for 25 years… - Quinta Properties

Transcription

THE GUIDE TO PROPERT Y IN AND AROUND QUINTA DO L AGO
PAION FOR PROPERTY
ES
WELCOME
The 9th edition of the Property Guide
6
MARKET REPORT
Why Quinta do Lago continues to thrive
8
THE HEART OF THE GOLDEN TRIANGLE
12
One of the last unspoilt coastal areas in Europe
QUINTA GOLFING HIGHLIGHTS
Events and fees
14
PORTFOLIO
A selection of properties from our portfolio
45
MARKET INTELLIGENCE
Finance, legal matters and property ownership
79
MAP OF QUINTA DO LAGO
Featuring Quinta do Lago’s golf courses
95
QUINTA PROPERTIES DIRECTORY
Useful contacts
96
SPOIGHT
Editor: Kerstin Buechner
Editorial: Kerstin Buechner, Alison Buechner Højbjerg
Design & Production: Village Design, Bristol, UK +44 (0)117 910 6050 www.villagedesign.co.uk
PAIXA
Think cool, elegant, modern tapas restaurant
20
PARILLA NATURAL
Trendy South American style restaurant
22
ESTAMINÉ
Restaurant on a paradise island
24
FOUR SEASONS COUNTRY CLUB
An integral part of the community
26
DUNAS
Luxurious shopping for a unique environment
28
VILA JOYA
A boutique hotel to spoil yourself in
30
WENDY DAVIES
Providing the highest quality service
32
CONRAD ALGARVE AND SPA
Indulge yourself
34
JARDIM VISTA
Gardens that are the crowning glory
36
CONCEPT CATERING
Bespoke exclusive catering
38
PLATINUM AUTO VALET
What a luxury!
40
GIGI'S
The freshest fish restaurant in the Algarve
42
WEL
TO THE 9TH EDITION OF OUR PROPERTY GUIDE, PASSION FOR PROPERTY
Quinta do Lago is vibrant, exciting and seemingly resilient to market forces.
When we meet with our clients we aim to give as much information as possible,
however there is often not enough time to cover all of the important details.
With the help of this annual publication we aim to provide valuable information
on what’s involved in purchasing, owning and indeed selling a property,
and therefore help our clients make informed decisions to achieve their desired
results. This is one of the ways in which we endeavour to be of service to you,
our clients and the local community.
The 2013 Guide provides our up-to-date market review, and some interesting
insight from our Savills colleagues in London. The Guide also provides
important facts on procedures, legalities, taxation and the costs involved in
owning property here in the Golden Triangle. We also present a small selection
of the beautiful properties currently in our portfolio within Quinta do Lago,
Vale do Lobo and a few unique properties outside this immediate area.
We have both lived here for nearly 20 years and have keenly observed how
the central Algarve has evolved and matured into what is a sophisticated
and unique place. So this year we have decided to include a ‘Spotlight’ section
where we present you with ‘a few of our favourite things’ – namely companies
and professionals which, in our opinion, help make Quinta do Lago even
more special.
The world has become a different place over recent years and it’s refreshing to
see that this unique little corner of the globe continues to attract foreign interest
and investment. Many of our clients are seasoned travellers and stay at some of
the very best locations – and yet they are always keen to return to the Algarve.
There are many reasons, and if you do not know what they are then come,
discover and enjoy!
We look forward to being of service!
Directors
Quinta Properties
www.quintaproperty.com
Tel: +351 289 396 073
WELCOME
7
"In middle difficulty
lies oppor
nity"
Albert Einein
MARKET REPORT
9
QUIA MK REPORT BY ISON & KERIN,
DIREORS QUIA PROPERTIES
Quinta do Lago seems to be in a world of its own. You could almost say that
that they are more energised than ever and confirmed that the next five-year
the property market in Quinta do Lago has nothing in common with the rest
investment plan is in place.
of Portugal. This small, unique area has not experienced the same market
And there are others; at The Keys where €300million has already been invested
fluctuations that other parts of the country have, but that is not to say that it has
been immune to the current recession.
on the first phase alone. Key Lago on the northern edge of Quinta do Lago
offers a new generation of completely contemporary lifestyle property that is
Quinta do Lago, Vale do Lobo and the surrounding area known as the Golden
Triangle, has attracted some of the wealthiest and most savvy investors of
Europe. There are others who simply bought, built or renovated fast, and sold
even faster. It has been fascinating for us to watch the profile of our buyers
already attracting a lot of international attention.
But if you need proof of the success of Quinta do Lago, just have a look for
yourself. It looks pretty good 40 years on from its conception!
evolve over the past few years. Gone is the buying frenzy – with investors now
What does the future hold? We and many of our clients feel there is a long way
taking their time again and making wise decisions for the medium to long term
to go. On the European luxury property market, Quinta do Lago is still an infant.
– as property investment was always meant to be.
When our local property prices are compared to those of our Savills associates
This change has reinforced our belief that even in difficult times there is demand
for quality in the right location. Yes, there has been price adjustment here.
Occasionally a vendor wants to sell quickly to maybe invest funds elsewhere,
creating an opportunity for a buyer to get a good deal, but this is not the norm
as most property owners are happy to keep their investments here.
We recently estimated that there are 36 properties under construction or
undergoing major renovation works within Quinta do Lago alone. These
properties are generally in the hands of end users, people who are creating
their dream homes to suit their exceptionally high standards and investing
substantial amounts of money in doing so. The resulting benefit to the area is
that Quinta do Lago is continually reinventing itself, and staying ahead of the
game while of course demonstrating that there is still a great deal of confidence
in this market. Our product is just getting better and better.
in Mallorca, southern France, and Tuscany to name just a few, our prices are
low. In these competing markets, properties are not uncommonly reselling at
€30/40million. Yet our properties are often larger, better built and easier to
get to – plus the all-important fact that we enjoy more sunshine hours than any
other European destination.
Our area is still relatively unknown amongst many super-wealthy investors,
particularly those from the BRIC nations. Their interest has already had a
significant impact on prices elsewhere. That is why it is so refreshing to see that
the Portuguese government has launched a campaign to attract more foreign
investment through various tax incentives, and is even offering residence
permits to non-EU citizens for those investing in business or property in
Portugal. The government's goal is to make Portugal's tax regime "one of the
most competitive in Europe", (see p81 for further details).
Together with our Savills colleagues in London we believe that Quinta do Lago
is significantly undervalued today. In the medium to long term there could be
substantial capital appreciation.
Portugal has been through a difficult period. With the experience of the past
17 years in the local property market, we feel 2011 saw the market bottom out.
It was the year of the bailout for Portugal and there was very little confidence
from potential investors, this coupled with the general credit freeze made the
Debbie Pugsley
Senior Sales Executive
market an unpredictable place. But when looked at from a distance, this 'glitch'
helped us all to re-evaluate our market and our investments and perhaps adjust
our attitudes to a more realistic and stable approach. Portugal has done so and
“It's nice to see new faces here. New investors are coming into the area looking
for their dream holiday homes and it is not all about buying and selling and how
much can be made in the shortest amount of time. It is a real pleasure to deal
with these buyers."
The Conrad Hilton group decided that this was the right place to open their
new luxury flagship Conrad Algarve Hotel. They felt confident that sufficient
numbers of wealthy travellers would be attracted to the area and that there was
a market for their brand. And today, right on the doorstep of Quinta do Lago, we
have one of the most exclusive hotels in Portugal. Conrad Hilton's confidence in
the market goes hand in hand with that of Quinta do Lago itself. The developer
has confirmed that the board has approved a five-year investment plan of
€29million, ensuring Quinta do Lago’s continued position as one of the world's
leading residential developments. Quinta do Lago’s CEO, John Dwyer, says
is fulfilling its economic expectations.
In conclusion, we feel that the future is bright and that there are exciting
opportunities. As Warren Buffett once said: “Be fearful when others are greedy
and greedy when others are fearful.”
MARKET REPORT
11
SURE AS
and GLOB
OLK
‘Treasure assets’ are termed by the private banking fraternity as ‘investments
of passion’ of high net worth individuals (HNWIs) and a fine golf villa in Quinta do
Lago certainly qualifies as one of these.
Despite the financial downturn, Quinta do Lago has continued to out-perform
other European integrated golf resorts and over the last year we have seen a
good level of sales and sustained values. The primary reasons for this are the
natural beauty of the location, the excellence of André Jordan’s original vision
Charles Weston-Baker
and the high standards of upkeep and continued investment by Denis O’Brian,
Director of Savills International,
Residential Department
the current owner, and his management team.
Savills is proud of our long-standing association with Quinta Properties and
by working together we are able to deliver strong, local market expertise and
global reach. With over 500 offices and associates around the world, we are
also well placed to observe global property investment trends.
The most significant of these for second homes is a general ‘flight to quality’,
where the buyers look to the traditional areas of true quality that hold their
value, such as the better parts of the Algarve, Riviera and the Alps.
Another is ‘the Monaco Gap’ at the luxury end of the second home market.
This is where wealthy vendors, who wish to sell but are certainly not forced to
sell, do accept that it is a ‘buyers' market’ with more sellers than buyers and
demand unrealistically high prices. Buyers, on the other hand, will not pay what
they believe to be unreasonably high prices and so sales activity effectively
stalls. In Monaco this ‘gap’ is particularly evident as very few owners have
mortgages and they are able to sit tight until the market improves. This is very
much the situation also within Quinta do Lago.
Another interesting trend is how very much broader the market has become,
with increasing numbers of buyers from Russia, the former CIS republics and
the Far East. The world is ever changing but the demand for quality and good
service remains.
QUINTA DO LAGO
T oF LDEN IGLE
GLORIOUS
COASTLINE
THE BEAUTY OF THE
RIA FORMOSA
THE BEST OF
ALGARVE GOLF
A WORLD-CLASS
RESORT
One of the last unspoiled coastal
areas in Europe. The beaches
of Quinta do Lago, sheltered by
the Ria Formosa and its natural
dunes, are among the most
beautiful in all of Europe.
You can walk for miles along this
spectacular stretch of golden
sand, or just relax and soak up
the Algarve sun and maybe try
some of the water sports.
Stroll along one of the nature
trails through the Ria Formosa
Natural Park and you’ll glimpse
rare birds stopping over on their
long migrations between Africa
and Europe. In addition to birdwatching, it’s a fantastic place to
see all types of wildlife, flora and
fauna and if you like walking, there
are marked trails so you can enjoy
nature at its best on foot or bike.
The natural features of the terrain,
together with the excellence of
design and maintenance of the
greens and fairways, places the
Quinta do Lago golf courses
among the best in Europe.
Quinta do Lago has been host
to many European tour events
including seven Portuguese
Open competitions.
Quinta do Lago is without doubt
one of the most exciting and
exclusive resorts in Europe and
understandably boasts some
of the most spectacular and
beautiful villas in the Algarve.
Combine this with outstanding
sporting, shopping and leisure
facilities for the entire family, and
you can be assured that Quinta
do Lago will continue to be a most
desirable and sunny destination.
THE GOLDEN TRIANGLE
13
EXCLUSIVE
SHOPPING
INCREDIBLE
PROPERTIES
AWARD-WINNING
RESTAURANTS
WELL
CONNECTED
At the two Quinta do Lago
shopping centres – Quinta
Shopping and Buganvilia Plaza
– you’ll find everything you need,
from banking and supermarket
shopping to designer boutiques,
cafés, pubs and elegant
restaurants. They are a great
place to enjoy breakfast lunch
or dinner, meet friends or just
watch the world go by.
Quinta do Lago symbolises
quality and remains one of
the very few places in the
world where you can own a
beautiful villa, an apartment or
a townhouse and enjoy a truly
sophisticated lifestyle.
The tranquil surrounding areas
of a nature reserve and glorious
beaches are complemented with
the best golf and leisure facilities
the Algarve has to offer.
Many of the award-winning
restaurants in the Quinta do
Lago area push the boundaries
of quality and innovation in
international and Algarveaninfluenced gourmet cuisine.
Diverse, inspiring and creative,
there is an extraordinary choice of
local and cosmopolitan fare, with
some Michelin Star accredited
restaurants to deliver a true
gastronomic journey to surprise
and ignite your senses.
Faro airport is just a 15-minute
drive from Quinta do Lago, and
with new routes constantly being
added you are well connected
to almost anywhere in the world.
You will always see an impressive
array of private jets lined up on the
runway waiting to whisk Quinta
do Lago residents away – unless
of course one of them belongs
to you?
ES FEES
quia lfing
highlights
GOLF EVENTS AND FEES
CLUBE DO GOLFE DA QUINTA DO LAGO
HIGHLIGHTS 2013
March Sunday 24th – Sunday 31st: AGM Week
The Club gathers at the end of March for the Annual
General Meeting, which not only signifies the end of
term for the officers of the Club, but also the
changeover of the Captain and Lady Captain. A week
of competitions that includes the Club Championship,
as well as the Lady Captain's Day, is rounded off on
the Saturday night with a dinner at the Hotel Quinta do
Lago followed the next day by the Captain's Drive-in.
May Friday 10th – Saturday 11th:
Ben Hogan Trophy (CGQL v Pinheiros Altos)
Two courses and two clubs split only by the Gondra
stream that runs down the valley between Quinta do
Lago and Pinheiros Altos – a small distance, but a lot
of friendly rivalry. Every year this is settled by a match
that involves over 40 participants from each club,
and, as always, is closed by a barbecue hosted
alternately by each club.
June Monday 10th: Portuguese National Day
A Quinta do Lago tradition, this is the Club's primary
charity fund-raising event of the year. We invite all the
golfers of the Algarve to come and participate in this
event which is always lots of fun, and is rounded off by
a Portuguese barbecue. Beware! It's an early shotgun
start, but worth it in the end.
lf fees
July Friday 12th:
First Junior Summer Weekly Competition
As the schools break up for summer, so the Club
starts a series of weekly competitions aimed at junior
golfers staying in the Quinta do Lago resort. Every
Friday afternoon there is a singles Stableford
competition, the highlight of which is the McGinley
Cup played at Laranjal. Competitions are scheduled
until the last week in August.
September Saturday 7th – Saturday 14th:
Gala Week
Gala Week is the principal event of the Club's golfing
calendar. Six competitions in seven days, with an
opening cocktail party, a mid-week barbecue and a
gala dinner to finish. You can gather points on each
competition to win the overall prize.
October Sunday 6th: Viking's Day
Quinta do Lago Golf Club is famous for its celebrations
of the national days of its members. The saints days of
the countries of the British Isles are well known, but
that has not deterred our Scandinavian members
making their own mark. It can best be summarised as
a golf competition washed down with aquavit!
October Saturday 26th – Sunday 27th:
Auction Dinner & Competition
Are you better at golf than your peers? Well this is the
chance to put your money where you mouth is. Drawn
mixed pairs are auctioned off, and, after half the
money raised has been set aside for charity, the rest
will go to the successful bidders of the winning team.
This all takes place at a lively dinner in the clubhouse,
and the bragging is settled the next day on the course.
CLUBE DO GOLFE DOS PINHEIROS ALTOS
HIGHLIGHTS 2013
March Sunday 17th:
St Patrick's Day Charity Competition
Tournament in a shotgun start at 10am with
approximately 80 players playing 18 holes followed
by a dinner with many items for auction to revert to
Children's home and Riding for the Disabled.
Our Club Captain Mr David Markey is representing
the event.
May Friday 10th – Saturday 11th:
Ben Hogan Trophy (CGQL v Pinheiros Altos)
Two courses and two clubs split only by the Gondra
stream that runs down the valley between Quinta do
Lago and Pinheiros Altos – a small distance, but a lot
of friendly rivalry. Every year this is settled by a match
that involves over 40 participants from each club,
and, as always, is closed by a barbecue hosted
alternately by each club.
July Sunday 21st – Saturday 27th:
Sunshine Classic Members Gala Week
One week of golf for members of Pinheiros Altos and
their guests. Wednesday is the highlight of the week
with the Fancy Dress shoot-out followed by a
barbecue attended by approximately 150 members,
families and guests. The week ends with a Gala dinner
on the Saturday with the presentation of the many
winners of the week.
QUINTA DO LAGO NORTH COURSE & SOUTH COURSE: HOLES: 18 - PAR: 72 - HANDICAP: MENS 28, LADIES 36
Annual Fees:
Main Member €3.200, Spouse €2.138, Junior €888
Green Fees:
Non Residents: 18 Holes - €154 to €197, 9 Holes - €82 to €104 - Juniors: 18 Holes - €51 to €66, 9 Holes - €33 to €39
QdL Residents: 18 Holes - €77 to €99, 9 holes - €44 to €55 - Junior Residents: 18 Holes - €44 to €55, 9 Holes €27 to €32
National Club Members: 18 Holes - €66 to €88, 9 Holes - €38 to €49
LARANJAL: HOLES: 18 - PAR: 72 - HANDICAP: MENS 28, LADIES 36
Annual Fees:
QdL Residents single €2.900, Spouse €4.050, Junior €1.750 - Non Residents single €5.200, Spouse €6.350, Junior €2.900
Green Fees:
Non Residents: 18 Holes - €104 to €128, 9 Holes - €61 to €77 - Juniors: 18 Holes - €59 to €75, 9 Holes - €37 to €48
QdL Residents: 18 Holes - €84 to €106, 9 holes - €35 to €46 - Junior Residents: 18 Holes - €54 to €64, 9 holes - €35 to €46
SAN LORENZO: HOLES: 18 - PAR: 72 - HANDICAP: MENS 28, LADIES 36
Annual Fees:
Main Member €3.950, Spouse €2.600 + €60.000 Membership joining fee
Green Fees:
Non Residents: 18 Holes - €180, 9 Holes - €90
Hotel Guests - Dona Filipa and Formosa Park: 18 Holes - €73, 9 holes - €36
PINHEIROS ALTOS: HOLES: 27 - PAR: 72 - HANDICAP: MENS 28, LADIES 36
Annual Fees:
Main member €3.500, Spouse €1.850, Junior €600
Green Fees:
18 Holes - €75 to €120, 9 Holes - €40 to €60
15
VALE DO LOBO: HOLES: 18 - PAR: 72 - HANDICAP: MENS 28, LADIES 36
Annual Fees:
Admittance fee €2.700
Annual fee - Single: Club member €2.565, Basic service payers €3.565, Visitors €5.705
Annual fee - Couple: Club member €4.620, Basic service payers €5.610, Visitors €7.755
Green Fees:
18 Holes - from €94 to €109, 9 Holes - from €54 to €63
SPOTLIGHT
SPOIGHT
A few of our favourite things …
Quinta do Lago is a byword for excellence, and of course there are many
companies and professionals who have helped make our area so special.
Many have invested much time and effort over the years ensuring that they
provide a truly great service and so have contributed to the success of the area.
We are so proud to be a part of this success story and are grateful to all involved
for helping to make the central Algarve what it is today. In our Spotlight pages
we have decided to showcase just a few of our favourites. We believe they all
provide a truly outstanding service and product and we are honoured to feature
them in our Guide.
>
19
PAIXA
PAIXA
21
TAPAS
TO DI! FOR
Think cool, elegant atmosphere, extraordinary food, incredible choice of wines
and beautiful people and you will get the general idea of Paixa. We love it on a
Friday night after work but most people go much later. The menu is tapas-style
regional specialities intended to share with your partner or to pass around the
table. It’s a great place to enjoy with a group of friends.
The food could be described as modern tapas but with a Portuguese
influence, rather than Spanish. Try the oysters and the fishcakes (pataniscas de
bacalhau), they are out of this world. There are terrines, cheeses, pata negra,
salmon mousse, asparagus and basically something for everyone.
The owner João Lourenco takes great pride in his wines and has an impressive
collection. No less than 280 different wines, which can be ordered by the glass
and the waiters are all extremely knowledgeable and might just introduce you to
something new. You will find some surprises not to be found on most wine lists.
Try something you have never heard of and you will understand that Paixa
presents Portuguese food of the highest quality.
Tel +351 289 394 699
[email protected]
www.paixarestaurante.com
P#Rilla Na
$l
PARRILLA NATURAL
23
IGNI%
YOUR
SENSES
The first time we stepped into this trendy South American style restaurant,
we were impressed. As you approach the entrance you can't help but feel that
you have arrived somewhere very special.
The decor is tasteful throughout but the central feature here is of course the
Parrilla, the South American grill, where the restaurant's skilled chefs cook to
perfection only the very best certified, grass-fed natural beef. There are other
items on the menu of course but carnivores will love it here, as we do!
The restaurant is comfortable and cosy in the winter, while the stunning gardens
and cool outdoor terrace make this a year-round favourite.
Well located between Vale do Lobo and Almancil, Parrilla Natural is definitely
one of our favourite places. Opened in September 2012 to provide a year-round
venue once Gourmet Natural (sister restaurant) closes its doors for the winter,
the restaurant has already proved to be a resounding success in the area.
Go and see for yourself!
Tel +351 289 350 040
[email protected]
www.parrillanatural.com
e'iné
p#adise
fou(
Sometimes we like to get away from it all – so we go to ‘The Island’.
Just off the coast of Faro is a little-known string of small islands. One of these is
aptly named Ilha Deserta and from here you will experience the most glorious
views across the Atlantic and Ria Formosa. The long and deserted island has
just one restaurant – Estaminé – which can only be reached by boat from Faro,
be it your own private yacht, occasional ferry or yellow speedboat run by the
restaurant Estaminé.
The trip takes you through some of the prettiest parts of the Ria Formosa,
passing by many little islets, and you don't need to be a twitcher to enjoy the
wildlife. In no more than 20 minutes you will arrive at this most idyllic spot and
whether you are there for the day to enjoy the beach or just to have lunch,
it’s a great day out!
This restaurant does not rely on its stunning location to attract its customers –
the wine and fish (bought direct from the fisherman on the neighbouring island),
and freshly baked bread are simply divine and we cannot fault the service.
This year Estaminé has a new partner, Jamanta, a party vessel capable of
carrying 200 people. Food and drinks are served in a magical atmosphere
while cruising amongst the islands. Next time you are planning a party,
you might want to consider this fun catamaran.
Tel +351 917 811 856
[email protected]
www.animaris.pt
ESTAMINÉ
25
FOUR SSONS )ury club
FOUR SEASONS COUNTRY CLUB
27
MBERS'
CLUB FOR +
SSONS
The award-winning Four Seasons Country Club has become an integral part
of the Quinta do Lago community, summer and winter. Recently named in
TripAdvisor’s Top 25 Small Hotels for Families in the World, it is renowned for
its friendly environment and quiet luxury. Whether you need to get in shape
to enjoy the year-round social atmosphere, membership offers access to all
areas of the Club’s excellent facilities, including a state-of-the-art gymnasium
with the latest Life Fitness cardiovascular equipment, TV monitors and links to
Nike fitness. Personal training and fitness classes are also available.
The restaurant is very popular, and we often have a snack there after a workout.
It is excellent quality and value, and the bar benefits from a large lounge,
big-screen TV, snooker room and regular live music.
Sports facilities include floodlit tennis courts, squash courts, five-a-side football
pitch, lawn bowls, saunas, a magnificent outdoor swimming pool and a
heated indoor swimming pool, with whirlpool bath. Private sports coaching is
also available.
At Four Seasons there really is something for everyone in the family: a beauty
salon offers luxurious treatments and relaxing massages, while for younger
family members there is a playground, children’s club and crèche, and an
exciting events calendar.
It really has become the heart of Quinta do Lago.
Tel +351 289 357 000
[email protected]
www.fsccquintadolago.com
dunas
Royal Botania
DUNAS
29
hot fashion
COOL OOR
LIVING
The Dunas concept stores will take you from morning to night with a wide range
of fabulous products, but with one thing in common – great taste and style from
some of the world's leading brands, featuring exceptional terrace furniture and
home accessories to beautiful, fresh resort fashion for men and women.
A large selection of beautiful outdoor furniture and accessories are elegantly
displayed at ‘Dunas Home’. Whether you are wanting to relax in the sun,
converse, dine or escape in the shade, a personally tailored design service for
your outdoor spaces will ensure you enjoy your Algarve home to the full.
When we shop at ‘Dunas Resort’ knowledgeable staff spend time with us to
choose our summer wardrobe from carefully selected designer brands in luxury
swimwear, silky cover-ups, chic espadrilles, gorgeous hats, bags and on-trend
designer jewellery.
‘Dunas Lifestyle’ is full of intriguing decorative items and gift ideas such as
heavenly scented candles, soothing body products and unusual hand-made
pieces chosen from around the world. When we need a special dinner-party gift,
Dunas is the place we find it.
Luxurious shopping for a unique sunshine environment.
Tel +351 289 355 333
[email protected]
www.dunas-style.com
VI JOYA
a j-el in ./rve
VILA JOYA
31
There are times when you just need to spoil yourself! And for us, this is at
the top of our list. Vila Joya was opened in 1982 by Claudia Jung when the
German-born entrepreneur fell in love with the Algarve and was inspired to
open this small, charming boutique hotel.
The hotel has the distinguished accolade for the seventh consecutive
year of being recognised in the “World’s Leading Boutique Resorts” by
the World Travel Awards. Vila Joya is perched on the cliffs overlooking the
Atlantic and endless sandy beaches and has twelve beautiful rooms plus eight
luxury suites.
The Vila Joya Restaurant has won the prestigious award to be among
“The World’s 50 Best Restaurants”. The Austrian chef Dieter Koschina, holder of
two Michelin Stars, is Head Chef of the restaurant and one can only say that he
helps make dining at Vila Joya truly an experience not to be missed.
Another reason we like to visit Vila Joya is to indulge in the Joy Jung Spa,
considered by Tatler magazine as one of the best 101 spas in the world.
The Asian-look Spa offers a great range of face and body treatments including
hydrotherapy, body wraps using marine botanicals and sports massages.
The atmosphere at Vila Joya is quite magical and everything they do has that
very special elegant touch.
Tel +351 289 591 795
[email protected]
www.vilajoya.com
we(y 0vies
WENDY DAVIES
33
SECRS TO
SUCcE1L
Property
MAGE
On occasions, when we show a property to a potential buyer we enter with
a little trepidation. Will the house be in a nice condition; will it be presented at
its best?
We have come to appreciate that if certain villa management companies are
involved we need not worry – the properties will always be shipshape.
Over the last 15 years, Wendy Davies and her team have developed the concept
of property management and are now one of the most respected property
management companies in Quinta do Lago. Their aim has always remained the
same – to provide a management service which is efficient, customised and
cost effective.
With an experienced team of 12 staff, they concentrate on the same objectives:
attention to detail, regular communication, accountability, transparency
and honesty.
“Adapting to the changes in the current financial environment is crucial to
our business,” says Wendy Davies, “but our long-term aim continues to be,
to provide the highest quality service for our clients and to seek new
opportunities and challenges in order to continually improve our service.”
Wendy’s properties are always immaculate and we are really delighted to
endorse her services.
Tel +351 289 392 760
[email protected] www.wendydaviespropertymanagement.com
co23 ./rve & spa
CONRAD ALGARVE & SPA
35
i(ulge
yourself
We were thrilled when we heard that the doors of this luxurious new hotel were
opening on our doorstep.
So we asked General Manager, Joachim Hartl, for some information to include
in the new Quinta Properties Guide. He said, "If you want to write about this
place then you need to experience it". So he gave us a spa treatment, a night's
accommodation and dinner at Gusto restaurant.
We happily obliged. Upon arriving, our cars were whisked away and we were
checked in seated on elegant chairs sipping chilled lemon water. From the
moment we arrived we were treated like VIPs. The elegant bright lobby is
super-impressive and features tall glass walls and a magnificent domed ceiling
allowing glorious light to flood in. Our suites were stunning, and the decor
meticulously planned, from stylish furnishings to ingenious bathroom tiles and
fun rain showers. We both agree, a highlight was the spa bathrobes, which
really were divine, and they set the tone perfectly for the spa.
While choosing a treatment we were settled into a relaxing room where we
were served delicate teas, while stretched out on heated lounge chairs.
The treatments were wonderful and were followed by a steam and then a swim
in the heated outdoor pool. Not a bad way to spend a Friday night ... The gym
looked impressive but time was short and Gusto restaurant beckoned.
Dinner was delicious and it was no surprise to find it orchestrated by MichelinStarred chef Heinz Beck. We recommend the tasting menu – simply one of the
finest dinners we have had! And the sommelier introduced us to some excellent
new wines. The meal was really quite incredible.
The Conrad Algarve and Gusto by Heinz Beck far exceeded our expectations
and we will certainly recommend them to our clients – in the hope of course that
they will not prefer to stay there than buy from us!
Tel +351 289 350 700
[email protected]
www.conradalgarve.com
J#dim Via
G#den
genius
JARDIM VISTA
37
Richard Westcott is Jardim Vista!
We bump into him all the time when we are visiting properties in and around
Quinta do Lago. He's like a busy Lizzie – he just never stops! Richard is the
founder and ‘soul’ of the company and produces the most spectacular gardens
– not only here, his reputation has spread and he now also has clients in the
USA, Middle East and the rest of Iberia.
We see plenty of beautiful gardens in our line of work, but Jardim Vista certainly
has the edge. From a sales point of view, where outdoor living is so important, his
gardens are the crowning glory of many a property. His gardens have a certain
style; they fit into the Algarvean landscape beautifully, but add an immense
amount of elegance and style. If you are considering landscaping your property
take a look at their work and see if you agree that they have that je ne sais quoi!
The Jardim Vista Landscape Centre and headquarters near Quinta do Lago,
provides clients with a source of inspiration by showcasing a wide variety of
plant species, materials and landscape features that can be incorporated
into any design. Trees, palms and other mature stock can also be viewed
and selected.
The design studio is also based there, and the creative team is available to give
advice and consultation on design, construction and maintenance.
Tel +351 289 356 977
[email protected]
www.jardim-vista.com
Concept Ca4ring
CONCEPT CATERING
39
SPECI
o5asions
We have both known charismatic Annelies for many years, not only is she
the Dutch consul, but she and her husband have been in the restaurant and
catering business for over 20 years and both are well-known faces locally.
But one thing we didn’t maybe fully appreciate as we had not used her catering
service before, is just how good she is at her business, which is obviously also
her passion: food and providing a first class service!
We asked Annelies to cater for one of our parties and her attention to detail and
her creativity were unparalleled.
Annelies says: "Our objective is to create complete peace of mind for the
client, whilst providing bespoke exclusive catering to individual tastes and
preferences, and to all budgets." We can definitely vouch for that! Be it a
dream wedding at your home or at one of her venues, a magical dinner party,
a house warming, an elegant cocktail party or a barbecue with al fresco dining in
your gardens, Concept Catering caters for it all.
They also organise cooking workshops at your home with professional
chefs who work with delicious, innovative and highly festive recipes and use
only the freshest ingredients. Let them spoil you and your guests with stylish
contemporary cuisine at its best.
Annelies makes every event quite special!
Tel +351 969 022 179
[email protected]
www.conceptcatering.eu
P6tinum AO V
PLATINUM AUTO VALET
41
SHINING
EX7PLE
What a luxury! Paulo and his team come to our offices every Monday morning
and whisk our cars away and return with ones that look brand new! And if they
notice that something is wrong or a part needs attention, they take care of that
too. Easy.
Paulo is the man behind Platinum Valet and his business is working its magic on
many a proud owner's car. His clients include some of the world’s top VIPs and
sports personalities who need their cars kept in pristine condition.
They trust Paulo to care for their precious vehicles, and of course to be
absolutely discreet about their owners. Paulo’s popularity with his clients is not
just due to the amount of care and attention that goes into protecting their cars,
it’s also due to the excellent relationships he builds with them.
“I just love what I do,” says Paulo, “not only do I get to work on some of the most
beautiful automobiles ever created, but I keep some pretty good company too!”
Drive around Quinta do Lago and you may spot one of Paulo’s vans, kitted
out with the latest professional equipment, they are also fully powered with
electricity, clean soft water and all the gadgets required by the perfect valet.
Tel +351 969 277 601
[email protected]
www.platinumautovalet.com
gigi's
GIGI'S
43
a quia 8
6 icon
Summer would not be summer in the Algarve without a long lazy lunch at Gigi’s.
It’s difficult to pinpoint why it is so special. The food is always good, the staff,
who have been there for many years are great – it has a special atmosphere and
all we can say is try it. Gigi's will not disappoint!
Fabulously located at the end of the Quinta do Lago bridge, Gigi’s in appearance
is a simple wooden beach restaurant – but not so! For over 25 years the good
and the great have been eating at this wonderful fish restaurant. Build up an
appetite by walking across the wooden causeway to Gigi’s and who knows
whom you will be rubbing shoulders with. Gigi’s is a favourite haunt for Quinta
do Lago residents and celebrities alike, not that Gigi is star-struck, in fact he has
become something of a local celebrity himself – you may see him arrive in his
yellow jeep and always in beach shorts, regardless of the clientele.
The fish is fresh every day and selected by Gigi himself from his local fishermen
– and it shows. Make your choice from the chalkboard or the counter where
it is all laid out for you to see, sit down with a glass of wine and some friends,
and wait for the freshest fish in the Algarve to arrive at your table – perfect.
The grilled tiger prawns are second to none and try his famous rice with your
fish. The atmosphere certainly adds to the enjoyment of this place, we can only
recommend it.
In the height of the season you will need to book in advance – it’s a busy place!
Tel +351 964 045 178
[email protected]
PORTFOLIO
P O RT F O L I O
A selection of properties from our portfolio
45
modern masterpiece
QUINTA DO L AGO
A stunning location with a completely new generation of architecture, phenomenal views towards
the lake and golf course create the backdrop for this striking property.
Interior features include a glass elevator with access to the three levels within the property and a
suspended master suite which boasts 180 degree views and a private sun terrace with hot tub.
The interiors are sleek and stylish and filled with state-of-the-art technology. The outdoor pool
terrace features an infinity pool, a methanol fireplace and a covered kitchen and dining area.
SCAN &
EXPLORE
Plot Size: 1800m2
Build Size: 736m2
Price Guide: POA
Ref: 10099QP
47
PORTFOLIO
Tel: +351 289 396 073
impeccable style
QUINTA DO L AGO
A grand contemporary villa on one of the largest plots within Quinta do Lago. Crisp clean lines
contribute to the minimalist architecture and only the finest finishes have been used with white
marble beautifully contrasting with wood and natural stone.
This unique property features state-of-the-art home security, mood illumination and exceptional
furnishings, pushing the boundaries in style and technology. Located in a prime position in
Quinta do Lago and within walking distance of the beach.
SCAN &
EXPLORE
Plot Size: 5300m2
Build Size: 786m2
Price Guide: POA
Ref: 83338QP
49
PORTFOLIO
Tel: +351 289 396 073
CONTEMPORARY CLASSIC
QUINTA DO L AGO
A stunning new state-of-the-art property that has been designed and finished to very high
standards, located in a quiet and established area within Quinta do Lago.
Well-proportioned living areas with plenty of glass creating bright rooms, together with
outstanding outdoor pool and dining terraces where sundowners are enjoyed whilst taking in
the beautiful lake views.
SCAN &
EXPLORE
Plot Size: 2265m2
Build Size: 968m2
Price Guide: POA
Ref: 10063QP
51
PORTFOLIO
Tel: +351 289 396 073
DESIGN STATEMENT
QUINTA DO L AGO
This is a very stylish L-shaped property with all living areas facing the gardens and pool area
through large French doors. Perfect for indoor/outdoor entertaining and the Algarve lifestyle.
Extravagant lighting features heavily throughout this property, from the entrance hall with its
hugely impressive chandelier and glass staircase to the water fountain lit with fire in the garden.
The interior design is most attractive and even though this property is not the largest within
Quinta do Lago, it most certainly is one of the finest.
SCAN &
EXPLORE
Plot Size: 1700m2
Build Size: 503m2
Price Guide: POA
Ref: 12839QP
53
PORTFOLIO
Tel: +351 289 396 073
WATERSIDE RESIDENCE
QUINTA DO L AGO
This semi-detached villa is set within the exclusive Residencia development – just a short walk
from Gigi's restaurant and the stunning Quinta do Lago beach.
The three-storey property's premier location is matched only by its ultra-chic interior, which
creates a warm and welcoming atmosphere. There is also a lovely outdoor living area with access
into the communal garden and large pool which is shared by 12 properties. This property has all
the benefits of a large four bedroom villa with garage, but can also be used as a lock-up and go.
SCAN &
EXPLORE
Build Size: 281m2
Price Guide: €1,35million
Ref: 53007QP
55
PORTFOLIO
Tel: +351 289 396 073
extraordinary location
QUINTA DO L AGO
A beautifully positioned property on an elevated plot with magnificent south-westerly views over
the San Lorenzo Golf Course and various lakes, a most enviable location.
This beautiful villa is bright and spacious with a contemporary design and touch of the traditional,
where natural terracotta tiles, light wooden features and an open fireplace lend a warm feel to
this comfortable family home.
SCAN &
EXPLORE
Plot Size: 2610m 2
Build Size: 596m 2
Price Guide: £4.65million
Ref: 83144QP
57
PORTFOLIO
Tel: +351 289 396 073
IMPRESSIVE ARCHITECTURE
VALE DO LOBO
Set within an unusually large plot in Vale do Lobo, this one-storey villa with basement features
especially high ceilings, plenty of glass, locally sourced stone and a minimalist design. The villa is
quite unique and most tastefully presented.
The rooms are spacious and bright and look out onto the lovely landscaped garden which
features a great outdoor living area and heated swimming pool. There is also a large roof terrace
with wonderful views which would be perfect for entertaining.
SCAN &
EXPLORE
Plot Size: 2365m2
Build Size: 684m2
Ref: 84824QP
59
PORTFOLIO
Tel: +351 289 396 073
ocean front
VALE DO LOBO
Frontline properties are rare and this villa is located just up from Julia's Beach with spectacular
views over the dunes to the ocean and not only that, it also sits on an exceptionally large plot.
The villa itself has an understated contemporary and elegant design and all living areas and
bedroom suites enjoy the water views.
The southern facade of the house is floor-to-ceiling glass, and chic interiors with minimalist style
allow the dramatic ocean views to dominate the rooms. The property has hardwood floors and
beautiful materials throughout. The gardens are simple and in harmony with the surrounding
beach and dune environment.
SCAN &
EXPLORE
Plot Size: 2180m2
Build Size: 595m2
Price Guide: POA
Ref: 84644QP
61
PORTFOLIO
Tel: +351 289 396 073
ARCHITECTURAL STATEMENT
QUINTA VERDE
This four bedroom contemporary villa is designed with style and luxury in mind.
The open-plan is ideal for entertaining, while the extensive use of glass allows light to fill
the house. Really quite stunning.
The split-level living room, modern kitchen and dining room area are bright and spacious,
revealing views of the swimming pool beyond, through the full-length glass walls and sliding
doors. A stunning environment is created using slate and clean white finishes throughout.
SCAN &
EXPLORE
Plot Size: 1227m2
Build Size: 300m2
Ref: 84673QP
63
PORTFOLIO
Tel: +351 289 396 073
PERFECTLY TIMELESS
CLOSE TO QUINTA DO L AGO
Tucked away, just on the outskirts of Quinta do Lago and nestled within mature pine trees, is this
private walled Quinta styled property which is beautifully presented.
The grand property benefits from spacious rooms yet remains cosy and is very tastefully
decorated. There is a formal living and dining room with a feature fireplace as well as a wonderful
outdoor living area with large heated pool, landscaped gardens and covered outdoor lounging
areas. A wonderful family home.
SCAN &
EXPLORE
Plot Size: 4550m2
Build Size: 300m2
Ref: 83205QP
65
PORTFOLIO
Tel: +351 289 396 073
OCeAN SPLENDOUR
OLHOS D'ÁGUA
This luxurious beach villa has been exquisitely designed to the most exacting contemporary
standards and is filled with bespoke furniture, art and technology consistent with modern luxury
living at the highest level.
The open-plan living and dining room enjoys fabulous sea views and has access to the covered
al fresco dining areas. Extensive wood decking provides plenty of space for sun lounging around
the shimmering rectangular infinity pool whilst taking in the magnificent sea views.
SCAN &
EXPLORE
Plot Size: 1760m2
Build Size: 965m2
Ref: 84860QP
67
PORTFOLIO
Tel: +351 289 396 073
MAGNIFICENT ESTATE
PRAIA DA LUZ, NEAR L AGOS
This exceptional luxury estate occupies a prominent position near Luz Bay and benefits from
spectacular uninterrupted sea views. The six bedroom family property is elegantly designed
with traditional Mediterranean features.
This is a sprawling family home with a most attractive open-style designer kitchen,
fabulous living areas, cosy bedroom suites, complete with home spa and party area.
SCAN &
EXPLORE
Plot Size: 12.400m2
Build Size: 1372m2
Ref: 84668QP
69
PORTFOLIO
Tel: +351 289 396 073
RUSTIC ELEGANCE
ALMANCIL
A stylish Quinta, located just above Almancil with lovely views of the coastline. The owners have
carefully refurbished the old farmhouse into a chic and very sophisticated home, with great
attention to detail using local stone and retaining as many original features as possible, but with
all the most modern amenities throughout.
The main house has four bedroom suites, a beautiful open-plan dining and kitchen area
and a spacious living room. There is also a separate guest house with one bedroom and an
open-plan living area. This sophisticated and refined property is rounded off with lush and
beautifully landscaped gardens. A true gem!
SCAN &
EXPLORE
Plot Size: 2500m2
Build Size: 405m2
Ref: 84756QP
71
PORTFOLIO
Tel: +351 289 396 073
lakeside village
pinheiros altos
QUINTA DO L AGO
QUINTA DO L AGO
This exceptionally well-located semi-detached villa in Lakeside Village
ticks all the boxes; south-facing terrace, private swimming pool, walking
distance to the water sports lake and beach and sea views from the first floor
terrace. The modernised villa has an open-plan living area with patio doors
leading to the outdoor terrace, which creates a feeling of light and space.
Beautifully maintained, three bedroom, mews-style townhouse within
The Village of the prestigious golf resort of Pinheiros Altos boasting luxurious
interiors. Golf membership is included and owners and guests can use the
communal pool and resort facilities. A perfect holiday home in extremely
friendly and secure surroundings, ideal for families and keen golfers.
Build Size: 122m 2
Price Guide: £525,000
Ref: 83970QP
Build Size: 238m 2
Price Guide: €585.000
Ref: 26105QP
São Lourenço
lakeside village
QUINTA DO L AGO
QUINTA DO L AGO
This attractive, west-facing two bedroom apartment has been renovated to
the highest of standards and is located in one of the most prestigious resorts
in Quinta do Lago. The bright living and dining room is open-plan and has
lovely golf views from the terrace. The resort is extremely well looked after
and offers a large communal swimming pool, tennis and reception.
Recently fully refurbished, this light and bright but at the same time cosy and
intimate apartment is undoubtedly unique! There are five terraces over the
two levels of this duplex, affording beautiful views of the shimmering lake
waters and landscaped gardens. Lakeside Village offers security, two tennis
courts and a large communal and children's pool on site.
Build Size: 98m 2
SCAN &
EXPLORE
Ref: 08022QP
Build Size: 143m 2
Tel: +351 289 396 073
Ref: 84475QP
73
PORTFOLIO
Victory Village
encosta do lago
QUINTA DO L AGO
QUINTA DO L AGO
Recently renovated, this stylish and elegant south-west-facing ground floor
apartment is perfectly located towards the southern tip of Quinta do Lago.
The views to the lake and ocean allow you to enjoy breathtaking sunsets
over the shimmering water. A five-minute walk and you are on the golden
sands of the of Quinta do Lago beach.
This south-east-facing apartment in Encosta do Lago is light and bright,
and has fabulous views over the landscaped gardens and Quinta do Lago's
water sports lake. Located close to the beautiful beach and the Ria Formosa
Nature Reserve, the on-site facilities include a large communal swimming
pool, tennis courts, Tucano’s restaurant, a gym and sauna.
Build Size: 79m 2
Ref: 84806QP
Build Size: 120m 2
Ref: 50032QP
Vale do Lobo
dunas douradas
beach club
This three bedroom townhouse is located in a quiet area of Vale do Lobo,
and yet it is still close to the resort's facilities. Bright interiors and elegantly
decorated this property's living areas lend to a calm chic atmosphere
whilst fabulous views are enjoyed from most aspects of this immaculate
townhouse. A golf title is included in the asking price.
Enjoy the panoramic sea views from this beautiful apartment situated just
50 metres from the beach. This two bedroom, first floor property is decorated
to the highest standards by one of the Algarve's leading interior designers.
Dunas Douradas Beach Club has award-winning facilities including
swimming pools, bar, restaurants, gym and 24-hour security.
Build Size: 232m 2
Price Guide: €1,25m
Ref: 84651QP
Build Size: 110m 2
Tel: +351 289 396 073
Ref: 83066QP
savills.co.uk/abroad
Experience the ultimate in alpine living
Verbier, Switzerland
A unique and very private alpine estate, nestling in the heights of Verbier. Completed in 2012, this elegant masterpiece has been lovingly created
by Verbier Centres SA, a team of highly skilled craftsmen, architects, art connoisseurs and interior designers from across Europe. Finished to an
exemplary standard with impeccable attention to detail and utilising solar and geothermal heating, Les Trois Couronnes is adorned with antiques
and fine art, creating a truly stunning authentic mountain experience. Set out across three distinct chalet structures and linked by an art gallery
cum banqueting hall with vaulted ceiling, the chalet sleeps a total of 15 adults in eight bedroom suites. Les Trois Couronnes boasts an extensive
spa facility with incredible mountain views, together with a cinema room, wine cellar and carnotzet.
Price on application
Savills International
Sophie Gwilliam
[email protected]
+44 (0)20 7016 3740
Exquisite clifftop residence
with breathtaking views
of the Mediterranean Sea
Puerto d'Andratx,
Palma De Mallorca
This unique contemporary villa is located
in the prestigious area of Puerto d'Andratx,
on Mallorca's south-west coast. This five
bedroomed property sits on the rugged
clifftop and enjoys arguably the finest sea
views on the island.
Guide price €9,9million
MJC Associates
Michael Cunnington
[email protected]
+34 971 57 99 57
Spectacular villa
currently run as
boutique hotel
Katitche Point
Situated on the west side of Virgin Gorda
on a rocky outcrop directly above the sea,
Katitche Point Greathouse is a spectacular
private villa currently run as an awardwinning luxury boutique hotel. The property
arguably boasts the best views in the BVI
overlooking two oceans. The 800m2 house is
spread over three floors with five bedrooms
and includes a TV room, meditation room
and various terraces for outdoor living and
entertaining. A 30ft infinity swimming pool
with views across the sea to the islands is
one of the iconic images of the Caribbean
and has been featured on the front covers
of various luxury magazines.
James Burdess
[email protected]
+44 (0)20 7016 3740
Magical 11th century
chateau-fort with
360 degree views
Chateau de Corbere
Hilltop castle set in 25 acres (10 hectares)
with 360 degree protected mountain,
sea and valley panoramas. There is over
70000ft2 (650m2) of accommodation with
eight bedrooms, eight bathrooms and three
separate studios. Living areas include a
grand salon, three dungeons converted into
reception rooms, two dining rooms, two
studies, cinema and library. The chateau has
been beautifully renovated to the highest
of modern standards whilst retaining many
original features. The chateau is set in
grounds of 25 acres with exquisite gardens,
extensive terraces and outdoor entertaining
areas, and a large heated pool.
Jelena Cvjetkovic
[email protected]
+44 (0)20 7016 3740
An imposing
south-facing villa
La Zagaleta
An imposing south-facing villa with sea
and estate views, located in Europe's most
exclusive and secure address, Club de
Campo La Zagaleta. Within the development,
there is a private nature reserve, golf
course, three fishing lakes, a riding club
and a heliport. This is an exceptional Italian
style home perfect for entertaining, comfort
and privacy. An extremely well built and
beautifully finished house with six en-suite
bedrooms plus staff accommodation,
extensive terraces, Bourgogne limestone
and marble floors, individual under-floor
heating, air conditioning and a media
system throughout.
Jelena Cvjetkovic
[email protected]
+44 (0)20 7016 3740
Luxurious retreat
sitting high above the
Sunset Strip
Hollywood Hills
This luxurious retreat sits high above the
Sunset Strip in the famed bird streets of
the Hollywood Hills. The designer, Angie
Thornbury, spent three years planning,
building and selecting every detail from
tiles and plumbing to lighting and fabrics.
The modern structure is enhanced with
custom furnishings to bring warmth and an
enviable LA vibe. As well as the property’s
five bedrooms and seven bathrooms,
Nightingale includes a two-storey wine cellar,
professional two-storey home theatre with
seating for over 20, a home beauty spa,
an eight person spa and an outdoor kitchen.
Guide price $14million
Jelena Cvjetkovic
[email protected]
+44 (0)20 7016 3740
Belle Époque villa with
breathtaking sea views
Saint-Jean-Cap-Ferrat,
French Riviera
Minutes from Saint-Jean-Cap-Ferrat, facing
south-east, this elegant Belle Époque villa
of approximately 500m2 is spread over
three levels enjoying a breathtaking sea
view of the harbour and Saint Hospice.
Villa La Riba has been entirely renovated to
a high standard, and offers a spacious living/
dining room opening onto a vast terrace and
includes six bedrooms and an independent
studio. There is also a magnificent pool with
large terraces and well-maintained gardens
of approx 2000m2.
Sophie Gwilliam
[email protected]
+44 (0)20 7016 3740
MARKET INTELLIGENCE
Investors' Guide to Property in Portugal
MARKET INTELLIGENCE
79
MARKET INTELLIGENCE
To ensure our clients are given the best possible service, we are passionate about equipping you with all the relevant information that you need
to make well-informed decisions when investing in property in the area.
To reinforce this commitment, in this regular section of the Guide we feature important topical news and the relevant information which investors
need when purchasing or selling a property in and around the exclusive resort of Quinta do Lago. We focus on buying and selling procedures,
building regulations, tax and legal matters. In addition, the benefits of renting out a property are discussed, along with management and
maintenance issues and much, much more. To ensure our information on this wide range of subjects is current and correct we have enlisted
the help of numerous local and international professionals.
We hope you find these pages helpful – should you have any questions, please do not hesitate to call us. We pride ourselves not only on the
calibre of property that we market, but also in the service we provide.
Your Quinta Properties Team
CONTENTS
81.
Europe’s best kept secret
82. Portugal, a gateway to Europe
82. Global stars
82. The buying process
83. Company owned property
84. Property tax issues
85. Legal Entities – The Limited Liability Company (LLC)
86. Property rentals in Portugal
86. Haute design in The Keys
87.
Living will in Portugal
87.
Building in the Algarve
88. How to get your energy for free
89. Home automation – the right balance
90. Savills International Valuations
90. Savills Insurance Services – Overseas property insurance
90. Property management
91.
São Lourenço International School
91.
AFPOP
91.
Aproquila
92. São Lourenço Village
92. APPA
92. For our German clients - Ihr Wegweiser zum sicheren Immobilienkauf
93. Costs involved in buying, owning and selling a property valued at €1million as a non-resident of Portugal
94. Condominium fees and running costs
For up-to-date market insight, fresh news, views and local knowledge regarding emerging issues,
please visit our regularly updated website:
Tel: +351 289 396 073
MARKET INTELLIGENCE
Europe’s best kept secret
Portugal may not be the first country that comes to mind when talking about
favourable tax regimes but, in fact, Portugal offers a very attractive tax regime
to newly resident individuals, referred to as Non-Habitual Residents (NHRs). This
regime provides for a flat income tax rate of 20% for qualifying employment and
self-employment income and a tax exemption for almost all foreign source income.
The Portuguese economy has become increasingly diversified and service-based
since the country joined the European Union (EU) in 1986. In competitiveness,
Portugal ranks 49 out of 144 countries in the 2012-2013 World Economic Forums’
Global Competitiveness Report and Portugal ranked 30 out of 183 countries in the
2012 World Bank Doing Business Report.
Add free remittance of funds, a friendly residence permit regime allowing for free
movement within the Schengen area and the possibility to apply for Portuguese
nationality and consequently an EU passport, it is clear why Portugal is a very
attractive location. The country is investing in becoming a premium tourism and real
estate location, as well as a leading EU country in R&D and information technology.
Portugal is committed to attracting foreign investment and the government has
launched an economic strategy focused on boosting exports and foreign direct
investment. The recent launch of the 'Living in Portugal' programme is an example
of the government’s commitment to attract foreign investment to Portugal.
Portuguese Tax Regime for Non-Habitual Residents
The NHR regime, which is a beneficial Personal Income Tax (PIT) regime, is
available to individuals becoming tax residents in Portugal, provided they were
not Portuguese tax residents in the previous five years and the status is granted
for a period of 10 consecutive years. Recently, the Portuguese tax authorities
have simplified the procedures for registration under the NHR regime, evidence
of Portugal's commitment to attracting foreign talents, as well as High Net Worth
Individuals (HNWIs) and their families.
To be considered as a tax resident, it is necessary to remain in Portugal for more
than 183 days during the relevant fiscal year or have a dwelling in Portugal on
31 December of that year with the intention to hold it as your habitual residence.
NHRs are subject to a reduced flat 20% personal income tax rate on salaries as well
as on business and professional income of a Portuguese source arising from listed
“high value-added activities of a scientific, artistic or technical nature”, as per a list
published by the tax authorities.
NHRs will be exempt from PIT on salaries of a non-Portuguese source, if such
salaries were subject to tax in the country of source under an existing double tax
treaty or, if no double tax treaty exists, were effectively taxed in such country.
Business and professional income of a non-Portuguese source relating to “high
value-added services of a scientific, artistic or technical nature”, as well as from
intellectual or industrial property or 'know-how', earned by NHRs abroad are
exempt from PIT, provided such income could be taxed under an existing double
tax treaty or could be taxed in another non-“blacklisted” jurisdiction in accordance
with the provisions of the OECD Model Tax Convention. Note that it is not necessary
that the income is actually taxed, merely that the country of source has the right
to tax it.
As a result, multinational corporations will have a major advantage in locating their
centres of excellence (e.g. their R&D departments) in Portugal and Portuguese
companies will have a significant stimulus to attract the best foreign talents.
Rental income and capital gains on the sale of foreign real estate, investment
income, such as dividends and interest from a non-Portuguese source are also
exempt from PIT, provided the above conditions are met.
Pensions paid abroad to NHRs are also exempt from PIT, if such pensions were
subject to tax under an existing double tax treaty or if the pension should not be
considered as obtained in Portugal and the related contributions did not give rise to
81
a PIT deduction in Portugal. Since most double tax treaties grant exclusive taxation
rights to the country of residence (which would be Portugal), in practice this means
that the pension income may end up not being taxed in Portugal or in the country
of source.
Furthermore, by becoming Portuguese NHRs, HNWIs may be able to accrue their
wealth in a friendly tax environment (other than a designated tax haven), to dispose
of their assets while benefiting from tax exemptions, to pass on their wealth or
estate without inheritance or gift taxes to the next generation and/or to enjoy their
retirement without tax leakage on their pensions.
A few reasons why living and investing in Portugal makes business sense
• A 20% flat rate for Portuguese-employment income from qualifying activities and
exemption for almost all foreign source income is available for NHRs
• A tax exemption for gifts and inheritance tax to spouse, descendants or
ascendants. Inheritances or gifts to other individuals will be either not taxable,
due to generous territoriality rules, or subject to a flat 10% stamp tax
• No wealth tax and free remittance of funds either to Portugal or abroad.
Nil taxation on dividends with proper planning or otherwise a 28% withholding
flat rate will apply. Tax credit for international double taxation may be available
• Beneficial treatment for pensions and other life insurance products (including
unit linked) may further significantly reduce the effective tax burden on
capital invested
• Companies with head office or place of effective management in the Madeira
International Business Centre (MIBC), including branches of non-resident
entities, benefit from significantly reduced direct and indirect taxation. Lower
VAT rates may result in interesting planning opportunities for e-commerce, yacht
registration, etc.
• Companies licensed to operate in the MIBC, with a licence issued until
31 December 2013, benefit from reduced Corporate Income Tax (CIT) rates until
31 December 2020 – 4% in 2012, and 5% from 2013 to 2020
• The reduced CIT rates apply on income derived from transactions with nonresidents (or with other MIBC entities), limited to thresholds of taxable income,
and depending on the creation of jobs. Portuguese Holding companies (“SGPS”)
may also be licensed to operate in the MIBC and benefit from its special tax
regime. The MIBC special tax regime also provides for generous benefits
regarding withholding taxes on interest, royalties and services
• Portuguese companies may take advantage of EU non-discrimination rules and
EU Directives on mergers, dividends, interest and royalties, as well as Portuguese
double tax treaties.
Portugal has signed 66 double tax treaties, 57 of which are in force, more than
50 investment protection agreements, 15 tax information exchange agreements
signed, most of which already in force e.g. Bermudas, Cayman and Gibraltar and
several social security agreements.
Leendert Verschoor – PwC Partner
Tel: + 351 213 599 631 Email: [email protected]
www.pwc.pt/en/fiscalidade/individuals-taxation.jhtml
or
Luis Filipe Sousa – PwC
www.pwc.pt/en/fiscalidade/individuals-taxation.jhtml
Portugal, a gateway to Europe Global stars
With the aim of attracting foreign investors to live and invest in Portugal, the
Portuguese government has created a special residence card for investors
(Golden Visa) for non-EU nationals.
For the purposes of obtaining the Golden Visa, the applicant should meet at least
one of the following conditions:
i)
A transfer of capital to Portugal of at least €1million;
Rupert Sebag-Montefiore, head of Savills Global Residential, highlights key
overseas locations for smart investors.
The global direction of investment is now very much from cash-rich new world
countries in the east to established old world cities in the west. The standout
favoured locations are London, followed by France and the US. But there are other
locations that are well placed to deliver capital growth, from business centres to
leisure destinations.
ii) Creation of at least 10 new jobs in Portugal;
New York Bounce
iii) Acquisition of real estate in Portugal with the value of, at least, €500.000.
Right now, New York looks like a good investment. Prices have fallen by 17% since
2008 and the market is now recovering fast. A few years ago, 3-4% of buyers were
from overseas, but today that figure is nearer 20%. Investors are targeting new
condominium blocks rather than traditional co-op buildings where buyers require
the approval of existing owners.
The individual may invest directly or through a company with its registered
head office in Portugal, provided that this meets one of the above requirements.
However, when the investment is made through a company, the investment amount
considered for the purposes of granting a Golden Visa will be proportional to the
share capital held by the applicant.
For the purposes of meeting the criteria relating to the acquisition of real estate,
the following situations are also admissible:
• Co-ownership of the real estate, with each co-owner making an investment of a
minimum of €500.000;
• Making promissory contracts of purchase only before the initial application for
the Golden Visa, provided that a deposit of a minimum of €500.000 is paid.
However, at renewal stage (i.e. after one year), the purchase of the property must
have been completed;
• (Bank) financing of the acquisition of the property for the purchase price in
excess of €500.000;
• Rental or letting of the property for commercial, agricultural and tourism purposes.
The requirements should be met throughout a minimum period of five years,
counting from the date the residence card is issued for the first time.
Paris Pauses
Since 2008 the prime market has gone up by 55%, more than matching London,
albeit from a low base. Paris has a romantic appeal like no other city, but the market
is now stuttering as a result of uncertainty in the Eurozone.
The Monaco Gap
In the luxury holiday homes market there are far more sellers than buyers. Buyers
say vendors are asking unrealistically high prices, while vendors say buyers are
offering unrealistically low prices. This pricing difference has been called the
Monaco Gap. Even so, opportunities do exist where the seller acknowledges prices
have fallen since the peak.
Algarve Shines
Much the same can be said for the Algarve and especially the Quinta do Lago area.
Prices have come down by as much as 30-40% on the Algarve coast, and even
by up to 20% within Quinta do Lago. But as far as luxury property is concerned,
we do feel that property values are undervalued in this area and that prices will rise
significantly in the medium to long term.
The first residence card (Golden Visa) is valid for one year and should be applied
for from the Portuguese Foreign Services during the first 90 days of presence in
Portugal. This residence card may then be renewed for successive periods of two
years, provided that the conditions are maintained.
Rupert Sebag-Montefiore – Head of Global Residential, Savills (L&P) Limited
Tel: +44 (0)20 7409 8845 Email: [email protected] www.savills.com
To be able to renew the Golden Visa, its holder should stay at least seven days
in Portugal during the first year of validity and at least 14 days during each of
the subsequent two-year renewal periods.
The buying process
The investor’s family members are also allowed to enter and live in Portugal, based
on the investor’s Golden Visa, through a family reunion application, which should
be made as from the moment the Golden Visa for the investor is approved.
Once in possession of the Golden Visa, investors are allowed to travel within the
Schengen countries without the need to apply for a visa for each country to be
visited. It is possible to stay in the Schengen area for 90 days in each period of
180 days.
Leendert Verschoor – PwC Partner
www.pwc.pt/pt/fiscalidade/private-clients.jhtml
or
Bhavik Chunilal – PwC Partner
www.pwc.pt/pt/fiscalidade/private-clients.jhtml
The Letter of Intent
Once your agent has successfully negotiated a deal on your chosen property,
a professional agent will prepare a 'Letter of Intent' for both buyer and vendor
to sign. This document outlines the details of the sale and purchase, which
will include the price, date of exchange and completion of contract. It also
states what is included in the sale (furniture and furnishings, golf membership
etc.) and any other conditions. This Letter of Intent is passed on to the legal
representatives of both parties as a reference to the agreed terms for the
preparation of the Promissory Contract.
Exchange of contract
Both parties should be represented by a local lawyer and usually it is the buyer’s
lawyer who prepares the Promissory Contract (Contrato Promessa de Compra e
Venda). Before this is drafted the buyer’s lawyer will carry out all the necessary
legal searches on the property. Finally the lawyer will ensure there are no
outstanding charges against the property for utilities and maintenance costs such
as infrastructure charges, property tax and condominium fees. The Promissory
Contract is a legally binding contract and usually is signed by both parties in
MARKET INTELLIGENCE
the presence of a notary/lawyer. The Promissory Contract will confirm who the
buyers and vendors are, details of the property including clear title of ownership,
completion date, schedule of payments, and, if applicable, an inventory list will
also be attached. It will also include standard penalty clauses in the event that
either party does not fulfil the contract. At exchange of contracts, it is common that
the buyer pays a 10% non-refundable deposit, which is transferred via the lawyer's
client account to the vendor. Under Portuguese law, if the vendor does not fulfil
their obligations laid down in the contract, they are liable to pay back the deposit in
double to the purchaser. If the purchaser does not fulfil the contract, their deposit is
non-refundable.
Many top-end properties are owned by companies usually domiciled in Malta
or Delaware and the buyers will purchase the shares of said company. Although
the transaction takes place under the jurisdiction of the company’s domiciles,
both parties still require a local lawyer to carry out the searches on the property
in the usual way and, as well, a diligence list of questions about the company’s
status to the respective management company. The lawyer will prepare a Share
Purchase Agreement and a deposit is paid to the vendor’s lawyer and a completion
date agreed upon.
Completion
There is usually a period of time between the signature of the Promissory Contract
and the signing of the title deeds. This will vary from purchase to purchase
and depends on the agreed terms. At this stage, as a purchaser you require a
Portuguese Fiscal Number, and your fiscal representative should apply for one or
your lawyer may help and advise you to obtain one.
The Escritura is the official Deed of Transfer of ownership from the vendor to
you, the new owner. It is a document, which is signed either by you or your
lawyer (if you have opted to give them Power of Attorney) at the Notary and
stays in the hands of the Notary. The Notary reads aloud all the particulars of
the deed before everyone signs it. If you do not speak Portuguese your lawyer
will check that you understand exactly what is going on at each stage. Once
signed, the Escritura gives you official ownership but the property still has to
be registered under your name in the Land Registry (Registo Predial). Buyers
should request a copy of this registration for their files, (this is done by your
lawyer). And finally, on completion, your lawyer will also change or organise new
utility contracts from the old owners into your name.
Company owned property
Should you continue to think about buying a high-end property that is in
Corporate Ownership?
It is a legal and sophisticated method of acquiring and owning a property, without
having to pay the high rates of property transfer tax, which is the 'norm' across
southern Europe, not just Portugal.
The sale of a Company usually involves the purchase of the seller's 'beneficial
interest' in the shares of the company, rather than the actual shares themselves.
83
If you are taking over the beneficial ownership of a company, no Portuguese
Deeds are done. The process is simply completed by both parties fulfilling the
terms described in the Share Purchase Agreement; completion occurs with the
buyers transferring the balance of the purchase price to the vendors, usually via
the lawyers. Afterwards, the respective management company, if involved, will
transfer the share ownership from vendor to purchaser. This process is quick,
simple and in English.
Legal expenses
Lawyers’ fees vary anywhere from 1-2% of the purchase price. There are also
additional legal expenses connected to the transfer of ownership at the land
registry and fiscal department when buying a property in Portugal. Some of them
do not apply in the event that you buy the shares of a company that already owns a
property. Your lawyer and/or fiscal advisor should explain to you what the costs are.
IMT - Property Purchase Tax
This is the Portuguese property acquisition tax and should be paid by the
purchaser prior to completion. The amount payable varies according to the price
of the property on a sliding scale up to 6%. If it is a plot for construction, the IMT
applicable is always 6,5% of the price without any variation. Your lawyer will always
advise you of these costs.
Notary, stamp duty and registration fees
These need to be paid by the purchaser upon signature of the deeds at the public
Notary and at the Land Registry when the registration of the transfer of the
ownership of the property is applied for. Expect fees of approximately between
1,1% and 1,5% of the purchase price.
Company Owned Property
During a share transfer process and in the event that the vendor is not Portuguese
fiscal domiciled, there are usually no IMT, Notary and registration as well as CGT
taxes due in Portugal.
Luis Lapa e Borges – Lawyer
Tel: +351 289 401 090 Email: [email protected] www.llbea.eu
Q&A
Below are some frequently asked questions and answers concerning
corporate ownership.
Q. Why should I use a corporate structure to buy, own and sell my property
in Portugal?
If the property value is high enough to justify the annual costs of company
management, there are some attractive benefits to corporate ownership. It is
generally thought that owners of properties with values in excess of €1million may
benefit from this regime. If the property is of a lower value, private ownership may
be the better option.
Most of the companies are set up using nominee shareholders, who are the
registered owners. They in turn hold the shares or share capital, in trust for the true
owner. The company administrators will also provide directors and other company
officers and take care of all the legal requirements of filing returns and preparing
accounts, which may be necessary in certain jurisdictions.
Some of the benefits of corporate ownership are:
In the case of a husband and wife purchasing, it is also possible to arrange for the
beneficial ownership of the shares or share capital of the company, to be held jointly
with the provision that if either of them should die, the ownership of the company
automatically passes to the survivor with the minimum of fuss and paperwork and
without having to wait for probate, which in some cases can take a very long time.
• Buyers avoid payment of IMT (Property Purchase Tax) up to 6,5% as well as
Notary, registration fees and stamp duty
• Buyers and sellers enjoy a degree of anonymity
• Contracts are drawn up in English and avoid the use of the Notarial system of
property conveyance
• Dealing with inheritance laws in Portugal is made simpler by the fact that on
death, normally there is no chargeable event in Portugal and the ownership of
the property remains unchanged.
Continued overleaf
Q. Which countries are considered to be “blacklisted jurisdictions”?
Any country whose name appears on the list of jurisdictions where the tax
regime is considered more favourable than in Portugal. EU countries are not
on the list, so Malta is a suitable alternative, but tends to be more expensive.
Q. Why is Delaware not blacklisted?
Whilst the tax treatment of Delaware registered companies can be more favourable,
it is a state within the US and it would require the USA to be blacklisted. It is doubtful
that a particular state within the US could be specified. There are other states in the
US similar to Delaware so far as corporate structure is concerned.
Q. Is Delaware likely to become blacklisted in the future and, if so, is it possible to
move the company elsewhere?
It is highly unlikely, as a great many major US corporations have registered head
offices within Delaware. However, in the unlikely event that it should become
necessary, it is possible to redomicile the company away from Delaware.
Q. If this becomes necessary, what do I have to pay? Are there any US or
Delaware taxes?
Unless the company, or the owner of the company, actually receives income in
Delaware, there are no Delaware or US taxes to pay. You would have to pay the
costs of transferring the company to another jurisdiction.
Q. Is there a downside to owning a property in a company?
valias”) in Portugal on the profit made by the company – the difference between
the buying price of the property by the company (not what you may have paid for the
shares) and the selling price, subject to the usual allowances. Except in exceptional
circumstances, it is better to sell the beneficial ownership of the company and keep
the asset in the company, so that there is no taxable event in Portugal. You may also
be liable to pay tax in the country in which you are tax resident on the gain, but
Portugal (which includes Madeira and the Azores) has double taxation treaties with
most countries.
Q. So, is there any good reason not to purchase a property that is in a company?
On balance, no, but you should keep in mind that corporate ownership of a property
would always imply that there is usually a built-in Capital Gains Tax liability should
you be forced to sell the asset. This can usually be calculated before you buy.
You should also consider whether the value of the property is enough to justify the
long-term costs of running the company and whether you intend to keep it, or sell
it in the short term. Should you require a mortgage to assist with the purchase, this
can be somewhat difficult at the present time.
Please note that it is still strongly recommended that you appoint a local lawyer
when buying a property via a corporate structure. The lawyer needs not only to
check the standing of the company, but also to ensure that the property is properly
licensed and built according to the plans approved by the local authority and that
the title to both is clean and free of any debts.
Yes, possibly, if it ever became necessary to sell the company asset, namely the
house, out of the company. This would involve paying Capital Gains Tax (“mais
Ronald Swyer – Solicitor
Tel: +351 289 399 362 Email: [email protected]
www.ronaldswyer.com
Property tax issues
7 - CV = (Vetustez) Age criteria applicable in accordance with age of the property.
Older properties lower coefficient;
Property tax laws in Portugal went through several and significant alterations
during the past years. The rateable value of properties (VPT) being the value
attributed by the tax authorities to properties for tax purposes is the base used
to calculate property taxes or in certain cases determine the minimum taxes
applicable to property transactions. Previously the rateable value of the properties
was very low and in general a huge discrepancy existed between the rateable and
market values of the properties. To rectify this situation and increase tax revenues,
the Portuguese tax authorities implemented in 2003 a deep reform to property
tax laws which has resulted in the gradual increase to the rateable value, of all
properties, bringing them more in line with actual market values and consequently
increasing taxes payable and reducing and controlling tax evasion.
To update the rateable value of properties the legislator created a formula in
which the new rateable value of the properties is more objectively calculated
and achieved:
VPT = VC x A x Ca x CI x Cq x CV, where:
1 - VPT = Rateable value attributed by tax authorities to the property;
2 - VC = Base value of properties built (value of construction per sq m fixed
annually by tax authorities plus value of sq m of implantation ground 25%
of such value) – presently €603;
3 - A = Gross area of construction – sum of the total area of construction
including terraces, garage, parking places and storages;
4 - Ca = Purpose of the property i.e. commerce, services, residential;
5 - CI = Location – coefficient fixed every three years by the municipality and can
vary between 0,4 and 3,5;
6 - Cq = Quality and comfort – factors that can increase or decrease the value
like existence of swimming pool or non-existence of lift in a building with more
than three floors;
All properties that changed hands since 2003 have already been revalued in
accordance with this new formula. All other properties not yet transacted are
presently in the process of being revalued by the tax authorities and it is expected
that this process will be completed by the end of 2013. In the vast majority of
the situations this increase of the rateable value of the properties will lead to an
increase in the IMI payable. It is important that when you receive the tax authority’s
notification with the new valuation that you check the areas and coefficients
applicable as mistakes do happen.
Please note that the 2012 IMI, payable in 2013 will already be based on this new
rateable value. If the valuation of the property is not made in time the tax will be
charged based on the old value and will later be adjusted accordingly. To avoid an
abrupt increase in the tax payable the government has limited the increase of the
tax for the next two years to either an extra €75 or 1/3 of the difference between the
old and the new rateable value with the owners only starting to pay the total of the
tax from 2015 onwards (relating to 2014)*.
Here is a summary of the taxes applicable to buying, owning, renting, selling or
inheriting properties in Portugal:
IMT - Paid on the acquisition of a property. This tax is payable by the purchaser
prior to completion of the transaction. On properties for habitation the rate varies
according to the purchase price of the property and can go up to 6%. On rustic
land, the rate applicable is 5% and on plots of land or other type of properties the
applicable rate is always 6,5%*. The minimum amount on which the IMT can be
paid is the VPT even if the sales price is lower.
Notary, stamp duty and registration fees - These have to be paid by the purchaser
respectively prior to, at the time of signing the notarial deed and with subsequent
registration of the property in the buyer’s name. The stamp duty on the purchase
is 0,8% of the sales price; The minimum amount on which the stamp duty can be
paid is the VPT even if the sales price is lower. Notary and registration fees and
expenses will not exceed €1.000.
MARKET INTELLIGENCE
IMI - Annual Property Taxes - Payable yearly in arrears usually in two instalments
although as from this year it can be paid in three instalments (April, July and
November), depending on its value. This tax is based on the rateable value of
the property (VPT) and can vary between 0,3% to 0,5%. Within this limit the rate
is fixed annually by the council of the area where the property is located. In the
Council of Loulé the rate presently applicable is 0,4%. The IMI for rustic properties
remains at 0,8%*.
Stamp Tax - (IS) - To increase tax revenue and meet the impositions of international
entities controlling Portugal’s economic restructuring, the Portuguese government
has introduced temporarily a new annual tax on Portuguese properties with a
rateable value (VPT) of over €1million. These properties will be subject to the
already existent IMI as above and to this new tax, on a maximum of 1,5% of its
rateable value, which though high, is still substantially lower than other European
countries like Spain, Greece and France, where annual property taxes can go up to
3,6%, 2,1% and 2,2% respectively**. This tax has already been applicable in 2012
and will also be applicable in 2013 at the rate of 1% of the VPT for all residential
properties*. The payments of this tax will be made in 2013 simultaneously with the
payment of the IMI and based on the same VPT used to calculate the IMI.
Capital Gains Tax - On a sale of a property there is capital gains tax to pay presently
at a rate of 28% for individuals and 25% for companies (non-residents). This tax is
calculated on the difference between the sales price and either the purchase and
construction price of the property (if applicable) index linked or its first rateable
value index linked whichever is the highest; for this reason it is important when
building a property to make sure that you receive proper invoices from the builders
of the amounts paid so that you have the possibility to offset these costs against
capital gains tax payable when the property is sold. There are other costs that you
can use to offset against this tax such as invoices of certain refurbishments made
to the property in the past five years, taxes, notary and registration fees paid at the
time of acquisition of the property, and the real estate agent fee.
If the property you are selling is your main residence and if you reinvest the
proceeds of the sale within 36 months of the sale, in the acquisition, construction
or refurbishment of another property designated as your main residence, within
the EU territory or in a territory belonging to the European economic area with
whom Portugal has agreements for the exchange of information in tax matters, you
can avoid the payment of this capital gains tax totally or partially depending on the
value you reinvest.
Inheritance tax - This tax is not presently applicable in Portugal to inheritance or
gifts occurring between close relatives i.e. parents/children and spouses although
on gifts you have to count with a 0,8% stamp duty based on the VPT. Any other
situations of inheritance or gift will be subject to stamp duty at a rate of 10% of
the VPT.
Rental income - All owners renting properties in Portugal should report these rents
to the Portuguese authorities even if the payments haven’t been received here.
From these rents you can deduct several costs and expenses, namely taxes (IMI
and IS), insurance, maintenance and upkeep of the property and such costs can
be offset against the gross rental income to calculate the profit obtained which will
be taxed at a rate of 25% for companies and 28% for individuals (non-residents).
* Please note the values mentioned above for IMT, IMI and IS will increase significantly and will not benefit
from limitation of tax payable for the next two years if the property is located in a “blacklisted jurisdiction“.
** In Expresso - economy supplement 02/02/2013.
Please note this is general information and for specific advice you should contact
a lawyer or tax advisor.
Elia Apolo – Lawyer
www.eliapolo-advogados.com
85
Legal Entities – The Limited
Liability Company (LLC)
Companies can play an important role in financial planning and structuring for
individuals and families. Typically, corporate entities may be used to hold real
estate, particularly for high-value properties.
It has long been the case that new forms of legal entities have been developed
in order to meet the specific commercial requirements of their time. For instance
the introduction of purpose trusts in Bermuda (1998) and the Limited Liability
Partnership in the UK (2000) were the result of a particular corporate need
which eventually gave rise to the introduction of legislation to meet it. Indeed
the introduction of the standard Limited Company back in the 17th century
was introduced due to the need both for businesses to raise external capital for
expansion and to protect the new investors from liability beyond the amount of their
subscription. This is something that the more common business forms of the day,
sole traders and partnerships, would not have been able to achieve and without the
limited company the world economy would now be a poorer place.
Whilst various forms of LLCs can now be found in a number of countries it is
probably the US LLC that is most commonly in use today. Wyoming was the first
US state to introduce the LLC in 1977 but by the end of the 20th century pretty
much every US state had introduced relevant legislation as this new corporate
organisation was proving to be very successful.
LLCs are popular because they provide the simplicity and flexibility of a
partnership but also allow the benefit of limited liability. Additionally, in the US
LLCs are treated as partnerships for tax purposes, unless they elect to be taxed
as a corporation, which means that any tax liability resulting from its activities
becomes that of the members and not the LLC itself. An LLC is thus referred to
as being a 'look through entity' with income only being taxed once rather than
twice at both the company and shareholder levels.
The formation formalities for an LLC are relatively straightforward and once set
up, unlike a standard limited company, there are no annual formalities to comply
with other than ensuring the state franchise tax and agent fees are paid. The books
and records of an LLC are confidential and unlike most corporations there is no
public registry of members or officers. Most US states do not restrict ownership so
that the members can be individuals, corporations, other LLCs or foreign entities.
Sole members are also allowable. Additionally, of course being registered in the US
means that an LLC does not appear on the blacklists of other countries.
It can be seen that the LLC is a form of business organisation which, whilst a
relatively recent addition to the range of entities available to tax planners and
wealth managers, has introduced some significant advantages. The combination
of limited liability, tax 'look through' and flexible structure provides significant
advantages over the traditional limited company.
This article serves to provide a broad introduction to the LLC and if you are
considering using one you should seek appropriate professional advice as to
whether it is suitable for your particular requirements. Abacus has a number
of technical specialists with knowledge and experience of establishing and
administering a wide variety of international business entities who will be able
to advise you.
Jean Shaw – Abacus Gibraltar
Tel: +350 2007 8777 or +350 5498 6000
Email: [email protected]
Anne Darlington – Abacus Algarve
Tel: +351 289 394 780 or +351 969 016 748
Property rentals in Portugal
As more and more tourists are visiting the Algarve annually it is worth considering
renting your property as a way of reducing the annual costs of owning a
holiday home.
I think it is fair to say that there is little (if any) downside to generating extra income
except, of course, the obvious disadvantage that your property is not available to you
and to your family and friends 100% of the time.
If you are considering renting then there are a number of issues that you need
to be aware of in order to avoid any problems with the Portuguese licensing and
tax departments.
Rental licenses (Licença de alojamento local)
The Decreto-Lei n.º39/2008 of 7 March and Portaria 517/2008 25 June states
that properties which are rented out, but not licensed as a touristic development,
require a Rental Licence. This licence is available from the local council (Câmara)
which has a number of requirements that need to be complied with but none of
which are unduly onerous. The reasoning behind the licencing is to ensure the
quality of accommodation for visitors to Portugal meets proper and acceptable
safety and hygiene standards.
The law has been enforced quite vigorously to date with ASEA (the overseeing
body) carrying out spot-checks on rental agents to ensure that all properties
that they have available for rent are properly licensed. With so many properties
advertised on the Internet for holiday rental it is also an easy task for ASEA to
review holiday rental sites to determine properties that are being rented that
may not be registered with them.
How to obtain a rental licence
These are issued, as stated previously, by the local Câmara and we would advise
that you instruct your lawyer or property manager to arrange obtaining the proper
licence for you. You will need to provide the following papers (may be some small
variations from Câmara to Câmara):
• Instruction manuals for appliances
• Proper safety measures around swimming pool
Most of these will already be in place in most properties and, if not, can easily be
put in place.
Taxation issues
If the property is located in Portugal then Portuguese tax has to be paid on any
income generated by the property. This applies even if the owner and the renter
are based outside Portugal and if the rental is arranged without the assistance of a
Portuguese-based agent.
The property owner is legally obliged to file an income tax return declaring the
rental achieved during the year. Many expenses can be deducted from the gross
income to arrive at the net taxable figure and these include:
• Annual rates
• Property management & cleaning expenses
• Works & improvements on the property
• Condominium charges
The tax payable has just been increased to 25% for companies and to 28% for
individuals. The owner should declare the tax paid in his country of tax residence
and he will be given credit for this in the payment of any income tax there.
Changing designation of property to services
If the property is being used for holiday rentals then it is possible to have the
property designation at the local tax office changed from 'Habitation' to 'Services'
and this usually results in a significant reduction in the Valor Patrimonial (Rateable
value) of the property with a resultant reduction in the annual IMI payable on the
property. This change can be particularly effective in having the value reduced
below the €1million threshold for the new tax on properties over that figure.
Justin Ryan – Lawyer
Tel: +351 289 390 080 Email: [email protected] www.bbassoc.pt
• Copy title deeds
• Copy electricity, gas, etc. certificates
• Copy plans of the property
• Health and Safety plan for the property
• Floor plans of the property
• Caderneta predial
• Certidão predial
• Ownership details
You will also need to ensure that the property is equipped with the following and is
of a reasonable standard which may be verified by an inspector from the Câmara:
• Fire safety equipment (extinguishers and fire blanket in kitchen)
• Emergency signs
• Connected to all mains utilities or with their own provision in place
• Hot and cold water
• Proper ventilation system (air vents)
• Properly furnished to a reasonable standard
• Proper exterior locks and on bathroom doors
• Adequate changes of linen
• Programme of cleaning
• Complaints book
• First aid facilities (emergency numbers prominently displayed)
• Book detailing rules and regulations of use of the property
Haute design in The Keys
There’s been a lot of talk about what’s happening in the 22-acre golf-front site
adjacent to Quinta Shopping and opposite the newly opened five-star Conrad
Algarve hotel. After five years of speculation, undercover construction and little
fanfare, the developers are finally launching The Keys to the market in preparation
for the completion of the construction in Summer 2013.
And this is no ordinary project.
These 72 homes will appeal to the appetite of the most discerning high-end buyer:
there are seven styles of property to choose from, all designed with influences
from Miami, Hollywood or Palm Springs. Ranging from 4.000 to 11.000 sq ft, these
residences feature über-deluxe finishes and fittings, with no expense spared.
Jarod Smith, the Creative Director of The Keys, explains how “materials have been
sourced from around the world to deliver unique finishes and features. These have
been chosen for quality as much as for texture, beauty, rarity and sustainability.
We wanted the homes to have a timeless quality to them, so we have also introduced
classical elements into the design.”
The kitchens are expansive and offer plenty of room for socialising as well as
cooking, with beautiful custom-designed cabinetry, and appliances by American
companies Sub-Zero and Wolf. Bathrooms feature oversized bathtubs, solid
marble finishes using Carrara and Calacatta, as well as beautifully crafted taps and
rain showers provided by French designers THG.
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Andy Sturgeon, Chelsea Flower Show six-times Gold Medal winner and Best
in Show 2010, is the landscape designer for the project. The Keys features a
stunning three-acre artificial lake which meanders around the island properties.
A combination of architecture and nature will provide screenings and accents,
sculpting the island to form a seamless landscape with swimming pools fading into
the surrounding lake and long views over the water from living rooms. If one pool
wasn’t enough, these homes have two: lifts go from the hammam, cinema and
wine cellar in the lower ground to the Sky Garden rooftop infinity pool under the
stars. This tropical playground in the sky also features a hot spa, a Sky Kitchen and
private areas for entertaining and sunbathing.
The Keys dedicated security and concierge lifestyle service will be available
24 hours and at the touch of a button, the resort will organise everything from
golf, in-house fine dining, sommelier and cellar consultation services, delivery of
groceries, morning breakfast, childcare and much more. Property owners will be
able to effortlessly 'lock up and leave'.
The development is funded by Caixa Geral de Depósitos, the state bank of Portugal.
“We’ve been very lucky with our backers,” says Mark Lenherr, CEO of The Keys.
“In an uncertain climate, Caixa had the foresight to understand that The Keys is one
of the best projects on one of the best pieces of real estate in Southern Europe.”
These stunning properties are completed to exterior shell and range from
€2million to €5,5million. As these homes are bespoke designed, Lenherr’s team
finish the property in consultation with each client and therefore a buyer will need
to add the cost of the finishes to the overall budget. “We work with the client to
ensure this is a home unique to them. We can handle everything from the complete
fit-out to interior design, so we can just hand you the keys and you can move in.”
With the grand opening scheduled for Spring 2014 The Keys will be showcasing
some outstanding design and architecture with a serious splash of glamour.
“We call it Martini Modern,” says Smith, “and I think James Bond would approve!”
Jarod Smith
Tel: +44 (0)20 7935 0000 or +351 289 395 075
Living will in Portugal
Living Wills, or rather, Advanced Health Care Directives, have been properly
regulated in Portugal since last year, following the entry into force of Law
n.º 25/2012, 16 July. In fact, there is now a legal framework that allows individuals,
of age and able, to manifest unilaterally, in advance their free, conscious and
informed desires with regard to the health care that they may or may not wish to
receive in the event that, for whatever reason, they find themselves in the future
unable to express their will.
The testator may, by written document to be signed in person before a Notary
(freely revocable or changeable at any time), anticipate clinical situations in which
the Advanced Health Care Directives shall come into effect and the options and
instructions relating to the health care that the testator does or does not wish
to receive, like for instance, the desire not to be subjected to artificial support
treatment for vital functions or not to be subjected to experimental treatment.
The living will is made for an initial term of five years, successively renewable through
a declaration of confirmation guaranteeing that the will is current. The document will,
however, remain in force (without confirmation) in the event that, during the initial
term or successive confirmations, the testator in fact becomes incapable.
It is also intended to ensure that the wishes expressed by the author of the living
will be effectively fulfilled, and as such, we seek to ensure its dissemination
through RENTEV (National Register of Living Wills), a body created for the purpose
of receiving, registering and organising the information and documentation related
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to living wills and keeping this up-to-date. This register will be merely declaratory
(it is not essential to the validity of the document), but its relevance resides in the
fact that it allows doctors, in any unit of the National Health System (and in the
future, across the European Union), to have quick and effective access to such
wills. This is also because, legally, doctors responsible for the health care of
incapable persons must now confirm the existence or not of a living will.
It should be noted that, apparently, RENTEV can only be used by citizens residing
in Portugal, with the law closing off the possibility of registering living wills made
in Portugal by non-residents. The strangeness of this option can only be explained,
as far as we are concerned, by the future perspective of being able to register
such wills in any country of the European Union, and of these being consulted at a
European level. Otherwise, only economic reasons could have given rise to such
an obstacle.
Therefore, and although they can actually be made in Portugal, living wills
cannot be registered at RENTEV by non-residents. In other words, these
documents are valid but will not be, at the present stage, accessible, which could
mean that doctors are unaware of their existence in good time. It is therefore
advisable for the non-resident testator to give copies of the document to friends
and/or family members, who may give the information to the doctor at the
crucial moment.
One other way (also introduced in Law n.º25/2012), is to make use of a health
care attorney. This provides for appointing a health care attorney, assigning to him/
her, voluntarily and free of charge (legal imposition), the necessary representative
powers to decide on the health care to be received or not received. The decisions
of the attorney should be respected as having the same effectiveness as the will,
and, in the event of a conflict between the attorney and the will, the living will
shall prevail. The power of attorney, which has the same problem as registration
at RENTEV for non-residents, is an alternative and/or a complement to living wills.
Regardless of the country where they will be made in the future, living wills are, or
should be, above all, a demonstration of the informed will of the testator and should
therefore be respected wherever he/she is when this same desire is questioned
by the medical care provider. It is hoped that the existence of this legislation will
contribute to this aim.
Josué Segura Coelho & Tiago Gonçalves Luís – Lawyers
Building in the Algarve
The Algarve construction market is not immune from the recent problems affecting
Southern Europe. Just as horsemeat has been substituted for beef, some building
companies are desperate and will say anything to get the job. So make sure you
are dealing with bona fide companies and make sure your contract documentation
is specific.
The positive side of the recession is that companies generally have to be more
competitive and more in tune with the clients needs. This has caused designers
and contractors to look at latest trends, levels of service and general delivering of
customer satisfaction.
There has been a trend in recent years towards more modern designs reflecting
lifestyle influences of open-plan designs, glass and light, large kitchen living
areas, home cinemas and gymnasiums. Some still prefer the traditional shell but
with a more contemporary interior. The expertise exists within the Algarve to make
any of these combinations possible.
Behind any layout though needs to be a structure that is fit for purpose and can deal
with the Algarve's climate i.e. very hot in summer, can be wet in winter, in spring
there can be large temperature variations between night and day of over 20°C,
Continued overleaf
and of course be designed according to the law for the odd earthquake tremor.
This means ensuring structural designs are adhered to with the correct materials,
plenty of insulation and waterproofing systems that are capable of dealing with
movement and temperature changes and using materials that can weather the
Algarve climate, not just looking good for six months .
installed for future technology developments. Other intelligent systems that can
control heating, lighting, audio visual, security via your iPad and/or from a remote
location are now common practice. Security products have also advanced with the
rapidly changing communications industry and there are many applications using
wireless beam technology that can add early warning protection to our homes.
Light is good for the soul, and to enable more natural light, glass has been
developed with not only security features but heating and solar reflective properties
Aluminium with thermal insulating properties should now be used as standard,
enabling windows and doors to be made bigger without the fear of overheating or
conversely freezing!
Now is the time to build as you can find good competitive prices from professionals
that want the work.
There are three forces in the outcome of any project and they are dependent upon
one another.
Time
Kitchen and bathroom designs are probably the two key areas that a client looks
for. All trends are catered for and if you see something in a magazine that you
like, show it to your builder. There are very few things in the Algarve that are not
available or techniques that can't be done. One practical warning though; the water
here is hard so insist on a water softener and a good quality tap.
Energy prices are going up year on year, so it is also important that clients select
energy-efficient cooling, heating and lighting systems. LED lights for instance
consume approx 10% of the power for traditional lighting and is the light of the
future. Heat pumps work on the principle of extracting heat from the air or the
ground and can also lower your fuel bills as well as being better for the environment.
Home entertainment systems are now standard with the rapidly changing audio
visual market; specialist equipment prices are becoming more affordable. High
Definition pictures whether through a satellite dish, cable TV or through the
telephone/Internet system make just about every programme and film in the world
available. Rooms are designed around this facility and in a lot of client wish lists,
the Home Cinema room is a must. Even if it is not make sure adequate conduits are
Cost
Quality
Those forces are quality, cost and time. The theory states that you can have
any combination of two of the forces in your favour, but the third will suffer.
For example, you can have a project that is high quality with fast delivery, but you
will pay higher costs for it. Similarly, you can have a project that delivers quickly at
a low cost, but the quality will suffer.
Bear these criteria in mind when selecting your builder.
Seamus O’Keefe – Bsc Hons, CIOB, Director of Iberia Construcoes Lda
www.iberiaconstructions.com
How to get your energy
for free
The size and orientation of available exterior home surface serves to define the
maximum permissible on-site building energy demands for an optimised balance
(form follows function) to achieve a good surface/volume ratio.
With the steady increase in energy prices and demand along with the rapid
depletion of our natural resources, maximising the energy efficiency of our homes
is becoming ever more important.
There are several ways to turn a conventionally built house into a passive house
(houses with reduced heat loss), through the use of:
For this reason, passive and even zero energy houses are becoming more popular
in Portugal, in part due to the ideal climate that it offers (1860 hours of sunshine
per year). As well as energy production, through the use of *Renewable Energy
sources, the other important consideration is energy conservation.
• High levels of insulation and exceptional air tightness
• Passive solar gain windows with energy-efficient glazing and frames
Passive houses are built to be extremely energy efficient with low heating
and cooling demands. They have a comfortable interior climate maintained
without a traditional heating system or active cooling. A combination of the sun,
its occupants, household appliances and passive heat sources are used to cover
much of the heat demand.
• Mechanical ventilation with heat recovery for good indoor air quality
Zero energy houses are self-sufficient buildings that aren’t connected to any
energy infrastructure, guarantee continuous energy supply based on the size of
the building's own energy system, typically solar.
The interior of a solid construction passive house typically shouldn't fall below
16°C, even without any heating. This is the result of balancing heat gains from
the use of solar energy and waste heat generated by individuals and devices with
heat losses from transmission and ventilation. The heat storage capacity of the
building construction ensures, even during longer phases of absence and lower
heat gains, that interior temperatures don’t decline drastically or rise extremely
high when solar gains are high.
Energy-efficient buildings should also have low-energy appliances and lights.
• Materials with high thermal performance and low CO2 footprint
• Walls and floors that collect, store and distribute solar energy in winter and
reject it in summer
• Phase Change Materials (PCM)
• Adding micro-encapsulated paraffins (waxes) to mineral materials of walls and
ceilings to absorb heat within a defined temperature range
• Using special salt hydrates to achieve even higher heat storage capacities,
for example, in suspended ceilings
The reduced energy demand of passive or zero energy houses should be provided
by renewable sources, such as solar collectors in combination with:
• Water deposits backed up by a biomass boiler
• In active solar energy use via collectors, big hot water storage devices (1500
litres or greater) serve as heat storage supplemented by wood furnaces
(biomass boiler)
• Water is heated by the sun, stored in water deposits and led through pipes into
the house for domestic water consumption and wall or under-floor heating
MARKET INTELLIGENCE
• Heat pumps
• Low storage temperatures can be used for supplying hot water (domestic
water) and for space heating by being 'pumped up' to usable temperature
levels. This increases collector efficiency since the overall temperature levels
are lower. The disadvantage is that heat pumps consume a considerable
amount of electricity
• Heat pumps and geothermic
• Geothermic uses the ground as a seasonal low temperature thermal
energy storage device to charge and discharge heat through geothermal
heat exchangers. Ground temperatures at approximately 10°C are drawn
exclusively via a heat pump. A geothermal heat exchanger may also be used
for summer cooling
• Mechanical Ventilation with Heat Recovery (MVHR)
• Exchange stale air for fresh air, and recover heat in the process. The MVHR
system extracts the warm, moist air from rooms such as kitchens and
bathrooms through a concealed duct system. The air is passed through a
heat exchanger then ducted outside. Fresh air from outside is drawn in and
passed through the heat exchanger, which warms it, and it’s then ducted to
the living rooms and bedrooms. Some systems have a feature so that when
it’s warm outside, the air can bypass the heat exchanger to help keep the
house cool.
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Home automation –
the right balance
The 'ISE 2013' in Amsterdam – the world’s largest forum for the emerging markets
of professional AV and electronic systems integration introduced numerous new
and very cool gadgets such as transparent TV screens and completely invisible
loudspeaker systems just to mention a few. But what was most interesting, was
that one could see that home automation is no longer something we will see in
the future, home automation systems are here and have even become the norm.
What has changed?
Firstly, technology has improved and changed considerably within the last three to
fours years. Systems and devices have become faster, more stable, easier to use,
and more affordable.
Secondly, users have changed. Today everyone has become used to and even
accustomed to rely on smartphones, tablets and apps. And these are the devices
and functions that can perfectly be used to interface and communicate comfortably
to control almost every system within the home or your office. These devices no
longer provoke fear and mistrust. We have learned to control the world around us
with the touch of a finger.
The annual amount of solar energy, expressed in kWh/m2
And so it is no surprise that the better a property is prepared to become fully
integrated with the latest technology, the more desirable it will be on the market,
and one can even go as far as saying that it will directly increase the value of the
property also.
While planning, building, renovating or buying a property, owners at a certain point
will have to decide which and how much technology they want to have integrated
into their home.
To help you make the right decisions and avoid unnecessary costs, we have the
following advice:
• Identify which devices or functions in terms of audio, video, security, CCTV,
energy control, lighting etc. you would like to have in your home. Take all
family members into consideration and be open to suggestions from your
system integrator.
Source: Thomas Huld et Marcel Suri PVGIS. © European Communities, 2001-2007
Sunshine hours per year
Lisbon
Portugal
1,860 h
Rome
Italy
1,687 h
Istanbul
Turkey
1,454 h
Geneva
Switzerland
1,394 h
Paris
France
1,265 h
Warsaw
Poland
1,159 h
Berlin
Germany
1,146 h
Stockholm
Sweden
1,137 h
London
England
1,131 h
Brussels
Belgium
1,084 h
Oslo
Norway
1,015 h
• Plan for tomorrow too. The kids will grow up and their needs might change.
There may be areas in your home which you will use differently in the future.
Pre-installation is relatively cheap and simple compared to opening walls at a
later stage.
• Think of the adaptability of the system you purchase. Choose a system that is
open and expandable rather than limited to the functions you have chosen now.
Sometimes one additional function has to be added later but cannot be integrated
because the system is not flexible enough and you end up having to buy a larger
system. These costs are avoidable if the correct flexible system is installed from
the start.
Our advice is, even if you want to start with a small system make sure it is
flexible and engineered in such a way that once you want to upgrade it, you avoid
unnecessary costs. KNX, AMX, C4 Crestron, iRidium are system brands that have
such a flexibility. The rest is then up to your system integrator to make the system
work for you.
* Renewable Energy is energy that comes from resources which are continually replenished such as
sunlight, wind, rain, tides, waves and geothermal heat.
Please contact us if you have questions, we are happy to help!
Anabela Macieira – ZEN Arquitectura
www.zenarchitecture.eu
Jürgen Swinke – Horizon Technology
www.horizon-technology.pt
Savills International Valuations
The Savills International Valuations team covers professional valuations throughout
Europe, North Africa and the Caribbean. In addition, we support Savills agency
teams further afield, such as Quinta Properties.
Based in London and Oxford, the team has unrivalled experience with specialists
in every sector from residential and holiday accommodation, hotels and resorts
to visitor attractions, golf courses, sports venues and water-based activities.
Acting in close cooperation with our network of offices providing up-to-date,
on-the-ground agency knowledge, we can provide valuation advice for all purposes.
All Savills valuers hold a Royal Institute of Chartered Surveyors qualification
with established links to all national bodies in the countries in which we work.
Our valuations are covered by comprehensive Professional Indemnity insurance
and valuations are provided for loan security, private transfer, development
strategy, accounts, tax, divorce, litigation and numerous other purposes.
Our valuations are tailored, in-depth and priced to the requirements of our clients.
We are panel valuers for all UK and most foreign banks, and are used to meeting
the individual criteria set for any specific purpose.
Savills offers the reassurance that only the 'best in class' can give, backed by the
best possible available information. For those investing in property of any type
abroad, our valuers can advise not only on pricing and value, but are familiar with
local taxation, local planning functions and requirements, and local ownership,
occupational and tenure structures. We consider the effect of flights and local travel
infrastructure patterns, the capacity and extent of local power and utility services,
the financial stability of the region, the ability of leisure and other providers to
maintain and extend facilities and the reasonableness of any service charges.
Amongst a myriad of factors affecting value, we take into account resaleability,
either for a planned exit or in the case of unforeseen circumstances, and letability,
either long term or for short lets.
Our relationship with our International Associates is extremely important and
provides us with local databases and a fund of knowledge on the issues affecting
properties in every location. Above all, we promise to provide a service second
to none.
James Higham
Tel: +44 (0)1865 269 023 Email: [email protected]
Savills Insurance Services –
Overseas property insurance
Savills Insurance Services (SIS) is a UK FSA regulated, independent insurance
intermediary that is wholly owned by Savills. SIS offers insurance for higher value
overseas properties, whether second homes, holiday, let holiday, or primary
continental homes. Primary areas of operation include Spain, France, Portugal,
Italy and the majority of EU states.
In keeping with the service standards that you have come to expect from Savills,
the insurance team has more than 50 years of experience in providing a highly
personalised service to:
UK domiciled clients wanting to insure a second or holiday home:
Savills can offer a stand-alone policy covering second homes overseas or we have
specialist markets where the second property can be added to the same schedule
as the primary UK residence.
Customers who are continental domiciles without a UK residence:
Savills insurance markets provide for higher value, owner-occupied residences
that include contents and valuable articles.
In addition, for very high value properties insurers may include a complimentary
appraisal service, to accurately measure the cost of reinstatement, and provide risk
advice, protecting the client’s property and lifestyle, promoting hassle-free claims.
Claire O’Neill
Tel: +44 (0)20 7330 8505 Email: [email protected]
Insurers used include: Hiscox, Chubb, Zurich, Oak, Sterling, Aviva and Ocaso SA, with documentation and
claims principally handled in English.
Savills Insurance Services is a trading style of Savills Private Finance Limited which is authorised and
regulated by the Financial Services Authority.
Savills Private Finance Limited is a subsidiary of Savills plc.
Registered Office; 20 Grosvenor Hill, London W1K 3HQ. Registered in England No. 3680970.
Property management
The concept of providing a comprehensive property management service is well
developed in the central Algarve. There are many companies providing this service
and owners of properties have much choice as to whom they want to entrust with
their valuable property investment.
A first-rate property management company should provide a management service
which is tailored to suit your needs, is efficient and cost effective, and manages
your property so that when you arrive everything is working perfectly, enabling
you to enjoy it from the moment you arrive. Finding the right property manager to
suit your needs is important. Trusting someone to look after your investment is an
investment in itself. Finding the cheapest management on the market is usually a
false economy.
Attention to detail, regular communication, accountability, transparency and
honesty are the basics and the least one should expect. Local knowledge
and access to good reliable staff is important, and invaluable to the foreign
property owner.
Some of the vital services offered:
•
•
•
•
•
Keeping the property dry, aired, clean and in a good state of repair at all times
Maintaining the grounds and the pool
Paying the utility bills and property taxes
Being there to receive deliveries and supervising any works
While occupied, providing regular maid service and even stocking the fridge.
Keeping your foreign property investment in good condition will not only make
your ownership as enjoyable as you always hoped it would be, but one day when
you want to sell the property, it will make all the difference to the sales price
achievable, especially in difficult times, when there are many properties on the
market for buyers to choose from.
There are many excellent villa management companies and here are a few we
can recommend:
Colin Skinner – CSS Services Ltd
Paul Johnstone – JES Lda
Nick Austin – Enquinta
Tel: +351 289 350 600 Email: [email protected] www.enquinta.com
For properties in Pinheiros Altos:
Carla Guerreiro – Pinheiros Altos Villa Management
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MARKET INTELLIGENCE
São Lourenço
International School
“At International School São Lourenço we ensure that every child achieves
their potential.”
International School São Lourenço is a community that comprises of
23 nationalities including English, Dutch, Spanish, French, Portuguese and
Russian. The students follow an adapted English National Curriculum that allows
for daily lessons in Portuguese in addition to French in the senior school.
The kindergarten is bilingual with both native English and Portuguese speaking
teachers. The school prides itself on encouraging all students to develop their
language skills. At the time of writing, classes in the following languages are being
taught or examined; English, Portuguese, French, Dutch, German, Spanish, Italian,
Russian and Chinese.
Children are taught to value themselves, their peers and those around them.
They participate regularly in fund-raising for both local and overseas charities.
The curriculum is broad yet balanced; academic, creative and physical. We feel
this is the basis of a great education. Our examination programme for SATs,
I/GCSE and A Level is flexible and personalised and taught by experienced and
specialist teachers this has enabled our students to study at top universities
around the world.
The academic results at IGCSE place International School São Lourenço in the
top 12% of UK schools. We have accomplished this, even though we are a nonselective school, through a rigorous and student-centred approach. We encourage
all senior school students to take IGCSEs and achieve results to the best of their
ability. 100% of students meet or exceed their predicted grades.
The environment at our school has family values at its core. As a result our students
are happy and confident. We believe this contributes to their academic success.
Each child at International School São Lourenço, whether they are 3 or 18,
has their own personal educational journey with the students, parents and teachers
all playing an important role in learning.
Beverley Stevens – Head Teacher
www.algarveschool.com
AFPOP
Aproquila
Association of Foreign Property Owners in Portugal.
The property owners association of Quinta do Lago.
Buying property in a new country, whether to live in, as an investment in your
future or a business opportunity, can be fraught with danger and unseen obstacles.
Worse still, once you’ve purchased the new property and are faced with the
day-to-day realities of understanding what the laws in Portugal mean to you and
how you comply with them, many people soon find that they are worried and
uncertain about where to turn for assistance.
Aproquila was established in 1984 by individual owners to protect and promote
their investment made in the resort.
If you have questions about your move to Portugal, or what to do when you’ve got
here, then AFPOP, the largest Association for foreign residents in Portugal with
almost 6,000 active members, can help you. “Helping members has been our
business for a quarter of a century – and we’re pretty good at it!”
The Association provides a wealth of up-to-date information and advice to
its members via their friendly office staff, the bi-monthly UPDATE magazine,
their website afpop.com, regular mailings; plus information bulletins, events
and seminars on issues you need to know about: property matters for owners
and renters, bureaucratic processes, motor vehicles, pet ownership, insurance,
funeral procedures, community engagement and much more. Members can also
benefit from discounted rates for hundreds of services including restaurants and
phone calls home, the savings from which far outweigh the annual cost of being
a member.
Too many people rely on friends or acquaintances for obtaining the answers
to their questions and often the information given is either not relevant to their
own situation, out of date or simply incorrect. Many people base their decisions,
often serious and potentially costly decisions, on what their friends think is right.
Can you afford to run the risk of making life decisions without having the correct
information? Do you have the time, resources and language skills to find the
answers you need on the Internet or from your local council offices?
Membership of AFPOP costs €45 a year for one person and €60 for a couple*
plus (in the first year only) a joining fee of €35. Essentially this equates to less than
the cost of a cup of coffee a week! AFPOP – Helping our Members since 1987.
*Membership fees correct until April 2013 AGM
Michael Reeve – CEO, AFPOP
Tel: +351 282 458 509 Email: [email protected] www. afpop.com
The Association has developed over the years and now has close to 200 members,
comprising individual villa owners in Quinta do Lago plus most all of the major
commercial concerns within the Estate such as hotels, golf courses, condominiums
and villages such as Four Seasons Country Club and Sao Lourenço.
Aproquila’s overriding objective is to maintain and enhance the quality of the
Estate and to represent the interests of property owners.
Some of what the Association now does:
• On-going liaison with Quinta do Lago S.A., Infraquinta and Vigiquinta
• Regular meetings with Loulé council to voice owners’ aspirations and concerns,
both within Quinta do Lago and in the immediate surroundings and to liaise with
adjacent similar organisations
• Provision of a support centre and help desk for members to assist in resolving
any issues that may arise
• Provide other services to members; for example, the Association has helped
a significant number of owners to comply with recent legislation regarding
borehole registration and made this a simple stress-free operation. This is a free
of charge service for members
• The Association is a non-profit organisation and other than our receptionist,
Zi, is staffed entirely by non-paid volunteers.
Why should you join?
Aproquila exists solely to represent the best interests of property owners on Quinta
do Lago – the greater number represented, the greater the influence which can be
brought to bear in the mutual interest of all.
If you are not yet a member but wish to maximise the value and enjoyment of your
investment in Quinta do Lago, you may join Aproquila as an individual or through
an offshore company. In either event, privacy and confidentiality is guaranteed.
Continued overleaf
Aproquila has acquired new offices conveniently situated at the first roundabout on
the left-hand side of the road to Pinheiros Altos.
Tel: +351 289 394 324 Email: [email protected] www.aproquila.com
São Lourenço Village
The Owners' Association that protects the member’s investments and
best interests
Situated at the heart of the São Lourenço Golf Course and surrounded by the
Ria Formosa Nature Reserve sits the São Lourenço Village. Constructed in three
phases, the first five blocks being completed in 1990/91, the second phase of
two blocks in 1994/95 and the third phase of three blocks in 1997/98.
The 10 blocks are made up of 93 apartments, varying in style, design and size,
with studio, one, two and three bedroom properties all with unobstructed relaxing,
panoramic views set within an idyllic location.
The São Lourenço Owners' Association (SLOA) took handover and control from
the developer in 2001. The SLOA consists of five Board members who manage the
decision-making process throughout the year, three Fiscal Panel members who
monitor and manage the annual fiscal budget and accounts and three members of
the Panel of General Assembly who help to guide, support and arrange the Annual
General Meeting.
The SLOA Board elects a new Chairman every two years, with new
faces being invited to join the Committee on an annual basis of rotation.
These 11 SLOA Committee members are all owners themselves who freely give
of their time and are proactive in protecting its members’ (fellow property owners)
investment in property and continue in the belief of maintaining the highest
standards whilst being very open and inclusive through the members' website
(www.sloa.co.uk).
An exceptionally strong balance sheet makes São Lourenço a financially secure
condominium. Every June the SLOA holds its AGM, a great opportunity to meet
other members in a relaxed atmosphere whilst enjoying canapés and refreshments
before the meeting and an ambience not usually found in other condominiums
in Portugal.
The on-site Reception is open Monday through to Saturday to help and support
members whenever necessary. Everyone benefits from a high level of security,
which includes 24-hour CCTV monitoring with random patrols and mobile
units. Wi-Fi is available in all apartments and communal areas, there are two
communal pools, a tennis court, table tennis and communal membership to the
local gymnasium.
São Lourenço has 332 Bed Spaces that share the annual expenses (paid
bi-annually), made up from three parts (i) Condominium Fee = €975 per Bed
Space, and (ii) Condominium Sinking Fund = €98 that together make up the
annual traditional Condominium Fee. In addition, São Lourenço has a special fund
(iii) Condominium Block Maintenance Fund = €350 per Bed Space.
Unique to this Owners Association is this Condominium Block Maintenance
Fund with contributions made by members past and present on an annual basis,
thus ensuring entire peace of mind and covering most eventualities. This is the
fundamental key to the success of São Lourenço maintaining its high quality
appearance. It guarantees that the whole development (communal buildings
and blocks) are re-painted every five years, all water infiltration, masonry, metal
wood and drainage works are given immediate attention, without any unexpected
charges being passed onto the members. The main advantage here being the
ability to make immediate repairs without any dispute between owners and thus
minimising consequential damages.
The Board provides clear instructions to their officially appointed on-site and
trusted company, namely JES Property Management (www.jesql.com), who focus
on acting in the members’ best interests and take full responsibility for the day-today operations performing to the very highest of standards 24/7.
JES Property Management Lda provides members with a variety of personal
services individually tailored (including administration, housekeeping, 24-hour
technical support & maintenance, vehicle management, airport services, food,
catering etc.), along with landscaping, interior design and improvement projects.
The Sunny Algarve Ltd, the principle Rental Agent (www.sunny-algarve.co.uk),
rents out properties for those members that wish to generate additional income
towards annual running costs.
The Owners' Association works hard to protect the members’ investments and
best interests on a day-to-day basis; they are proud of São Lourenço.
David Brealey – SLOA Chairman
Email: [email protected] www.sloa.co.uk
APPA
Associacao dos Proprietarios dos Pinheiros Altos
The interests of property owners at Pinheiros Altos are promoted by its own
Association – APPA (Associacao dos Proprietarios dos Pinheiros Altos).
The Association is responsible for helping to ensure that, in close cooperation with
its Management Company, Pinheiros Altos remains a pleasant community and a
quality resort.
All owners of freehold property are members of the Association.
APPA looks after the interests of all owners, residents and users of services in
the development. It also helps to guide and monitor the direction of the resort
and works to ensure the quality of the services which are used by its members,
having regard also to their cost. Its objectives also include the protection and
conservation of the environment.
In fulfilling the above, APPA works in close cooperation with Aproquila, the property
owners' association of Quinta Do Lago.
For our German clients
Ihr Wegweiser zum sicheren
Immobilienkauf
Das portugiesische Immobilienrecht und die darauf basierende Vertragspraxis
unterscheiden sich wesentlich vom Recht der deutschsprachigen Länder.
Unterschiedlich ausgestaltet ist auch die Beratungspraxis. Der Experte im
Immobilien- und Steuerrecht, Rechtsanwalt und Advogado Dr. Alexander
Rathenau, erläutert.
1. Wer erteilt Rechtsberatung im Immobilienrecht?
Die sichere Abwicklung des Immobilienkaufes wird in Portugal durch einen
Rechtsanwalt begleitet, der vom Käufer beauftragt wird. Anders als in
Deutschland, übt der Notar in Portugal nur eine reine Beurkundungsfunktion aus.
Die Beratung und Vertragsgestaltung obliegen dem Rechtsanwalt. Der beauftragte
Rechtsanwalt beginnt seine Tätigkeit mit der Prüfung der amtlichen Unterlagen
der Immobilie. Die Lastenfreiheit der Immobilie und die baurechtliche Legalität des
93
MARKET INTELLIGENCE
Gebäudes sind nur zwei mehrerer wichtiger Themen. Zu den amtlichen Unterlagen
einer Immobilie zählen vor allem der Grundbuchauszug, der Registerauszug vom
Finanzamt, die Architekturpläne und die Nutzungsbescheinigung des Bauamtes,
die technische Wohnungsbescheinigung und das Energiezertifikat. Zu den
Aufgaben des Rechtsanwaltes gehört auch die Beantragung der obligatorischen
portugiesischen Steuernummer des Käufers.
2. Kauf der Immobilie oder der Gesellschaft, welche die Immobilie hält?
Viele Immobilien in der Algarve stehen im Eigentum von sog. OffshoreGesellschaften. "Offshore" bedeutet eigentlich "im Meer gelegen", wird jedoch
auch mit der Bedeutung "außerhalb der eigenen Landesgrenzen" verwendet.
Das sind in der Regel Aktiengesellschaften mit eigener Rechtspersönlichkeit,
die ihren Sitz im Ausland haben. Ein beliebter Sitzstaat ist Delaware/USA.
Im Sitzstaat werden keine oder nur geringe Steuern erhoben (sog.
"Steuerparadiese“) und mangels eines öffentlichen Handelsregisters gewährleistet
die Offshore-Gesellschaft Anonymität. Anstatt die Immobilie aus der Gesellschaft
heraus zu kaufen, kommt in diesen Fällen der Erwerb der Gesellschaft in Betracht.
Der Kauf der Gesellschaft kann im Einzelfall steuerlich vorteilhafter als der Erwerb
der Immobilie sein. Es fallen keine Grunderwerbsteuer und Stempelsteuer an. Von
dem Terminus „Offshore-Gesellschaft“ sollte sich der Käufer deshalb nicht
abschrecken lassen. Der Erwerb einer Offshore-Gesellschaft ist nichts
Verwerfliches, sondern ein legitimer Akt. Es ist darauf zu achten, dass keine
Offshore-Gesellschaft erworben wird, die ihren Sitz in einem Staat hat, der Teil der
„schwarzen Liste“ des portugiesischen Fiskus ist. Solche Gesellschaften werden
nämlich mit einer hohen Grundsteuer strafbesteuert. Der beauftragte Rechtsanwalt
nimmt vor dem Kauf der Gesellschaft eine Due-Diligence-Prüfung vor.
3. Welche Steuern fallen vor dem Immobilienkauf und danach an?
a) Steuern vor dem Erwerb: Grunderwerbsteuer und Stempelsteuer
Wird keine Gesellschaft erworben, welche die Immobilie hält, sondern die Immobilie
als solche gekauft, fallen Grunderwerbsteuer und Stempelsteuer an. Die Höhe der
Grunderwerbsteuer beim Kauf einer Wohnimmobilie, die als Zweitwohnsitz dient,
ergibt sich aus folgender Tabelle:
Kaufpreis (in Euros)
Steuersatz (in %)
Abzug (in Euros)
Bis 92.407
1
0
> 92.407 - 126.403
2
924,07
> 126.403 - 172.348
5
4.716,16
> 172.348 - 287.213
7
8.163,12
> 287.213 - 550.836
8
11.035,25
> 550.836
6
Kaufendvertrages an den Käufer über. Jedoch dient der Kaufvorvertrag der Sicherung
des Erwerbes. Eine Auflassungsvormerkung deutschrechtlicher Prägung, die einen
Anspruch auf Eigentumserwerb sichert, gibt es in Portugal nicht. Der Vorvertrag
kann jedoch in das Grundbuch eingetragen werden. Nach der Eintragung hat der
Kaufvorvertrag dingliche Wirkung und gilt auch gegenüber Dritten. Der Abschluss
eines Kaufvorvertrages, mit dem in der Regel eine Kaufpreisanzahlung von 10%
einhergeht, ist aber nur ratsam, wenn noch nicht alle Voraussetzungen für die
Beurkundung des Kaufendvertrages, mit dem das Immobilieneigentum unmittelbar
auf den Käufer übergeht, vorliegen. Dies ist z.B. der Fall, wenn der Käufer noch auf
eine Finanzierungszusage wartet, der Verkäufer noch das Haus räumen muss oder
noch ein amtliches Dokument für den Verkauf beantragt werden muss. Achten
Sie darauf, dass ihr Rechtsanwalt sie dazu umfassend berät und keine Fragen
offen bleiben.
Der Autor ist tätig in der Kanzlei für Immobilien- und Steuerrecht.
Dr. Alexander Rathenau ist Autor Broschüre zum portugiesischen Immobilienrecht „Immobilien in Portugal
- Juristischer Rat und praktische Tipps", 7. vollständig neu verfasste Auflage 2011, herausgegeben durch
die Deutsch-Portugiesische Industrie- und Handelskammer. Im März 2013 erscheint sein Werk „Einführung
in das portugiesische Recht“, JuS-Schriftenreihe/ Ausländisches Recht; Band 197, 1. Auflage 2013 (Verlag
CH Beck München).
Dr. Rathenau & Kollegen
Tel: +351 282 780 270 Email: [email protected] www.anwalt-portugal.de
Some of the costs involved
in buying, owning and
selling a property valued at
€1million as a non-resident
of Portugal
Privately Owned Property
White Listed Corporate
Ownership of Property
Property purchase costs, IMT
and other taxes
6% Purchase Tax IMT
0,8% Stamp Duty
No IMT
No Stamp Duty
Legal fees at purchase and sale
1 to 2%
1 to 2%
CGT on sale of property
28% on the profit (in Portugal)
None in Portugal
Zusätzlich zur Grunderwerbsteuer fällt eine Stempelsteuer in Höhe von 0,8 % des Kaufpreises an. Ist der
Kaufpreis demnach höher als €550.836, betragen die Erwerbssteuern insgesamt 6,8%.
Annual running costs
of company
None
Between €1.500 and €3.500
b) Steuern nach dem Kauf der Immobilie
Annual property tax / IMI This calculation is based on
the property rateable value
Revalued
since 2004
0,2 to 0,5%
Annual fiscal representation
€240
Nach dem Kauf der Immobilie fällt die jährliche Grundsteuer an. Ausschlaggebend
für die Höhe der Grundsteuer ist der sog. Einheitswert der Immobilie, der aus dem
steuerlichen Registerauszug des Anwesens hervorgeht. Der Einheitswert wird
anhand einer mathematischen Formel unter Berücksichtigung verschiedener
Faktoren festgelegt. Der Einheitswert liegt in der Regel weit unter dem
Verkehrswert. Die Gemeinden legen die Höhe der Grundsteuer jedes Jahr fest.
Sie variiert, je nach Gemeinde, zwischen 0,3 und 0,5%. Für das Steuerjahr 2013
hat der Gesetzgeber eine Art „Reichensteuer“ eingeführt. Immobilien mit einem
Einheitswert von über 1 Mio. zahlen ab sofort zusätzlich zur Grundsteuer eine
Stempelsteuer. Die Höhe der Stempelsteuer beträgt 1% des Einheitswertes.
4. Kaufvorvertrag oder Kaufendvertrag?
Der Vorvertrag beim Immobilienerwerb hat große praktische Bedeutung in Portugal.
Während er in Deutschland kaum vorkommt, ist der Kaufvorvertrag in Portugal
ausdrücklich im Gesetz vorgesehen und unterliegt komplexen Bestimmungen.
Das Eigentum an der Immobilie geht zwar erst mit dem Abschluss des
Not revalued
0,4 to 0,8%
Revalued
since 2004
0,2 to 0,5%
€425
Not revalued
0,4 to 0,8%
Annual Quinta do Lago Property Running Costs 2013
Infrastructure, security and condominium/service costs
QUINTA DO LAGO
3 bedroom villa
4 bedroom villa
5 bedroom villa
LAKESIDE VILLAGE
2 bedroom apartment
3 bedroom villa
Infrastructure
Security
Condominium/
Service charge
€982,08
€1.309,44
€970,38
€1.293,84
n/a
n/a
€1.636,80
€1.617,30
n/a
€654,72
€982,08
€352,52
€528,78
€2.368,00*
€2.952,00*
inc.
inc.
inc.
inc.
€2.595,36
€3.893,04
inc.
inc.
€1.695,36
inc.
inc.
€2.119,20
* Pending AGM approval
ENCOSTA DO LAGO
2 bedroom apartment
3 bedroom apartment
4 bedroom villa
5 bedroom villa
Included in the services fee: Maintenance of the communal areas: roads, paths and infrastructures. Security and surveillance; Assistance to residents, Pest control, Tennis & Gym
and Pool. Excludes communal electricity in apartment buildings.
VALE DOS PINHEIROS
1 bedroom townhouse
2 bedroom townhouse
€327,36
€654,72
€176,26
€352,52
€3.205,00
€3.892,50
Included in the condominium fees: Maintenance of the communal gardens, roads, paths and infrastructures. Tennis & Health Club. Outdoor pools (children's and adults').
Satellite Television and Wi-Fi. Reception and lounge area. Administration and Assistance to residents. Pest control. 10% reserve fund.
SÃO LOURENÇO
Studio
1 bedroom apartment
2 bedroom apartment
3 bedroom apartment
€245,52
€327,36
€132,19
€176,26
€2.134,00
€2.846,00
€654,72
€352,52
€5.692,00
€982,08
€528,78
€8.538,00
Included in the condominium fees: Maintenance of the communal areas, gardens and pools. Tennis. Pest Control. Building insurance. Block painting, repairs to the terraces.
The charges are in three parts, which means that the owners are not met with any unexpected costs, due to building faults and the block being painted every 4 years.
The sinking fund and the block maintenance are included in the condominium fee.
PINHEIROS ALTOS
Village Properties
2 bedroom apartment
3 bedroom townhouse
€654,72
€982,08
€998,28
€1.497,40
€2.100,00
€3.281,00
Included in the condominium fees: Maintenance and repair of general areas and communal pool. Pest control. Gardens in the village 10% sinking fund.
Villas on private plot
3 bedroom villa
4 bedroom villa
€982,08
€1.309,44
€1.800,00
€2.405,52
n/a
n/a
inc.
inc.
inc.
inc.
€4.999,83
€12.690,21
inc.
inc.
€12.877,78
The above amounts do not include pool and garden maintenance.
MONTE DA QUINTA
2 bedroom townhouse
3 bedroom villa
4 bedroom villa
Average annual costs
2 Bedroom
Apartment
Included in the condominium fees: Maintenance and cleaning of the common areas of the village, including gardening and landscaping. Maintenance, repair and reconstruction of
roads, access points, areas surrounding the resort and infrastructures. 24-hour reception service. 24-hour security and surveillance. Cable Television.
VICTORY VILLAGE
Studio
1 bedroom apartment
2 bedroom apartment
3 bedroom villa
Infrastructure
€775,00
€2.037,00
€245,52
€327,36
€216,80
€216,80
€1.408,32
€1.528,12
Security Services
€423,00
€2.450,00
n/a
€654,72
€433,60
€2.936,52
Alarm
€412,00
€600,00
€982,08
€650,40
€3.724,40
Insurance
€330,00
€3.600,00
Included in the condominium fees: Security on Site. Maintenance of gardens. Maintenance of swimming pool and tennis courts. Maintenance of infrastructures (walking areas,
sewage, etc.) Rubbish removal. Pest control. Payment of water and electricity of common areas. Cleaning of common areas.
RESIDÊNCIA
3 bedroom villa
4 bedroom villa
Security Quinta do Lago Villas €161,73 per bedspace/year
Infraquinta
€163,68 per bedspace/year
€982,08
€1.309,00
€970,38
€1.293,84
€11.880,00
€11.880,00
Condo Fees
Resort properties €88,13
inc.
inc.
inc.
inc.
€6.300,00
€7.800,00
inc.
inc.
€10.168,00
Included in the condominium fees: Property administration. Management fees. Maintenance of infrastructures, communal areas, pool and gardens. Street cleaning. Security.
Reception. Cleaning and laundry. Gym. Pest control. Audit fees. Sinking fees.
€3.600,00
€900,00
€10.000,00
Property Management
€1.400,00
€3.200,00
Maid/House Maintenance
€1.900,00
€3.640,00
n/a
€7.900,00
n/a
€1.100,00
€8.150,00
€5.900,00
Water
€270,00
€4.900,00
Cable/Sat TV
€416,00
€416,00
Gas
€265,00
€3.270,00
€11.791,00
€56.063,00
IMI
Garden Maintenance
Pool Maintenance
Electricity
RESORT OUTSIDE QUINTA DO LAGO
DUNAS DOURADAS BEACH CLUB
1 bedroom apartment
2 bedroom apartment
3 bedroom apartment
4 Bedroom
Villa
TOTAL
Prices do not include VAT. Prices shown are for guidance only and were correct at time of
going to print.
Quinta das Salinas
Quinta Properties Directory
SPOIGHT
EMERGENCY SERVICES
Emergency Services - Police,
Ambulance & Fire Brigade
112
Police/GNR, Almancil
289 351 530
Quinta do Lago Security & Fire
Brigade (Vigiquinta)
289 394 494
ACCOMMODATION
Conrad Algarve, Quinta do Lago
289 351 150
www.conradalgarve.com
Four Seasons Country Club,
Quinta do Lago
289 357 000
www.fsccquintadolago.com
Hotel Quinta do Lago,
Quinta do Lago
289 350 350
www.hotelquintadolago.com
Hotel Quinta Jacintina,
near Quinta do Lago
289 350 090
www.mysecretgardenhotel.com
Le Meridien Dona Filipa,
Vale do Lobo
289 357 223
www.donafilipahotel.com
Ria Park Garden Hotel,
near Vale do Lobo
289 359 800
www.riaparkhotels.com
Vila Joya, Gale
289 591 795
www.vilajoya.com
AIRPORT & TRAVEL
Airport information
289 800 800
www.ana.pt
British Airways
808 200 125
www.britishairways.com
TAP Airlines
707 205 700
www.flytap.com
ARCHITECTS
Dipl. Arch. Anabela Macieira Zen-Arquitectura
289 301 882
[email protected]
www.zenarchitecture-algarve.com
Jaime Coutinho
289 390 930
[email protected]
JSH Algarve
289 394 792
[email protected]
www.algarve-architecture.com
Plan Associated Arquitects
289 392 636
[email protected]
www.planassociados.pt
Vasco Vieira
289 321 476
[email protected]
Vaughan Davies
289 398 485
[email protected]
BUILDERS
Andrei Radu - Character
Construction, Lda
916 223 697
[email protected]
GET - Estudos Técnicos e
Construções
281 320 940
[email protected]
Iberia Group
289 359 520
[email protected]
CONSULATES
British Consulate, Portimão
213 954 082
www.fco.gov.uk
Dutch Consulate, Albufeira
289 542 190
[email protected]
German Consulate, Faro
289 803 181
www.honorarkonsul-faro.de
FLOWER SHOPS
Ely Flowers, Almancil
289 399 411
www.elyflores.com
Suzannah’s Flowers, Lagoa
914 841 594
www.suzannahsflowers.com
Karting Almancil
289 399 899
www.kartingalgarve.com
Pine Trees Riding Centre,
GOLF CLUBS
near Quinta do Lago
Laranjal Golf Club
289 394 369
289 359 220
www.pinetreesridingcentre.com
www.quintadolagogolf.com/en
Race Track, Portimão
282 405 600
Pinheiros Altos Golf Club
www.autodromodoalgarve.com
289 359 910
LOCAL PROJECT
www.pinheirosaltos.com
Quinta da Calma, Almancil
MANAGEMENT/SURVEYORS
289 393 741
Quinta do Lago Golf Club
David
Banting
www.quinta-da-calma.com
289 390 700
289 398 860
www.quintadolagogolf.com/en
SBC Cinema - Forum Algarve, Faro
www.davidbanting.com
289 887 212
San Lorenzo Golf Club
Jeff
Mauger
289 396 522
Seafaris Algarve - Private Cuises
914 626 385
Vilamoura
www.sanlorenzogolfcourse.com
www.jeffmauger.com
289 302 318
Vale do Lobo Golf Club
Peter Densham
www.algarve-seafaris.com
289 353 465
917 238 518
Skydive Algarve, Portimão
www.valedolobo.com/golf
www.densham-moreira.pt
282 496 581
Vila Sol Golf Club
www.skydive-algarve.com
MEDICAL SERVICES
289 300 505
Solviegasyoga
www.vilasol.pt/uk
Chemist, Almancil
918 279 294
289 395 611
[email protected]
INTERIOR DESIGNERS
Dentist - Quinta Shopping
Teatro das Figuras, Faro
Al4uatro, Almancil
289 392 339
289 888 100
289 395 732
Faro District Hospital
www.teatromunicipaldefaro.pt
[email protected]
289 891 100
www.alquatro.pt
Tennis Club - Jim Stewart,
www.hdfaro.min-saude.pt
Quinta do Lago
Dunas Style, Almancil
Medical Center, Quinta do Lago
916 615 808
289 392 60
289 398 411
www.playalgarve.com
[email protected]
www.family-medical-centre.com
Watersports Centre, Quinta do Lago
www.dunas-style.com
Medical Center, Vale do Lobo
289 394 929
Equilíbrio, Almancil
289 398 009
www.lagowatersports.com
289 397 059
www.family-medical-centre.com
Zoomarine, Guia
[email protected]
Private Alvor Hospital, near Portimão 289 560 300
www.equilibrio-interiordesign.com
282 420 400
www.zoomarine.pt
Maria Raposa, Almancil
www.hpalg.com
918 615 146
RENTAL AGENTS & PROPERTY
Private Santa Maria Hospital, Faro
[email protected]
MANAGEMENT COMPANIES
289 892 040
www.mariaraposo.com
www.hppfaro.pt
Algarve Direkt, Vilamoura
Melisa Raposo - OKA,
289 389 221
Private Hospital Particular do
Vale Formoso
[email protected]
Algarve, Faro, near the airport
289 397 194
289 892 000
Arcadia Villa Management,
[email protected]
707 282 828 (medical services)
Quinta do Lago
www.oka-algarve.com
289 358 303
MISCELLANEOUS
[email protected]
Pure Allure, Almancil
Apolónia Supermarket
914 905 659
Birdie Management, Almancil
289 351 440
[email protected]
289 397 115
www.apolonia.pt
www.pure-allure-inter.com
[email protected]
Concept Catering, Quinta do Lago
Quinta Style, Almancil
Bunting, Simon & Lynne
289 542 190
289 358 0079
(Rentals)
[email protected]
[email protected]
+44 (0)115 966 3661
International School São Lourenço, [email protected]
www.quintastyle.com
Almancil
Reflexões, Almancil
CSS Service, Almancil
289 398 328
289 399 543
289 393 500
[email protected]
[email protected]
info@refloxoes.com
Platinum Valet Car Service
www.reflexoes.com
Greg Martin Management
969 277 601
289 398 593
LANDSCAPE ARCHITECTURE www.platinumautovalet.com
[email protected]
& GARDEN CENTRES
Propaint Lda
JES Property Management
918 885 395
Cape Gardens, Almancil
289 394 711
[email protected]
289 397 165
[email protected]
www.cape-gardens.com
T Taxis
Select Resorts (Rentals) UK
289 352 525
Jardim Vista, Almancil
+44 (0)120 278 6490
www.algarvet.com
289 356 977
[email protected]
www.jardim-vista.com
Vet, Almancil
Victor Sabino Management,
289
395
799
Natura, Almancil
Almancil
289 396 106
24h Vet Hospital, Loulé
289 392 256
www.algarve-portal.com
289 422 424
[email protected]
Wendy Davies Management,
LOCAL LAWYERS
RECREATION
Quinta do Lago
Andrea Viegas
Activity Algarve
289 392 760
Walking & Biking Tours
289 355 478
[email protected]
913 226 954
[email protected]
www.activityalgarve.com
RESTAURANTS
– BEACH
Elia Apolo
Antonio Ribeiro - Personal Trainer
Estaminé, Ilha Deserta
289 395 467
289 356 838
919 187 271
[email protected]
www.personaltrainingcentre.net
Gigi’s, Quinta do Lago
Eurico Alves
ArtCatto Art Gallery, Loulé
964 045 178
289 359 230
916
740
337
[email protected]
Izzy’s, Vale do Garrão
www.artcatto.com
289 396 984
Justin Ryan
Centro
Cultural
São
Lourenço
289 390 080
Julia’s, Vale do Garrão
Almancil
[email protected]
289 396 512
289 395 475
Luis Borges
www.centroculturalsaolourenco.com
Maria's, Dunas Douradas Beach Club
289 401 090
289 358 675
CIMAV - Sailing, Vilamoura
[email protected]
289 302 536
2 Passos, Ancão
www.cimav.org
Matilde Ferreira
289 396 435
289 392 606
Gisela's Cooking Classes
RESTAURANTS – LOCAL
[email protected]
919 915 366
A Quinta, Almancil
Ronald Swyer
HTA Helicopters
289 393 357
289 399 362
289 435 112
[email protected]
Alambique, near Vale do Lobo
www.htahelicopteros.com
289 394 579
Teresa Rolando da Fonseca
International Air Charter, Portimão
289 391 004
Aquarelle, Almancil
0800 404 6960
289 397 973
[email protected] www.internationalaircharter.com
Tiago Felizardo
289 399 720
[email protected]
Tiago Luís & Josué Coelho
289 887 440
geral@international-lawoffice.com
Vasco Ramires Fernandes
289 803 009
[email protected]
Birds Nest, Alfontes/Tenoca
289 366 458
Casa do Lago, Quinta do Lago
289 394 911
Casa Velha, Quinta do Lago
289 394 983
Casa Vostra, Almancil
289 397 565
Couleur France, Almancil
289 399 515
Florian, Vale Verde
258 396 674
Gisela's, Vale do Lobo
289 353 421
Grissino, Almancil
289 356 562
Gusto, Conrad Algarve,
Quinta do Lago
289 350 700
Hamburgueria Casavostra, Almancil
289 391 104
Koko Lane, Quinta do Lago
289 356 087
Paixa, Vale do Lobo
289 394 699
Parrilla Natural, Almancil
289 350 040
Pequeno Mundo, Almancil
289 399 866
Pizza Pasta Fantasia,
Quinta do Lago
289 394 080
Sr. Frango, Almancil
289 393 756
Sushi Pearl, Faro
915 777 879
Sushi Yama, Almancil
914 169 542
Tapas & Vinho, Almancil
289 391 145
Tsuru at the T Club, Quinta do Lago
289 396 751
Tucanos, Quinta do Lago
289 359 665
Vincent’s, Almancil
289 399 093
3Wonders, Loulé
289 462 838
RESTAURANTS – MICHELIN
STAR
Henrique Leis, Almancil
289 393 438
www.henriqueleis.com
Ocean at Vila Vita Parc, Porches
282 310 100
www.vilavitaparc.com
Vila Joya, Galé
289 591 795
www.vilajoya.com
Willie’s, Vilamoura
289 380 849
SPAS, HAIR &
BEAUTY SALONS
Conrad Algarve - Spa
289 351 150
[email protected]
Estetica Spa, Quinta Verde
913 867 864
Hotel Quinta do Lago Spa,
Quinta do Lago
289 350 350
www.hotelquintadolago.com
Jim Hairstylist for Conrad Algarve
289 350 833
[email protected]
Joy Jung Spa, Vila Joya
289 591 795
www.vilajoya.com
Philippe Stabile Hair Salon,
Quinta do Lago
289 356 370
[email protected]
Royal Spa, Vale do Lobo
289 353 333
[email protected]
Seven Spa, Hilton Vilamoura
289 320 950
www.7-spa.com
Vila Vita Spa, Porches
282 310 100
www.vilavitaparc.com
FOR 25 YEARS…
Being professional,
Being competitive,
Building your dreams…
Email: [email protected] fi[email protected]
www.get-algarve.com
Facebook: GET, Estudos Técnicos e Construções, S.A
Contacts: +351 281 320 940 +351 966 932 868
ɰɍɤȨɕȨɜȐцɄɬȐɑɕǸȽȇсȽȐǸɑɜɉȣɄɜɄȝɑǸɉȣɴ
for all occasions...
Suzannah's Flowers
Tel +351 914 841 594
www.suzannahsflowers.com
Blush Photography Algarve
Tel +351 915 573 711
www.blushphotographyalgarve.com
Estrada Pinheiros Altos, Quinta do Lago, 8135-162 Almancil, Portugal
Tel: +351 289 396 073 Fax: +351 289 398 086 Email: [email protected]
Independent property consultants specialising in the Quinta do Lago area
Licence No. AMI - 1252

for 25 years… - Quinta Properties

Transcription

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