a general mortgage calculator
houses in Portugal. ‘Capital Repayment’ and ‘Interest Only’ Mortgage Loans are available. Stage payments
and a downloadable version of the mortgage
will be considered. All loans are dependent on status. For further information on ways to finance your
application form. n
investment in Portugal contact the Mortgage Department.
The Mortgage Department, Banco Santander Totta SA, 18 King William Street, London EC4N 7BP
t: +44 (0) 20 7621 2660 f: +44 (0) 20 7929 4970 e: [email protected] www.santandertotta.co.uk
Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.
Where a loan is arranged in a foreign currency the Sterling equivalent of your liability under a foreign currency mortgage may be
increased by exchange rate movements. Authorised by the Bank of Portugal and regulated by the Financial Services Authority (FSA)
for the conduct of UK business. The FSA does not regulate loans secured on overseas properties.
70
portfolio pages
a selection from our portfolio of apartments
townhouses and villas in and around Quinta do Lago
Quinta do Lago
Enchanting though they may be, lakeside views are just one of the benefits of this great
location: the beach and several of Quinta do Lago’s best restaurants are also within
walking distance.
Inside, white Italian marble and large French doors flood the rooms with light. A large kitchen
hosts a sunny breakfast area and adjoins a separate laundry room. A pretty guest suite enjoys
a touch of privacy with its own entrance from the outside. The grand sweeping staircase leads to the first floor and four attractive bedroom suites.
The villa sits comfortably in a beautifully landscaped and well-tended plot. The gardens feature
an inviting pool, outdoor dining and BBQ area, and the sprawling lawns stretch all the way down
to the shore of the lake.
Ref: 13008QP
n Bedrooms: 5 suites
This villa will take your breath away. Recently refurbished to an extremely high
specification, the sumptuous interiors are as exceptional as they are chic. Polished
wooden floors, enormous bathrooms and indulgent dressing areas have all been
finished with a careful touch.
Situated on a magnificent double plot in a popular area of Quinta do Lago, massive gates and
an impressive driveway lead to a bright courtyard surrounded by old umbrella pines, olive
trees, lush greenery and a beautiful water feature.
On the ground floor, two elegant staircases lead to the upper floor, where the two master suites
enjoy a private terrace. The ground floor hall opens onto a palatial lounge, where tall French
doors invite stunning views of the gardens and the mirror-like overflow pool. At the centre of the
lounge, a fireplace creates a focal feature and separates it from the adjoining dining room.
The roaring fire can be appreciated from both sides.
n Built area: 659m2 n Plot size: 2500m2
in association with
Ref: 10062QP
Tel: +351 289 396 073
74
Quinta do Lago
n Built area: 637m2
n Plot size: 4745m2
in association with
Tel: +351 289 396 073
75
Quinta do Lago
Quinta do Lago
This fabulous property is perfect for entertaining.
Approach the property via an impressive long driveway and enter through the double-fronted
wooden doors. The grand, though light and airy, social areas all enjoy excellent views over the
Quinta do Lago golf course, as well as the property's own luxuriant grounds and swimming pool.
A generous basement houses a wine cellar, games room or study and a bathroom.
The charming, well-appointed kitchen leads into a separate dining room. Two of the guest
bedrooms are on the ground floor, while on the upper level you will find two further, charming
guest rooms. The beautiful master suite leads out onto a large, private terrace, which calls out
for summer breakfasts of coffee and pastries under the cool blue sky.
Ref: 16041QP
n Built area: 692m2
Located at the end of a peaceful cul-de-sac, this immaculate property could not be
placed any better: surrounded by lush, landscaped gardens with fantastic views of the
golf course and pine woodland beyond.
Large sliding doors and tall windows allow for a delightful, bright atmosphere, which is enhanced
further by white stone floors and elegant naturally finished interiors, where beige fabrics contrast
beautifully with dramatic black lacquer furniture. An open lounge and dining room are set off by a
cosy wood-burning fireplace. Three individually-styled en-suite bedrooms all with direct access
to terraces, along with a designer kitchen, complete the ground floor.
The upper level hosts a sumptuous master bedroom flanked by terraces, a large dressing area
and an impressive oversized bathroom. The master suite also features a separate office. The
spacious basement contains a charming studio apartment with its own entrance as well as a
large garage and laundry/utility room.
n Plot size: 2400m2
Quinta do Lago Golf Membership available.
in association with
Ref: 31022QP
n Bedrooms: 4/5 suites
Tel: +351 289 396 073
76
n Built area: 420m2
in association with
n Plot size: 1755m2
Tel: +351 289 396 073
77
Quinta do Lago
Quinta do Lago
This luxury villa ticks all the boxes: it is quite simply a beautiful home, with lovely views onto
the golf course, in a great location within Quinta do Lago.
Recently redecorated in a contemporary style, this villa is delightfully finished. It has 4 guest suites
and a master suite. The warmly inviting reception rooms lead onto the terraces and manicured
lawns of the garden and pool area. The spacious kitchen is first class and well appointed. It is
adjoined by a separate laundry room. The large basement houses a fifth bedroom suite, which
could easily be used as a guest suite or granny flat. It also has a handsome study /TV room and
a big garage.
Outside, the garden has been beautifully landscaped and includes mature plants and pretty
sitting areas, with an additional adopted and fully landscaped garden area which creates a
wonderful feeling of space and privacy.
Quinta do Lago Golf Membership included.
in association with
Properties like this are rare jewels in real estate. Stunningly designed with an artful
combination of futuristic technology, natural materials and ultra-modern furniture, it is
stylish and inviting. Steel and glass elegantly meet traditional marble, Brazilian hardwood
and state of the art accessories. Soft textiles in mauve, beige and gold convey a sense
of ethereal beauty.
Black marble steps lead to the tall entrance door, which opens onto a sky lit central courtyard
with enchanting water lily fountain. To the left is the stately lounge and dining area, with a
high vaulted ceiling and imposing Italian steel chandelier. Tinted glass sliding doors give an
unobstructed view of the infinity pool, Jacuzzi and Quinta do Lago Golf fairways.
An elevator glides up to the bedroom suites, all of which lead to huge, wooden terraces.
A vast basement contains two further guest suites, a 12-seat cinema, office, gym and a
garage for six cars.
Ref: 31033QP
n Bedrooms: 4/5 suites
n Built area: 325m2
Ref: 27001QP
n Plot size: 1630m2
Tel: +351 289 396 073
78
n Built area: 801m2
in association with
n Plot size: 1875m2
Tel: +351 289 396 073
79
Quinta do Lago
Quinta do Lago
The address of this magnificent, traditional villa is one of the most exclusive and
prestigious within Quinta do Lago. Overlooking the world class championship San Lorenzo
Golf course, it is surrounded by lush beauty - a perfect setting for this elegant home.
In the heart of Quinta do Lago, the design of this magnificent, grand villa pays
outstanding attention to detail and no expense has been spared in creating a getaway
of memorable proportions.
The villa has been designed along traditional Portuguese lines with modern elements
successfully incorporated to create a very special style. Opulent and beautifully tended gardens
surround the heated swimming pool, outdoor kitchen and BBQ area, creating the perfect spot
for alfresco relaxing and entertaining.
This property lends itself to relaxation and entertaining with elegance and privacy. It enjoys a
double plot allowing future owners to further develop the site with another villa or guest house.
A sense of large and elegant space envelopes you from the moment you enter. A grand
staircase leads to an upper gallery. Five beautifully-appointed bedroom suites and the elegant,
open plan dining room and lounge allow sunlight to flood in through tall, arched windows.
The large, contemporary kitchen is lavishly designed with an integrated dining area.
In addition to five exquisite bedroom suites, there is a splendid open-style living and dining
room complete with Roman columns. There is a designer kitchen, wine cellar, safe room and
a bar and piano lounge - in short: all comforts and sophistication any discerning individual
could hope to call his own!
Ref: 19036QP
Ref: 10027QP
in association with
n Built area: 500m2
Tel: +351 289 396 073
80
n Built area: 600m
2
n Plot size: 6000m2
in association with
n Plot size: 2000m2
Tel: +351 289 396 073
81
Quinta do Lago
Quinta do Lago
Pinheiros Altos
Pinheiros Altos
Surrounded by mature pine trees, this beautiful villa boasts a private and tranquil setting
with plenty of outdoor living space.
A combination of traditional Portuguese elements and modern elegance gives this
beautiful home a very special ambience. High ceilings, natural terracotta floors and bright rooms give the feeling of light and airy
spaciousness throughout this luxury villa. Large, elegant reception rooms open out onto the
carefully manicured gardens. The designer kitchen has top quality finishes and leads through
double doors to the stylish dining room.
The tastefully designed rooms allow style, tone and textures to work together in perfect
harmony. Tall arched doorways invite sunlight to illuminate the spacious interior. All ground floor
areas provide access to covered terraces, the pool and the lovely manicured gardens. A large
basement features a study or games room and a garage.
This wonderful home with three attractive, well-appointed guest suites, is spacious enough to
comfortably entertain holiday guests. The upstairs master suite features a large, west-facing
terrace and luxurious en-suite bathroom. The fantastic gardens and inviting pool are beautifully
linked to the house.
A wide staircase ascending to the first floor leads to a charming, generously-sized master suite
with dressing area and elegant bathroom. Magnificent views over the Pinheiros Altos Resort
and golf course can be seen from its terraces.
Pinheiros Altos Golf Title included.
Pinheiros Altos Golf Club Membership included.
in association with
Ref: 26004QP
Ref: 26060QP
n Plot size: 2070m2
Tel: +351 289 396 073
82
n Built area: 477m2
n Built area: 396m
2
n Plot size: 1730m2
in association with
Tel: +351 289 396 073
83
Quinta do Lago
Quinta do Lago
Encosta do Lago
Pinheiros Altos Apartment
This superb family villa is set within beautiful gardens and enjoys easy access to the
resort’s tennis courts and freeform pool. The excellent Tucano’s Restaurant, water sports
lake and the beach are within easy walking distance.
This charming apartment in the prestigious Pinheiros Altos Golf and Leisure Resort has
everything you could ask for to make a stay in the famous golf and leisure resort just
about perfect.
The villa has a large welcoming entrance hall, a beautifully designed kitchen with family dining
and living area. There is an impressive lounge with fireplace leading into a study and lovely views
out over the pool. On the ground floor there are two bedroom suites and the large master suite
on the first floor which leads out onto a sunny terrace and overlooks the pool and beautifully
landscaped gardens.
On the first floor of a small apartment building in the Village, it is only two minutes away from
the club house, golf course and driving range and just across from the communal pool and
snack bar.
Upstairs there is also the 4th bedroom suite. In the basement there is access to the garage as
well as plenty of space for a games room and storage. The whole house has
been wired for a central sound system and has air conditioning.
A large terrace provides lovely views, surrounded by immaculately kept communal gardens. The living room and dining area are beautifully decorated and furnished. They give the
apartment a tasteful elegance, while still feeling cosy and comfortable. Both bedrooms are
good sizes, bright and sunny and have modern, well-appointed en-suite bathrooms.
The well-designed kitchen is fully equipped.
Golf membership to Pinheiros Altos Golf Club included.
in association with
Ref: 50135QP
n Built area: 520m
Tel: +351 289 396 073
84
2
n Plot size: 1325m
Ref: 26143QP
2
in association with
n Built area: 200m2
Tel: +351 289 396 073
85
Quinta do Lago
Quinta do Lago
Lakeside Village
Residencia
Residencia is a small, exclusive development, just minutes from the beach in
Quinta do Lago and close to all of the estate’s excellent facilities. It consists of
4 bedroom villas nestled within sub-tropical gardens, which spread out around
Residencia’s own large, freeform pool.
At time of going to print, we are proud to be able to offer two of the villas for resale.
Please let us know if you would like to receive further information on current availability.
This delightful southeast facing villa is set at the end of a quiet cobblestone cul-de-sac in
the popular Lakeside Village Resort in Quinta do Lago. The villa benefits from an unusually large plot and adjacent green belt which ensures total
privacy and tranquillity. All day sunshine invites relaxation around the pretty pool or in the shade
of lovely mature trees in the delightful gardens that gently slope down towards the golf course.
This property is built on three levels and contains three bedroom suites and an open-style living
and dining area with a fireplace. The large basement is ideal for a games room, home cinema
or additional guest suite as it benefits from natural light. Lakeside Village facilities include a
reception, communal swimming pools and tennis courts and is just a short walk to the lake and
Quinta do Lago’s long, sandy beach.
Ref: 51425QP
in association with
Tel: +351 289 396 073
86
n Built area: 230m
2
2
n Plot size: 496m + adopted land
in association with
Tel: +351 289 396 073
87
Quinta do Lago
Quinta do Lago
Monte da Quinta
São Lourenço Apartments
Located within one of Quinta do Lago’s latest developments, this charming villa is the
ideal family holiday home. It is spacious, comfortable and beautifully decorated. The
development also offers excellent facilities for families including a 24hr security service.
The main ground floor living areas lead directly out to the pool terrace. There is also a modern
kitchen, separate dining room, cloakroom, TV room and an en-suite bedroom. Upstairs there is
an elegant master suite, which has a separate dressing area leading to a lovely terrace. There
are also two attractive en-suite guest bedrooms.
These apartments enjoy a spectacular location. Totally surrounded by the famous
San Lorenzo Golf course and its beautiful lakes, they all benefit from lovely views and
undisturbed tranquillity.
At Quinta Properties we regularly feature these apartments within our Portfolio and are
proud to be able to offer some of the 1, 2 and 3 bedroom apartments for resale. If you are
interested, please do contact us.
Onsite clubhouse facilities include a large communal pool, indoor pool, children’s pool, gym,
restaurant and bar, a kids’ club and beauty salon. There is also a fully manned reception and,
while not in use by the owners, the property can easily be rented out.
Ref: 52062QP
in association with
n Built area: 285m2
Tel: +351 289 396 073
88
n Plot size: 560m2
in association with
Tel: +351 289 396 073
89
Vale do Lobo
Eastern Algarve
Designed to the highest specification, this brand new luxury villa has been built with
exquisite attention to detail. Everything from its position, with breathtaking views of the
Atlantic Ocean, to its interiors, which enjoy a designer-touch, have been hand-picked with
great care.
The elevated plot is situated in the newer part of the Vale do Lobo Golf, Beach and Spa Resort
and overlooks the fairways of one of the two championship golf courses. Floor to ceiling sliding
doors provide easy access to the tiled pool-side terraces and complement huge windows.
Together they bathe the interiors with glorious, golden light.
Generously-sized rooms have been tastefully decorated and furnished with neutral colours
and quality materials, including natural wood floors and marble finishes. The highest standards
of technology can be found throughout the property and three guest suites provide ample
opportunity for entertaining.
in association with
n Built area: 270m
Tel: +351 289 396 073
90
Step inside through the beautiful, large, solid wood entrance doors and you will find a modern,
bright, spacious interior of exceptional quality. Through a sensitive application of detail, the
high-ceilinged, contemporary style fits perfectly with the exterior.
Spread over a single level, the villa has 3 bedroom suites, a spacious living room and a
designer kitchen with open-style dining room – perfect for entertaining. A covered outdoor
dining area overlooks a serene, dark blue overflow pool and sublime, ample gardens with
1000 year-old olive trees, fig, citrus and oak trees. Water features, walkways and numerous
sitting areas from which to catch the first morning sun or the last rays of the setting sun.
Ref: 08013QP
Ref: 77152QP
From the outside, this villa could be a stately, old, Portuguese farmhouse, stunningly
located on a gently south west facing slope with private views of the Tavira coast and
the sea.
2
2
n Plot size: 1267 m
n Built area: 270m
2
in association with
n Plot size: 26,620m2
Tel: +351 289 396 073
91
Central Algarve
Central Algarve
Designed and constructed with state-of-the-art technology and materials, this
extraordinary property is one of the most impressive estates to appear on the Algarve
coast in recent memory. Conveniently located just 20 minutes from Faro international airport and set in the beautiful quiet
countryside with lovely views down to the Atlantic Ocean, it is surprisingly close to the Vilamoura
and Quinta do Lago golf courses, beaches, marina, numerous restaurants and all amenities.
In addition to five luxurious en-suite bedrooms and delightfully elegant, bright living areas, the
property also features: a library with stone fireplace, gymnasium, snooker room, home cinema,
steam room, latest demotic intelligent system with remote access and 12 person Jacuzzi. The
sprawling, yet carefully tendered and manicured gardens have been designed for relaxation and
play. They include: a large oriental gazebo, golf putting green, sand bunker and tee area, orange
and lemon grove, and a vast freeform, heated swimming pool with waterfall and integrated bar.
in association with
Walled, exquisitely landscaped grounds feature a huge heated pool and outside dining
room, complete with log fireplace for al-fresco dinners on romantic autumn nights. The
property's own borehole ensures that the sweeping grounds are kept well watered and
lush throughout the seasons. The manor was built in 2006 to the highest specifications and features traditional wooden
and Italian stone floors, a brand-new Bulthaup kitchen and Philippe Starck bathrooms. Beautifully
proportioned rooms enjoy coffered ceilings, ducted air conditioning and under-floor heating.
Five large bedroom suites, a fine dining room, drawing room and spacious sitting room are
all adorned with fireplaces. As you would expect, there is a wine cellar on
the lower ground floor.
Ref: MDYCCQP
Ref: MMORSQP
n Built area: 750m2
Tel: +351 289 396 073
92
This is a charming estate, built in the style of a traditional English manor house, set on
majestic grounds with sea and country views. The Quinta do Lago Golf and Leisure Resort
and all amenities are just minutes away. n Plot size: 3740m2
n Built area: 710m2
in association with
Tel: +351 289 396 073
93
Central Algarve
Golden Triangle
Ten minutes from the coast, this charming quinta is set in the hills overlooking the Golden
Triangle in a secluded and quiet location within an 8,000 acre area of protected land.
The magnificent combination of Portuguese manor house combined with the extremely
tasteful modern living and design, makes this a property second to none and a definite "must
see". Breathtaking views can be seen from the many terraces around the property. Beautifully
manicured gardens with a stunning infinity pool overlook the valley below - a touch of paradise!
A spacious living room with gallery, three en-suite bedrooms and the charming kitchen all have
wood burning fireplaces. Natural stone walls throughout the villa add character and convey a
sense of traditional country living. There is a separate guest annex, study, wine cellar and two
BBQ areas for 'al fresco' dining - simply perfect for the easy Algarvian life style.
One of the most striking features of this impressive contemporary villa is the size of the plot,
with lovely country views that can be enjoyed while swimming in the overflow saltwater
pool, or relaxing in the mature and manicured gardens. Although located away from bustle,
the villa is within minutes of Quinta de Lago and Vale do Lobo.
Top quality finishes, from the stone and oak floors through to the beautiful details in the designer
kitchen and bathrooms are second to none, and all include the latest technical must-haves.
A large entrance hall invites you into an expansive living and dining area with floor-to-ceiling glass
doors that provide gorgeous views over the pool and garden. There is a generously sized master
bedroom suite on the ground floor with three further bedroom suites and an office upstairs.
A gym, sauna, play room and a pre-installed home cinema put the finishing touches
on this extraordinary home - country living at its best!
Ref: QCVCRQP
in association with
n Built area: 384m2
n Plot size: 4000m2
Ref: CMOCGQP
Tel: +351 289 396 073
94
n Built area: 749m
2
in association with
Tel: +351 289 396 073
95
Golden Triangle
savills.co.uk/abroad
Countryside living, in the heart of the village Beautifully restored 15th century watchtower
Luberon, Provence
Umbria, Italy
A few km from Luberon, with a view of the
church � 2 reception rooms � kitchen �
6 bedrooms
Guide price £1.35 million
SAV4822
Savills International 4 bedrooms � 3 bathrooms � 4 reception rooms � Savills International
[email protected] kitchen/breakfast room � swimming pool �
[email protected]
020 7016 3740 7 acre garden � fruit & olive grove �
020 7016 3740
unspoilt views
SAV4989
Varandas do Lago
This is a beautifully built contemporary villa, with a wonderful location between Quinta
do Lago and Vale do Lobo, close to the golf courses and beaches. Large rooms with high ceilings and windows allow natural sunlight to flood in from all sides.
Quality natural materials, hard wood and polished stone, give the property a sense of style
and elegance. All ground floor social areas have access to the garden and pool, and there
is a stunning Bulthaup kitchen adjacent to a family dining area.
Two of the bedroom suites are located on the ground floor. There is a third guest suite upstairs as
well as the master suite with a mezzanine office. Terraces accessed from both the master suite
and office, provide beautiful views of the grounds and the sea.
Ref: 79004QP
n Built area: 400m2
in association with
Tel: +351 289 396 073
96
n Plot size: 1120m2
Unique Romanesque villa
Puerto Banus, Marbella
Lovely views onto the golf course
Quinta do Lago, Algarve
5 bedrooms � walking distance to all amenities � Savills International 5 bedroom suites � living room with fireplace �
extremely well and solidly built � very good
[email protected] heated swimming pool � golf membership to
security
020 7016 3740 QDL Golf Club
SAV4623
SAV3835
Savills International
[email protected]
020 7016 3740
Financial Pages_final AW!
3/4/08
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Page 100
q u i n t a p ro p e r t i e s fi n a n c i a l p a ge s
Buying procedures in Portugal
Once you have found the property you
would like to buy, the first step is to agree
on the purchase price. It is common
practice in the Algarve that the purchaser
makes a realistic offer through the agent
who showed him the property and any
good agent should be able to negotiate a
deal, satisfying both purchaser and vendor.
At this stage it is also important to clarify
what is included in the purchase and what
is not. It is also common practice that once
a deal has been agreed, the purchaser
lodges a 10% deposit with his own lawyer
as a sign of his intention to proceed with
the purchase.
Professional agents usually prepare a
document stating clearly the agreed price,
exchange and completion dates and what
is to be included – such as furniture, golf
membership etc. Once both parties have
signed these documents, often referred to
as Letters of Intent, the agent sends these to
the lawyers representing both parties. Of
course this is a very important part of the
purchase and if handled correctly by the
agent, much heartache, delay and
complication can be avoided.
Private Ownership
When you buy a property in Portugal in
your name, the first step is the
Preliminary or Promissory Contract
(Contrato Promessa de Compra e
Venda). This is a legally binding contract
between vendors and buyers signed before
a Notary. Upon this signature, the buyer’s
lawyer generally sends the 10% then nonrefundable deposit from their clients
account to that of the vendor’s lawyer. The
contract usually states exactly who the
buyers and vendors are, a description of
the property, confirmation that there is
clear title, and the terms of payment and
completion. Both parties should be
represented by a local lawyer.
Upon completion, the Final Deed
(Escritura) is signed in front of the Notary
who checks all the documentation and sees
that the IMT (Property Purchase Tax)
has been paid. At this stage, the balance of
the purchase price is paid. From time to
time and with the agreement of both
parties, a part of the purchase price may be
withheld from the vendor until certain
aspects of the deal are fulfilled. For
example, there may be a snagging list to
deal with. In these circumstances, the
buyer’s lawyer generally holds the
‘retention’ until all paperwork and other
outstanding issues are resolved.
Once the deed and all other associated
transactions are completed, the buyer’s
lawyer registers the new owner of the
property in the Land Registry (Registo
Predial). Buyers should request a copy of
this registration for their files.
Corporate Ownership
Many properties in Portugal, and
especially the Algarve, are owned by a
corporate structure. Today these corporate
structures are usually domiciled in Malta
or Delaware but there are various other
white listed jurisdictions such as New
Zealand and even Portugal and the UK.
The property itself is an asset of the
company and buyers purchase the shares
of the company. This transaction takes
place under the jurisdiction of the area in
which the company is based. Both parties
do still require a local lawyer as the usual
searches on the property here in Portugal
must also be carried out, and most local
lawyers are familiar with this type of
corporate transaction.
A Share Purchase Agreement is drawn up,
the usual 10% deposit paid and a
completion date set in the usual manner.
The immediate benefits of such a
transaction are its simplicity, its tax
efficiency and the fact that all
documentation proceeds in the English
language.
The Costs of Buying
These are usually the lawyers’ fees and
taxes. In our pages on Taxation we have
explained these in detail. The lawyers’ fees
vary anywhere from 1% to 2.5% of the
purchase price, but this depends on the
circumstances and lawyers involved. The
Estate Agents are paid by the vendors in
Portugal and the rates depend on the agent
and vary anywhere from 4% to 7%.
corporate structures for the ease, flexibility
and speed that they lend to personal assets
management, as well as to avoid some of
the costs and benefit from certain tax
deductions.
The Benefits of Corporate Ownership:
• Transfer of property is a very simple and
tax efficient procedure; a transfer of
shares conducted in English via a Share
Purchase Agreement. ie facilitates asset
management.
• Both IMT – Property Purchase Tax
which can be up to 8% of the purchase
price, as well as notary and land registry
fees are avoided.
• Company owned properties can be
mortgaged quite simply in Englishspeaking jurisdictions.
• Transfer on death ensures that heirs can
deal with their inheritance in English,
and according to British/Irish law. They
do not have to deal with the Portuguese
legal system where there is forced
heirship – spouse and children inherit
automatically and individuals cannot
choose to whom they wish to leave their
estate.
• Capital Gains Tax is not payable in
Portugal on the profit when the property
is sold via a corporate structure. The
capital gain on the sale of the shares is
subject to the jurisdiction of the seller.
• Buyers/owners enjoy anonymity.
What about the ‘locked in’ Capital
Gains Tax?
It is likely that there is a ‘locked in’ CGT
liability because the property is a
company asset which is likely to have
increased in value. If the company is ever
called upon to sell that asset out of the
company to a 3rd party they are likely to
face a CGT liability (which in practice is
payable by the underlying owners of the
shares). Good agents and professional
advisers will inform you about this. We
personally make a point of explaining
this to all our clients. We have a settled
market here in the Algarve, and the
intention is (and always has been) that
properties in corporate ownership remain
in corporate ownership. In other words
The property owners themselves own the
shares of the company which in turn is the
registered owner of the property. When the
property is sold, the shares are sold through
a share purchase agreement; the company
remains the owner of the property and the
buyers become the new shareholders.
100
In 2003 changes in local legislation meant
that countries outside of Portugal
(sometimes referred to as Offshore
Centres) were classified by an
international body known as OECD
as either Black List or White List
Property-owning companies on the Black
List faced a higher tax (for details see the
taxation article on page 104), and for this
reason many decided to re-domicile to
other non Black Listed jurisdictions,
principally Malta and Delaware, USA.
Malta, being English-speaking and a full
member of the European Union, was
immediately attractive and many
companies moved there. Delaware, being
one of the 53 States of the USA also
offered security, and many companies relocated there.
At the time the overwhelming view of
most clients and their professional advisers
was that they wanted to continue to own
their properties through a corporate
structure, but not in places such as
Gibraltar and other Black Listed jurisdictions. Most clients continue to be of the
opinion that the benefits of corporate
ownership far outweigh the disadvantages,
if such financial penalties can be avoided.
Despite rumours to the contrary, anyone
holding a property through a corporate
structure is usually a professional, who
earns his income honestly and uses these
At the time of writing, global markets are
in a state of turmoil, as investors and
regulators struggle to find out why
billions of dollars and euros of financial
assets suddenly became worthless and
how they should react to a changed
world, where finance no longer falls from
the sky, like confetti at a wedding and,
instead, has become scarce, expensive
and subject to gimlet-eyed scrutiny. It is
too late to follow the old adage of “Sell in
May and go away” and, in any case - go
where? And, do what?
As a long term resident of Portugal, the
writer’s views are not necessarily
objective but I do believe that Portugal is
worth a hard look, as a location for
The Benefits of buying a Property in
your own name
If the value of the property is less than
Euro 1million, one may want to consider
owning the property in one’s own name.
The costs of running a corporate structure
are thereby avoided.
Privately Owned
Property
White Listed Corporate
Ownership of Property
6% Purchase tax IMT
0.8% Stamp Duty
No IMT
No Stamp Duty
1 to 2%
1 to 2%
Property selling costs
CGT
25%
None in Portugal
Annual running costs
of company
None
Between
Euros 1500 to 3500
0.2 to 0.5%
0.2 to 0.5%
Euro 240
Euro 425
Property purchase costs, IMT
and other taxes
Legal fees at purchase and sale
Annual property tax - IMI
This calculation is based on the
property rateable value
Annual
Fiscal representation
When buying a property in our area, and especially one priced at over 1 million euros, you
may well be confronted with the question as to whether to buy it in your own name, or to
use a corporate structure.
jurisdictions. The Black List jurisdictions
were for the most part countries that
offered
beneficial
tax
regimes
(eg: Gibraltar, Isle of Man) that were out of
line with the White List countries.
You can be assured that we have
considerable experience and are doing this
to great effect. We are here to help both
sides reach a deal with which they both
feel comfortable.
An example of some costs involved in Buying, Owning and Selling a property
valued at Euro 1million as a non resident of Portugal.
What’s the best way to own property in Portugal?
Owning a property through a corporate
structure continues to be a popular choice
for higher priced properties.
the ‘locked in’ CGT liability should
never materialise. The locked in’ CGT
liability issue has become part of the
negotiation which we undertake for
vendors and buyers.
investment and/or living. Lifestyle is a
necessarily subjective choice but practical
and legal aspects must play a part in
making a decision about lifestyle, as they
also do in a choice about investing. It is
well worthwhile taking the time to look at
what Portugal has to offer; be prepared to
be amazed!
Investment
It is no secret that investing in property
has proven to be very lucrative
particularly at the higher end of the
market. However, this is just one small
part of the story. Portugal is no longer a
country of wine, cork and tourism –
important though these continue to be.
The economy has modernised rapidly and
offers many opportunities for the canny
investor.
For example, Portugal also has a strong
base in light manufacturing and is a
significant supplier to the automotive
industry. Indeed, the Volkswagen car
manufacturing plant at Palmela, together
with its suppliers, accounts for some 4
percent of the country’s GDP and 10
percent of total exports.
Portugal fights back!
While this manufacturing activity faces
fierce competition from Asia and central
Europe, it has been able to fight back,
taking advantage of factors such as a
more certain legal environment,
protection of intellectual property, close
proximity to markets etc. As the newer
players mature, their labour costs have
increased and the limits of their
demographic structure are also starting to
become apparent.
101
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training and is visible in much-improved
standards of service.
Recovery – the new economy
102
Portugal has also started to respond to
long-standing criticism, relating to
perceived obstacles to business and
investment. Radical steps have been
taken to streamline the approval process
for strategic investments and the award of
the status of “PIN” (Project of National
Importance) which allows the central
Government to by-pass or accelerate the
myriad of approvals required from Local
Authorities and various statutory bodies.
This has already been used to “unstick” a
number of major projects which had been
years in the pipeline.
Of special interest, for virtually all
investors in new projects, is a proposed
radical overhaul of the procedures for
approval of real estate projects and
individual construction projects. It
remains to be seen if this will be put fully
into effect but, if implemented, it will
drastically reduce the timescale within
which Local Authorities are required to
respond to planning applications and will
eliminate fully the need to request
approval for many small-scale alterations.
In other situations, the new rules will
require mere notification to the
authorities, with the Developer and the
project engineer being responsible for
compliance with planning and building
regulations.
The improvement of State services and
functions has been a major objective of
successive governments but the current
administration of José Socrates is the first
for many years to have an absolute
majority and the political determination
to address deep-seated problems.
Elimination of excessive staffing,
programs for voluntary early retirement,
implementation of performance evaluation
and the modernisation of services have all
taken place, despite stiff opposition.
Reforms of labour legislation are still
needed but there is little doubt that
Portugal, overall, is a location which can
be regarded as business-friendly.
One of the areas which has most
improved is the Tax Administration. As in
other parts of the Public Service, the
internet has been used as the instrument
of revolution and the entire process of
dealing with the authorities has been
made much easier and more effective.
Effective tax collection is not good news
for everyone, of course, and greatly
improved collection and enforcement
procedures have resulted in vastly
increased tax revenues. This has enabled
the Government to bring order to the
chaotic state finances and, taken into
account with further controls on public
expenditure, this has to be good news.
A recent study of 198 countries,
by Brown University, New England,
placed Portugal in seventh place
overall, second in Europe, in terms of the
quality of the use by Government of
electronic technology, a massive 41 place
improvement in 4 years. This is being
accompanied by notable improvements in
Perhaps by coincidence, the economy has
started to show signs of life after nearly 5
years of dismal stagnation. While some
recovery has taken place in traditional
sectors, the most exciting developments
are in new industries and technology, as
well in the provision of the services which
a modern society expects.
The energy sector, for example, has
attracted a great deal of interest, as
Portugal’s geography and climate offer
interesting opportunities for renewable
energy technology. Europe’s largest array
of photoelectric cells is in operation
in the Alentejo region, windmills are
popping up on hillsides everywhere and a
revolutionary, wave-powered electricity
generation station will soon come into
service in the north of Portugal. While the
retailing of electricity is still not fully
liberalised, it is certainly an exciting
industry with many opportunities. Much
remains to be done to update residential
and commercial buildings, many of
which still reflect archaic attitudes to
insulation, comfort and construction
standards and, again, opportunities
abound.
As in many countries, healthcare is a
matter of public concern, despite vast
Government expenditure on the sector.
The Government has a liberal attitude
towards public/private solutions for the
provision of health services and the
Lisbon Medical Park, to come into
service in 2009, is an interesting
example of what can be done.
While a great deal of consolidation in
Portuguese business has already
occurred, it is clear that many
opportunities still exist. A recent
McKinsey report gave particularly poor
ratings to the general quality of
management in Portugal and recent deals
have shown that there is a great amount of
latent value in Portugal. Comparisons
show that prices are consistently higher in
Portugal than in Spain, across a wide
variety of goods and services. As wages
and living standards are lower in
Portugal, this would seem to indicate that
there is a great deal of either inefficiency
or rent-seeking in the economy, both of
which offer opportunity for the bargain
seeker.
Portugal has much to offer, for living and
investing. Take a look!
John Duggan
PricewaterhouseCoopers
Lisbon
Tel: 213 599000
Building your dream
property in the sun?
Project Management - Building your dream villa can
be one of the most rewarding experiences with the support of a
good Project Manager
Aside from the construction processes,
and even before you commission your
Architect, you will need to consider local
planning and development laws, and if
you are fortunate enough to speak
Portuguese, are your language skills good
enough to understand the intricacies of
such an important and specialised area?
But before you give up and throw that
neat sketch of your dream home into the
wastepaper basket, remember that help is
at hand. Having a Project Manager on the
ground from day one can iron out the
inevitable problems that crop up and
make the whole process of building a
villa from scratch, a positive and
rewarding experience.
But what exactly does the job involve?
The role of the Project Manager can often
start alongside the appointment of an
Architect. Even while the Architect is
discussing a gorgeous design for your
dream home, the Project Manager can
independently be advising on the costs of
the project.
He will work with the design team to
ensure that the materials being specified
meet your expectations, and that the build
area and tender process bring the work
within your budget. The Project Manager
will help you with the important task of
selecting and appointing the appropriate
builder, they importantly will also get
down to the gritty process of negotiating
budgets on your behalf. Any contracts
agreed with builders should be checked
by your local lawyer.
When the building work does get
underway, your Project Manager can
mediate between you and your builder,
ensuring the smooth progression of the
project. Whatever the construction, and
however much preparation has gone into
the planning, unforeseen situations will
inevitably arise, including alterations
made because you have changed your
mind! These are often a cause for delay
and, without proper advice from your
Project Manager, can lead to increased
costs. Another important role of your
Project Manager is quality control, not
only with materials used by the builder,
but also the general construction and
especially the finishings.
When the construction reaches the
finishing stages, it’s time to make your
house into a home. The various
companies providing sound systems,
kitchens, interior design and whatever
else you require will need co-ordination.
If you cannot be on site to sign for
collection or installation of these items,
your Project Manager will prove
indispensable.
Throughout the construction period and
fit-out, stage payments will need to be
authorized. A cash flow projection will
help you prepare funds and budget
accordingly. Providing financial control
over the various elements of the work is
absolutely
essential
to
ensure
overpayments are not made and
contractors meet their obligations.
Remember, it is important to get official
receipts from the builder!
Once your new villa is complete, your
Project Manager can help ensure a
smooth handover and settling-in period,
sorting out snags and dealing with
paperwork, plus dealing with the
builder’s guarantee.
Of course there is a cost involved.
A Project Manager may charge you a
percentage of the total project cost for
their services, or simply a flat monthly fee
for the duration of the project. However
to invest in good Project Management is
money well spent – it will not only help to
build your villa on time and on budget, it
will help you enjoy the whole experience.
As a general guide, average building costs
of a property in Quinta do Lago are Euro
2000 per square meter. Many have spent
far more on creating their dream home,
but this is currently the average cost.
We recommend the following project
managers;
Jeff Mauger - Tel: 914 626385
Email: [email protected]
David Banting - Tel: 289 398860
Dermot Forbes - Tel: 289 351370
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Property related taxation in Portugal
Your most taxing questions answered
Portugal, like any other country in
Europe, has an array of taxes that
relate to property. Some are connected
to possession of the property, others to
different forms of related income,
while others refer to its transmission.
What was that proverb about Death
and Taxes?
Inheritance Tax
The good news: Portugal abolished
Inheritance Tax as of 2004. Transfers to
immediate relatives (spouse, children,
grandchildren, parents and grandparents)
are tax-exempt. All others pay only 10%
Stamp Duty. These and other benefits are
entitlements under legislation. It is your
right as a citizen and taxpayer to take
maximum advantage of these tax breaks.
Who knows, Portugal may prove to be a
legal ‘tax haven’ for you within Europe.
IMT Imposto Municipal sobre
Transmissões de Imóveis
Formally known as Sisa Tax, IMT is the
Property Purchase Tax and is payable by
the purchaser. IMT is calculated using
either the value on the deeds or the VPT
(Property Rateable Value) – the higher of
which is used. The rate varies according
to the type and value of the property but
as a general rule, a holiday home valued
at Euro 511.000 and above will be taxed
at 6% and land for construction at 6.5%.
If you incorporate a new Maltese or
Delaware company and it then purchases
a property, then 6% IMT is payable.
However, if you purchase shares of a
Maltese or Delaware company which
already owns a property, there is no
Property Purchase Tax payable in
Portugal. When a company domiciled in
one of the Black Listed jurisdictions
acquires a property in Portugal, which is
not recommended, there is a punitive tax
rate of 8%.
Assessment and Collection: Payment
must be made prior to the Deed of
Transfer (Escritura) at the local tax office.
Stamp Tax - Imposto de Selo
Stamp Duty must be paid on deeds,
contracts, documents, titles, books,
papers and financial operations. The
purchaser pays this tax. The Stamp Duty
is levied on the value of each taxable deed
or operation at a tax rate which varies
according to the type of deed or
operation. For real estate, a Gift or Sale is
assessed at 0.8%
104
Individual Income Tax - ‘IRS’
Imposto sobre Rendimentos
If you have income arising in Portugal
related to your Property, you (or your
fiscal representative) must report any
earnings on an annual income tax
declaration (‘IRS’). After possible
deduction, non residents are taxed at 15%
on rental income. Non-residents can then
claim a foreign tax credit in their home
jurisdiction, usually off-setting the
Portuguese assessment.
Capital Gains Tax
CGT is payable on the profit earned on
the sale of a property. There are a few
exceptions; a) if the property was first
acquired prior to January 1989. b) if you
are a resident in Portugal and reinvest the
income from a sale into the next main
residence, then no CGT is payable.
Although it is Finanças, not you, who
does the actual calculation, it may be
worthwhile knowing what you will have
to pay. Let’s suppose that you sell your
home in 2008 that you originally
purchased in 1994. Calculate your Capital
Gains as follows:
Step 1: From the sale price, subtract any
selling costs (commissions, notary fees
etc).
Step 2: From the purchase price, add
qualifying expenses (closing costs, legal
fees etc.) and then multiply by the
Inflation Adjustment Coefficient.
Step 3: Add to the purchase price any
documented capital improvements in the
past 5 years.
Conclusion: The difference between the
adjusted purchase and sales prices is your
net taxable profit.
IMI Imposto Municipal sobre Imóveis
Any owner of property in Portugal must
pay the annual property tax. This tax is
calculated on the VPT (the property
rateable value). This value is calculated
by the local councils, but you can go onto
the website of the Finanças (Finance
Departments) and make the calculation
yourself. The following is taken into
consideration: Constructed Area and
Implantation, Type of Usage, Age,
Location, and Quality of Construction. As
a guideline your annual property tax
(IMI) may be levied at up to 0.8% of the
rateable value for privately owned
properties and properties registered in a
White Listed corporate structure, i.e. with
domicile in Malta, Delaware or indeed
the UK.
For properties registered in a corporate
structure, in one of the Black Listed
jurisdictions, i.e. Gibraltar, the IMI will be
levied at 1% of the rateable value.
Conclusion: It may come as a surprise
that filing a correct tax return in Portugal
can actually save you money. Submitting
a tax declaration is not synonymous with
paying tax. The Portuguese tax code has
generous allowances and unexpected
exclusions on certain forms of income,
broad deductions for numerous types of
expenses, and liberal tax credits for many
common expenditures. Many people find
their tax burden in Portugal to be
significantly lower than in their country
of origin.
CGT - Resident vs. Non-Resident
Non-Residents need local Fiscal
Representation
For non-residents there is a flat rate of
25%. Residents receive a 50% exemption
before the gain is added to their other
income and are taxed at marginal rates.
Furthermore, as a resident, if the property
is your principal residence, then you can
roll over your profit into a new property.
You have a three-year window to do so,
up to one year before the sale and as much
as two years after. If you invest less than
the full amount, the exemption will be on
a pro rata basis. In the event that you do
not fulfil your declared intentions, an
assessment will be made on the entire
non-reinvested balance plus interest.
Under current Portuguese legislation,
it is mandatory in most instances
for non-residents who own property
in Portugal (in their own name or through
a corporate structure) to have Fiscal
Representation. The Fiscal Representative
is obliged to see that the non-resident
meets compulsory compliance
commitments. The liaison between the
taxpayer and the Finanças (Fiscal
Representative) can also help guide the
non-resident through Portuguese
bureaucracy.
Make an informed decision
Principal tax comparison between Spain and Portugal
Unless you have specific links to Portugal, you may also be considering other countries for
investment property options. While there are innumerable criteria to take into consideration, a
head-to-head comparison of eventual forms of taxation will prove to be one of the key factors in
making an informed decision. The following chart lists the principal taxes related to property
in Spain and Portugal and the respective rates of taxation last year. Not surprisingly, neither
country would normally be classified as a “low-tax jurisdiction”. However, with the exception of
VAT, it is quite apparent that, of the two countries, Portugal is clearly the more favourable.
TAXES
Personal Income Tax (IRPF / IRS)
SPAIN
PORTUGAL
15% – 45% (W46k)
12% – 42% (W60k)
Tax on Non-Residents (IRNR)
Special Non-Resident Property Tax
25%
25%
(15% on lets)
Dennis Swing Greene is an
International Fiscal Consultant
and Senior Partner at Euro
Finesco S.A. with offices in the
Algarve and in Lisbon.
Appointments may be
scheduled in:
Guia (Albufeira)
Tel: 289 561333
or in Lisbon (Chiado)
Tel: 213 424210
Website: www.eurofinesco.com
3% pa on property value
0
Real Estate Tax (Plusvalia / IMI)
2% – 3.7%
0.5% – 0.8% / 0.3% – 0.5%
Capital Gains Tax on Real Estate
Residents: 15%
Non-Residents: 35%
(+ 5% withholding)
Residents: 50% exemption;
balance at marginal rates /
Non-Residents: 25%
0.2 % – 2.5% p.a.
0
4% / 7% / 16%
5% / 12% / 21%
Inheritance Tax (ISD)
7.65% – 34%
0
(immediate family: exempt
Others: 10% Stamp Duty)
SIMILAR TAX
Property Purchase Tax
7% (Stamp Duty)
0 – 6% (IMT)
LOWER TAX
Wealth Tax (IP)
VAT (IVA)
Protal
New Regional Land Regulation
Plan for the Algarve
In my previous articles in this magazine
I have covered the main legal issues
concerning the process of buying and
selling property in Portugal and also
answered some legal questions that often
concern foreign property owners
in Portugal.
In this article I will try to give a general
interpretation of the new legislation that
has altered previous building regulations
in the Algarve. They concern new resorts
or leisure developments but mainly relate
to building projects outside such resorts
as Quinta do Lago and commercial
developments within 500 meters of the
coast line. It is not my intention to give a
complete description of all requirements
for each item and I do recommend that
that you consult a local Lawyer and
Architect before you decide to invest in a
project or plan to build your dream villa
outside a resort. No longer is there a flat
rule that if a plot has a ruin, you will be
able to build.
The PROT or PROTAL, a legislation that
was approved and published by the
Elisio Martins
AFC: Vilamoura
Tel: 289 310620
HIGHER TAX
government on August 3, 2007 is a master
plan that considers the Algarve as a whole
and supersedes all previous local
planning regulations. The objective is to
have a strategic document for the entire
Algarve that considers new
environmental rules, the new rules for the
territorial organization and local
development. The final aim is to try to
make the Algarve a dynamic, competitive
region by stimulating quality touristic
development and to promote projects that
respect the historical and cultural sites,
protected reserves and maritime areas.
All projects outside the resorts in any
urban area of the Algarve must consider
the structural area and their surroundings.
At this time there are 24,000 beds
available for the entire Algarve; this will
be reviewed after 5 years counting from
the publication of PROT. New touristic
projects located outside the resorts will be
launched in a public contest by the
respective town hall. All projects will
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have to be applied for with an
environmental project attached to it.
Requirements of a NDT (Directive
for Touristic Development):
Only 5 and or 4 star hotels are allowed in
an area of 500 meters to 2000 meters
from the coast, including “Pousadas”
(former aristocratic homes transformed
into hotels). The total area used for
building and infrastructure cannot exceed
30% of the total area of the NDT. The
remaining area of 70% may be used for
golf courses and green spaces;
The maximum density for occupation is
60 beds per hectare of the built up area,
except for hotels and “Pousadas” that
may go up to 100 beds per hectare.
However, in classified areas these figures
are 20/30 beds per hectare.
All projects should always consider the
environmental point of view. New
projects which alter the actual landscape
of the area or the views of the coast line
may not be permitted.
It is possible to build isolated hotels or
inns in rural areas with a 3-star or higher
rating, provided that they are connected to
certain themes like health tourism (spas),
sports, hunting, nature, social, educational
or cultural tourism. There are several
requirements to be respected for these
projects but there are no limits to plot
area, number of beds or maximum of
floors etc. In conclusion, PROT aims to
protect the Algarve coast from further
over development, promote development
of quality, and to limit and protect the
environment particularly in the
countryside up from the coast.
Luis Lapa e Borges
Tel: 289 401090
Urbanização Miraserra Marroquia
Centro Comercial África - Loja 32
8100-684 Loulé, Portugal
Aproquila
The Owners’ Association of Quinta do Lago
When he first conceived the idea of Quinta
do Lago at the beginning of the 1970s,
entrepreneur Andre Jordan wanted to retain
the location’s spectacular pine forests and
lakes, while developing properties of the
highest quality in a low density setting.
Now, more than 30 years later, his original
dream is still a reality, and the resort
actively defends and maintains the qualities
that Jordan knew would make it special.
One of the reasons the resort has been able
to do this so successfully is down to the
work of Aproquila, the Owners’
Association of Quinta do Lago. The
association is made up of both individual
private property owners, and the
developers of larger developments, hotels
and golf courses.
It is a non-profit association with clear
objectives:
• To promote and protect the quality
of the environment and the careful
management of the natural resources of
Quinta do Lago and its surroundings.
• To co-operate with the appropriate
authorities in promoting the quality of
life of the residents and visitors.
106
• To co-operate with the providers of
services of public interest such as water,
sewage and water treatment, etc. and
ensure the best interests of the users and
residents are protected.
• To protect the financial interests of the
owners through an active liaison and
co-operation with the management of
Quinta do Lago to maintain the
development at an appropriate quality
level at an economic cost.
• To promote and support cultural,
recreational and sporting activities for
the residents and visitors.
• To work to ensure that the development
remains a pleasant community and a
quality resort for the benefit of all the
owners and for the general public in the
area, contributing to the social and
economic prosperity of the Algarve.
Through a close interest and
involvement, Aproquila has an ongoing
and constructive relationship with the
Loulé Council and with Infraquinta, a
partnership agreement between the
Council and Quinta do Lago S.A. which
is responsible for maintaining the
infrastructures of Quinta do Lago and
providing services such as the collection
of rubbish. Representatives of Aproquila
meet regularly with Infraquinta on
matters of day-to-day management of
the resort and, through the “Conselho
Geral”, meet at least twice a year with
representatives of the Loulé Council and
Quinta do Lago S.A. Contact is also
maintained with the planning office at the
Council. It is hoped in the future that
Aproquila will expand this role by having
an even more active involvement in the
partnership agreement between the two
entities.
Aproquila is also an excellent source of
news and information on issues within the
resort, new legislation and any other
information, which might affect the resort
or its residents. Future plans include the
opening of an office locally at Quinta do
Lago, to provide even better facilities and
communication with its members.
Membership of Aproquila also entitles
members to a discount with Vigiquinta, the
company that looks, very successfully, after
the security in Quinta do Lago.
For
further
information
about
membership, please contact the office or
visit the website.
Aproquila
Tel: 289 394324
Fax: 289 393481
Website: www.aproquila.com
Villa Management
For the lucky few, Quinta do Lago is
home. For most, their properties are
holiday homes and in many cases,
they represent important financial
investments. Regardless, all villas
require ongoing care and attention
and we recommend a Property
Management Company be engaged
to help you keep your property in
peak condition.
Common duties carried out by Property
Management Companies:
• Regular visits to clean and air
the property
• Maintaining the garden and the pool
• Payment of bills, such as electricity,
gas, insurance, taxes
• Advising on, and performing any
necessary repairs
• Preparing the property for arrivals
(yours, family or rental clients)
• Renting the villa out
• And basically just being available
when you are not, should the house
need attention.
These companies have teams of reliable
maids and gardeners, they will also have
good contacts with local suppliers and
craftsmen should they be required and
they are also experienced in dealing with
any awkward bureaucracy.
If you are considering allowing guests to
stay in your home, having a responsible
person on the ground to supervise the
preparation, including cleaning and
handing over of keys provides enormous
peace of mind. Some Management
Companies will also handle rentals
for you.
We recommend that if you purchase a
property which already has a Property
Management Company in place, that you
stay with them at least in the short term.
They will be familiar with how the
property “works” and will be able to
help you settle in and get to know
any quirks…!
Other Property Management Companies
we recommend;
Wendy Davies LDA
contact: Wendy
Tel: 289 392760
Johnstone & Seddon LDA
contact: Eduarda
Tel: 289 394711
CSS Services LDA
contact: Stephanie
Tel: 289 399543
Real Estate Agency
Licensing
Government licensing of real estate
companies truly began in 1992: since
then a number of requirements have
been laid down to ensure the quality
of services rendered by them and
ensuring that buyers and vendors are
given a more professional service.
It also provides greater security to their
clients as they have to have a mandatory
civil liability insurance (Seguro de
Responsabilidade Civil) which covers
damages to their client’s estate (property
and money involved in the transaction)
that they are dealing with through the real
estate contract.
An authorised broker (empresa de mediação imobiliária) has a valid 3 year AMI
number/license, attributed by INCI (The
institute that oversees real estate activities
in Portugal); and must prove during that
time proficiency in many diverse yet
related areas such as Law, Taxation,
Business, Finance and Economy, Building Efficiency and Construction, Property
Surveying and Marketing.
It outlaws such persons or businesses who
do not comply with these norms,
undermining the real estate industry
through malpractice. And the Institute has
set heavy fines to dissuade them from
continuing in such course of action.
Please ensure that the agency you are
working with is fully licensed!
Daniel Foster da Silva
Website: www.real-estate-practice.eu
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Sale and purchase of a
contractual position
anything from 10% to 30% with further
“reinforcements” of the deposit during
construction. The relevance of the
amount of the deposit will become apparent later on in this article.
From the date of the contract we see purchasers deciding to sell on with the
original intention of making a profit or
circumstances changing.
A purchaser looking to sell his contractual position will need the consent of the
developer as the developer is allowing a
third party (we will call this third party
“the end user”) to take the place in the
contract of the purchaser thus releasing
the purchaser from all legal obligations to
pay any further monies or to complete
the purchase. There is no reason for the
developer not to give his formal agreement to the sale to the end user unless, of
course, the purchaser is perhaps depriving the developer of a sale of units as yet
unsold. We usually see that the developer’s attitude changes completely when
the development has been sold out. The
document that allows the end user to take
over the purchaser’s position is called a
“Cessão” and it must be signed by the
developer, purchaser and end user and
this document will recite the amount of
the uplift that the end user is paying the
purchaser to allow the end user to replace
the purchaser in the sale and purchase.
IMT Property Purchase Tax
When any new development is launched in the Algarve we find large numbers of people interested in signing initial purchase contracts and paying the contractual deposit with the intention of selling on the contract before
completion of the transfer of title from the developer. This is particularly attractive when a purchaser knows that
there could be a considerable length of time between the launch of the development and the legal completion and
the purchaser is looking to realise a profit on selling on his contractual position as the price increases over the
period of construction. The legal process in Portugal is known as a “Cessão da Posição Contratual” (Cessation
of Contractual Position).
It is probably easiest to explain the
process by using an example of a new
development.
A developer should not enter into legal
sales contracts or begin construction until
he has been issued with the actual construction licence which is the paper that
allows the chosen builder to go on site
and commence construction. The developer will know for up to 2 years before
hand what he is allowed to build, so often
we see a developer anxious to take
advantage of a buoyant market and not
wait until he gets his licence. The common practice in this scenario is for the
developer to issue Reservation Agree-
108
ments which state that both the developer and the purchaser want to agree a deal
for a property and the purchaser wants to
pay a Reservation Fee. It is normal that
the Reservation Fee is retained in an
escrow-type account by the developer’s
lawyer with the signing of a Reservation
Agreement which would usually have
the draft of the formal contract and drawings attached. We recommend that in
such a Reservation Agreement there is a
one-way option for the purchaser that
allows him to recover his money and
cancel the Reservation Agreement after a
period (say 12 months) if the construction licence has not been issued. This
option would allow a purchaser to cancel
or postpone his cancellation date for 6
months and then a further 6 months if he
wishes. The reasoning is that a purchaser has the option to stay on or cancel but
the developer does not (e.g. if the price of
the property were to increase dramatically the developer would probably be
delighted to be able to cancel and re-sell
at the higher price).
Next we have the formal legal contract
between the developer and the purchaser
when the construction licence is issued.
On signing the contract the purchaser
pays the developer a deposit. This can be
€55,000 @ 6% (being the IMT rate
on the contract price).
B. On the execution of the Cessão the
end user must pay IMT on the amount
that he is paying to the purchaser i.e.
€155,000 @ 6%.
C.When we get to the deed the Cessão is
declared to explain how the end user is
paying more than the original contract
price for the property (he will also
need the higher figure to be quoted for
future CGT calculations). The developer acknowledges that he has been
paid €550,000 and the end user pays
IMT again at 6% on the amount that
he is paying (€650,000) but he gets a
credit for the payment made by him in
B above.
Summary: Extra IMT is paid at A as both
the purchaser and the end user are paying
IMT on the deposit amount. From this
example at A one can see that it benefits
the purchaser greatly to do a Cessão
before he has paid too much to the seller.
CGT
The Cessão also attracts a liability to
CGT for the purchaser above at 25% and
this tax is payable in Portugal as that is
where the property is situated. Unfortunately the purchaser above is not able to
deduct any costs or charges, including
IMT, in the calculation of the Capital
Gains Tax and in the example above the
purchaser will pay CGT of €25,000.
Corporate Structure
If the contract between the developer and
purchaser has been entered into in the
name of an off-shore company then the
transfer of the shares in the company has
the effect of transferring the purchaser’s
position to the end user. A disadvantage,
however, is that the end user will be
purchasing (completing deeds) at the
contract price which will establish his
base cost for CGT. If one uses a
company to enter into the initial contract
one can always do a Cessão out of the
company (assuming the developer
agrees) at no extra cost. So there are
definitely options kept open by executing
the contract in the name of a company
Justin Ryan
Irish and English Lawyer
Bragança Bruno & Associados
Almancil, Portugal
Tel: 289 390080
www.bbassoc.pt
The Cessão is viewed by the Portuguese
Tax authorities as consisting of 3 transactions as follows:
A.Contract of purchase of property entered
into by developer and purchaser.
B. Cessão which is between the purchaser and the end user.
C.Deed of transfer of title from the
developer to the end user.
If we take an example of an apartment
with an initial contract price of
€550,000, with a deposit of 10% paid by
the purchaser to the developer which the
purchaser then sells on to the end user for
€650,000. The end user will therefore
be paying on the Cessão €55,000 (return
of 10% deposit) and €100,000 (uplift)
leaving an amount owed to the developer of 90% of the contract price
(€495,000).
A.On the execution of the Cessão the
purchaser must pay IMT to the
Finanças on the amount that he has
paid to the developer to that date i.e.
109
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113
Quinta Properties directory
ACCOUNTANTS
Elísio Martins, AFC, Vilamoura Orgalgarve Lda, Almancil 289 310620
289 390940
ARCHITECTS
Arquidois - Stewart Seaton
and Gisella Terfehr, Almancil Jaime Coutinho, Almancil Vaughan Davies, Almancil 289 393639
289 390930
289 398485
BANKS
Barclays Almancil 289 359420
Jyske Gibraltar +350 72782
Millennium BCP, Quinta Shopping 289 006940
Totta, London +44 (0)20 7621 2660
FLOWER SHOP
Ely Flowers, Almancil GOLF CLUBS
Pinheiros Altos Golf Club Quinta do Lago Golf Club San Lorenzo Golf Club Vale do Lobo Golf Club Vila Sol Golf Club HORSEBACK RIDING
Pine Trees Riding Center, Almancil HOTELS:
Hotel Quinta do Lago, Almancil Hotel Quinta Jacintina, Almancil
Le Meridien
Dona Filipa, Almancil Vila Joya, Gale
Vila Vita Parque, Porches
Ria Park Garden Hotel, Almancil
Pinus Ria, Almancil 289 399411
289 359910
289 390700
289 396522
289 353465
289 300522
289 394369
289 350350
289 350090
289 357200
289 591795
282 320351
289 359822
289 359160
INTERIOR DESIGNERS
Dunas - Exquisite style for
European living, Quinta Shopping Equilíbrio, Almancil Maria Raposo, Quinta Shopping 289 392602
289 397059
289 392051
LANDSCAPE ARCHITECTURE
AND GARDEN CENTRES
Cape Gardens, Almancil
Jardim Vista, Almancil
Natura, Almancil 289 397165
289 356977
289 396016
LAWYERS (LOCAL)
Elia Apolo Justin Ryan Luís Borges Ronald Swyer Tiago Luís & Josué Coelho Tiago Felizardo 289 395467
289 390080
289 401090
289 399362
289 887440
289 399720
114
MEDICAL SERVICES
National Emergency, Police and Ambulance
and Fire Brigade 112
Faro District Hospital
289 891100
Private Hospital Alvor
282 420400
Private Santa Maria Hospital
289 892040
Quinta do Lago Medical Center 289 398411
Vale do Lobo Medical Center 289 398009
Dentist, Quinta Shopping
289 392339
Chemist, Quinta Shopping
289 392109
Chemist Nobre Passos, Almancil 289 391518
NIGHT LIFE
Irish Pub 'De Barra',
Quinta Shopping
Master Pub - 11.00-02.00h,
Quinta Shopping
T-Club - Piano Bar, Disco
Quinta do Lago The Melting Pot Pub,
Quinta Shopping Trigonometria - Buganvilia Plaza PERSONAL TRAINER
Antonio Ribeiro - Personal Training
Hotel Pinus Ria, Almancil
289 358205
918 718866
289 398704
289 392424
289 396751
289 356838
PROJECT MANAGEMENT (LOCAL)
David Banting 289 398860
Dermot Forbes 289 351370
Jeff Mauger 914 626385
RENTAL AGENTS AND PROPERTY
MANAGEMENT COMPANIES (LOCAL)
Colin Skinner CSS Service 289 399543
Greg Martin 289 398593
Johnston & Seddon LDA (Jes)
289 394711
Renato Monteiro 919935621
Select Resorts (rentals) +44 (0)1202 765011
Simon and Lynne Bunting
(rentals) +44 (0)115 966 3661
Victor Sabino 289 392256
Wendy Davies 289 392760
RESTAURANTS
Everyday Restaurants
A Quinta 289 393357
China, Quinta Shopping
289 392612
Couleur France 289 399515
Fuzio's 289 399019
Pizza Pasta Fantasia, Buganvila Plaza 289 394080
Sushi Yama
914 169542
Tucanos 289 359665
Aquarelle
289 397973
Beach Restaurants
Gigi’s Izzy's Julia's 2 Passos 964 045178
289 396984
289 396512
289 396435
RESTAURANTS - CONTINUED
Fine Dining Restaurants
Amadeus Casa do Lago
Casa Velha Henrique Leis
Nelitos - Italian Restaurant Paixanito
Pequeno Mundo São Gabriel with Thai Garden Tsuru at the T Club
Japanese - Dinner only
Vila Joya, Gale
Vincent's Cilantro (Hilton Vilamoura)
Suigeneris, Faro beach
SERVICES
AutoJardim Rent-a-car British Airways
British Consulate, Portimão
Cinesom, Almancil
Audio & Video supply Computer & Internet connection
support Faro Airport GNR (Police) Almancil Irish Consulate Lisbon
Lost & Found Platinum Valet Car Service Post Office - Quinta do Lago Branch
at the 4th roundabout QDL Security and Fire Brigade
(Vigiquinta) Supermarket Apolónia
TAP Airline, Faro
T Taxis - Algarve Telephone Information Service Vet in Almancil
5 Star Catering Gisela & Ad Matthjis
289 399134
289 394911
289 394983
289 393438
289 358111
289 412775
289 399866
289 394521
289 396751
289 591795
289 399093
289 304000
298 818996
289 580500
808 212125
282 490750
289 395581
932 665199
289 800800
289 351530
213 929440
289 800688
969 277601
289 351900
289 394494
289 351440
707 205700
289 352525
118
289 395799
919915366
SPAS, HAIR AND BEAUTY SALONS
Ana Bragancês Spa - Loulé 289 422346
Genesis Hair & Beauty Salon Almancil 289 398178
Hotel Quinta do Lago Spa 289 350350
Richards
289 398258
Lisa's Beauty Salon, Almancil 289 394145
Philippe Stabile Hair Salon Almancil 289 356370
Quinta da Calma, Yoga - São Lourenço Yoga, Tai Chi and a great vegetarian
restaurant
289 393741
Vale do Lobo Royal Spa
289 353331
Vila Vita Parque Spa Armação de Pera 282 310100
Hilton Vilamoura
289 320950
TENNIS
Jim Stewart Tennis Club,
Quinta do Lago
289 398848
116
in association with
Estrada Pinheiros Altos, Quinta do Lago, 8135 Almancil, Por tugal
Tel: +351 289 396 073
Fax: +351 289 398 086
Email: info@quintaproper ty.com
Independent property consultants specialising in the Quinta do Lago area
License No. AMI - 1252

The guide to spectacular property in and around

Transcription

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