Passion for Property
Transcription
Passion for Property
passion for property 06/07 passion for property 06/07 The guide to spectacular property in and around Quinta do Lago, and the life that goes with it Q U I N TA D O L AG O • P O RT U G A L Q U I N TA D O L AG O • P O RT U G A L Estrada Pinheiros Altos, Quinta do Lago, 8135 Almancil, Portugal Tel: +351 289 396 073 / 398 939 Fax: +351 289 398 086 in association with Email: [email protected] www.quintaproperty.com License No. AMI - 1252 3rd EDITION Independent property consultants specialising in the Quinta do Lago area 3rd EDITION Quinta allure The best investment on earth is earth Louis S Glickman welcome We are delighted to present our third Property Guide to you. We're sure it will prove as informative and useful for everyone interested in real estate in and around Quinta do Lago as the previous two. The new guide also has a new name ‘Passion for Property’ which better reflects how we feel about our work. Its aim is to share key, up-to-date information on buying, managing, enjoying and indeed selling property in the area, as well as explaining some of the important financial issues involved in buying and selling properties in Portugal. This information is provided in our new pink paged financial section. As well as looking in depth at the sort of properties available here, we have also provided a glimpse of just some of the aspects that go towards the superb quality of life, beauty and tranquillity enjoyed here. A lot has certainly happened since the last edition, and Quinta do Lago continues to be a really thriving community. In this edition we have portrayed some of the characters who add to the spice and quality of life so enjoyed in the area. We'd like to thank them for their co-operation, and all those who have been involved and who have contributed to making this edition our best yet. Sister Company Discover A Beautiful Place Jimmy Tarbuck The Elemental Artisan The Conjuror Intelligent House Centre Stage The Perfectionist Lisbon Spa Tranquillity Famous For Golf 8. Passionate people 14. Images of Quinta do Lago We look forward to seeing you! 16. My idea of paradise 18. Creator of art, Beau 24. Food maestro, Gisela 28. Welcome to the thinking home 31. The saxophonist, Martyn 32. Car valet extraordinaire, Paulo 34. The beating heart of Portuguese culture 38. A little indulgence 40. On course at Pinheiros Altos contents These continue to be exciting times to be involved in real estate in Quinta do Lago and, as ever, we are finding many home owners are upgrading and increasing their investments here – matching their desire to spend more time in the resort. As the area's leading agents, we aspire to meet your needs through sharing our knowledge and experience with you, providing you with the best possible advice, guidance and service. 12. Introduction to Quinta do Lago Money Talking Buying Procedures 43. Financial pages 44. Private or corporate ownership Financing The Dream Company Ownership 45. Banco Santander Totta Alison Højbjerg and Kerstin Ferreira Dias, Directors, Quinta Properties 4 46. Quinta Properties Property Taxation Portuguese Tax Benefits 48. euroFINESCO 51. How tax rates compare to Spain Running Costs Using Your Equity 52. From infrastructure to garden maintenance 54. Jyske Bank Property Pages A Maturing Market 56. A taste of Quinta Properties’ spectacular portfolio 69. Savills Time Out Map of Quinta do Lago 71. Essential guide to Quinta do Lago 72. Getting around Quinta do Lago Quinta Properties 5 BULGARI.COM Q U I N TA D O L A G O • Q U I N TA S H O P P I N G , L O J A 3 3 DIAGONO ALUMINIUM Sister Company If Quinta Properties’ new director looks vaguely familiar, it’s not surprising. Alison Højbjerg, who has been with the company since 1998 has now been joined by her sister Kerstin. But there’s no trace of sibling rivalry between these two. “I can’t believe it has taken this long for us to work together,” says Alison. “Kerstin’s arrival from a local competitor brings some important but different strengths to the company. Her knowledge of the local market is a given. But she’s also such a warm, enthusiastic person that clients can’t fail to respond to her approach and incredible drive.” And Kerstin is equally generous in her praise of Alison as a colleague. “She has made a huge success of the company to date, and she’s got there with her professional business approach and endless hard work.” The sisters are confident that the combination of their talents will help take the business forward over the coming years and ensure that all their clients receive the very best service at all times. passion for property 8 Kerstin Ferreira Dias Alison Højbjerg relax “ Nothing is really work unless you would rather be doing something ” else The Quinta Properties team on the bridge to Gigi’s Beach, Quinta do Lago “We find ourselves feeding off each other’s enthusiasm,” says Kerstin, “and there is such a strong team of people here in our offices to work with. There is a real buzz, and it is in fact a joy to come to work. All of us at Quinta Properties live and breathe the Algarve and all it has to offer.” “We find ourselves feeding off each other’s enthusiasm,” says Kerstin “It’s not just a sister thing,” agrees Alison. “It’s definitely a team effort. People walk in and want a friendly but knowledgeable and dedicated service. Between us, we deliver that. That’s why so many clients like to work with us, and that is also why we continue to be Savills’ chosen associate in Quinta do Lago.” From left to right: Lina Rodrigues Office Manager, Hannelore Singh Administration, Alison Højbjerg Director, Sandra Fairbairn Sales Manager, James Carter Sales Executive, Kerstin Ferreira Dias Director, Sigrun Vas dos Santos Sales Executive, Mandi Clarke Sales Executive in association with passion for property J M Barrie 10 www.quintaproperty.com Quinta do Lago Discover Arriving at Quinta do Lago is simple. It is just 15 minutes from Faro International Airport. The hard part is leaving. The exclusive resort is set in a jewel of a landscape: 800 acres of pine forest bordering the Ria Formosa Natural Park – a Conservation Area of World Importance – and a stunning stretch of the Atlantic Ocean. All this and 300 days of sunshine each year, with temperate summers and mild winters. The original concept of entrepreneur Andre Jordan, when he was shown the site in 1970, was to retain its spectacular pine forests and lakes while developing properties of the highest quality in a low density setting. Nothing has changed, protected by strict planning and environmental policies to preserve the exclusive ambience. The resort’s international awards include recognition for its preservation of the environment as well as excellence in tourism and golf. Arrive at Quinta do Lago for the first time and you will be taken aback by just how verdant and unspoilt the area is. The skyline is still dominated by the powerful lines of the beautiful umbrella pine trees; the crystal lakes scintillate in the sunshine, and the wildlife is as abundant today as it ever was. 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. Interwoven into this astonishing environment, often shaded from view by the pine trees, are individually designed properties, many bordering the resort’s four 18 hole Championship Golf Courses. Plots average 2,000 sq metres: ample space for the typically four and five-bedroomed villas, each complete with pool and landscaped gardens. In addition to these privately owned freehold villas there are quality condominium developments such as Victory Village, Lakeside Village, São Lourenço, Vale dos Pinheiros, Monte da Quinta Club and the Vilar do Golf Resort Club – each with its own character and offering an array of townhouses and well appointed apartments, as well as affording a variety of pursuits such as tennis and swimming. While the properties are individually owned, the facilities and landscaped gardens are commonly owned and managed. The two Four Seasons developments offer ownership based on timeshare and have proved enormously successful. But Quinta do Lago is not simply about living in a superb environment: it is about immersing yourself in the luxury of space and privacy that the resort offers. The sports facilities are simply first class – four top quality golf courses, and water based sports including windsurfing and sailing, as well as more leisurely pursuits such as a luxury spa. Tennis players will always find a game at the Jim Stewart Tennis Centre. Horse riding is also popular here. The experienced staff at the riding centre on Avenida Ayrton Senna are delighted to cater for all standards – from novice to advanced. At the two shopping centres – Bouganvilia Plaza and Quinta Shopping – you’ll find everything you need, from banking and supermarket shopping to designer boutiques, cafés and elegant restaurants. The appeal of Quinta do Lago comfortably crosses the generational divide. Discreet but effective security means that children can play safely and be entertained here while their parents and grandparents relax. The beach itself is a sheer delight – 31/2 km of beautiful golden sands backed by undulating dunes. Indeed, why would anyone want to leave? 12 The vision of Quinta do Lago that was born 35 years ago has never wavered. Here was a truly beautiful natural environment; that unique quality would always be jealously guarded whilst developing Europe’s finest residential and leisure resort Quinta Properties 13 “If we resist our passions, it is more because of their weakness than because of their strength” François Duc de La Rochefoucauld 14 Quinta Properties 15 It’s a dark, dismal December day in England when we talk, and veteran entertainer Jimmy Tarbuck is already planning his next stay in Quinta do Lago. “It’s absolutely delightful there in the winter,” he says, “mind you, it’s very nice in the summer too. But with my work I only really get the chance to be there for a few months each winter, usually January and February. On winter nights you can sit in front of a log fire and, in the day, out on the golf course, it can be warm enough to go round in shorts.” Being Jimmy Tarbuck, it’s never long before the conversation gets round to his favourite pastime. Jimmy has played with many of the world’s greatest players along the way, as well as a huge number of celebrity golfers – the experiences form the staple of a lot of his stand-up material and his book ‘Tarbuck on Golf’. But he’s no mean player himself, playing off a very respectable 10 handicap; and the course he most loves? “It’s got to be San Larenzo. It’s fabulous.” And if not golf, then it’s football that animates Jimmy. Famous for his support for Liverpool, he was in Portugal to relish the 2005 European Cup Final. “What a second half. That was the biggest comeback since Sinatra,” he quips. “There’s some good football there,” he says. “Although Faro are not a leading club at present, Estádio do Algarve (the new 30,000-seat stadium between Faro and Loulé) is a great place to watch a match. I got to see England play Portugal there in September when Figo won his 100th cap.” “It’s absolutely delightful there in the winter ...mind you, it’s very nice in the summer too.” Jimmy has made his winter home here for 15 years now and relishes every day. He has always been busy professionally since he first broke onto the scene some 40 years ago, but the last couple of years have seen his workload increase even further: “I seem to have had a real renaissance,” he says, “and that can make it difficult to get away.” my idea of paradise When Jimmy Tarbuck is not busy entertaining audiences in the UK, there’s just one place he wants to be: Quinta do Lago. 16 Between his TV, corporate and theatre commitments (he is just coming to the end of a punishing 44-night tour with his show ‘This is My Life’) Jimmy also manages to fit in a very busy schedule of charity events. Famous for his work with the Variety Club, he also dedicates a lot of time to his role as President of Diabetes UK. But even when he’s lapping up the winter sun in Quinta do Lago, he’s still often working for a good cause. “I’m a supporter of the local children’s home, Refúgio Aboim Ascensão, run by a man who deserves a knighthood – no, a sainthood – Dr Vilas Boas. It’s one of the finest homes in the world for children at risk. The children there are just beautiful kids.” The 67 full-time and 45 volunteer staff there give the children a family and a future, and Jimmy regularly helps to raise much needed funds. “It’s easy to see why so many people want to come to the Algarve,” he says. “It’s not just beautiful and easy to get to, the people are so warm too. All I can say is that if you are interested in buying a property there, the team at Quinta Properties are the people to speak to – they are terrific.” Quinta Properties 17 Manual design creates sensuality the elemental artisan Beau McClellan is one of the Algarve’s more colourful characters. Scottish born, Beau arrived in the Algarve in 1991 after following a successful career in the music business. Beau then came to southern Portugal and bought a small house in a quiet country sanctuary in the Algarve hills. He was asked to get involved with a TV series about Portugal, and ended up being the subject of one of the shows. Back into the swing of media related projects Beau became involved with photography for some major companies at a time when the superb natural light of Portugal was very much in vogue. This led to set building for films and TV commercials shot in Portugal and finally Beau became an art Director in his own right. During this time, Beau gradually returned to his roots as a qualified artist blacksmith, and teamed with fellow blacksmith Adam Varley; together they founded Ferro Design near Loulé. 18 Photo: Vasco Celio After 10 years of making one-off pieces of furniture for private clients – the word was out. The items produced were of such exceptional quality and innovation that soon Ferro Design was being asked to design and build all manner of furniture, fittings, decorations and extravagant sculptures for private home owners to large development companies. The hand crafted work has a sensual quality and ranges from a spectacular cliff-top Jacuzzi, hauled into position using a helicopter, to wonderfully creative gates, intricate staircases, chandeliers and interior and exterior sculptures including large gas burning lamps. The talents of Ferro Design was recognised by Loulé Municipal Council who commissioned them to create the Zephyrus sculpture located on the roundabout at the entrance to Loulé. Beau was not content to inaugurate the sculpture with a simple cut of the red ribbon and the presence of a few dignitaries. In collaboration with a carefully selected group of artists, he produced a thrilling piece of evening open-air theatre, unveiling the sculpture amid stilt-walkers, acrobats and performance artists, providing a wonderful and unforgettable free show for the people of Loulé. Other shows followed like ‘Festa das Arabias’ at Pinheiros Altos. This show devised by Beau’s long time friend and collaborator, actor and director Judite da Silva Gameiro, was called ‘Fulgor’ and featured a huge mechanical fire breathing dragon with a 14m wingspan and some of the best performance artists in the world, flown in to entertain an invited audience of over 1,600 people. Quinta Properties 19 In design everything has its own language “I have always had a problem explaining to people exactly what it is that I do. At the end of the day what I really feel I am is a creator of things, whether its sculpture, design, art, music or whatever – I think all these things come from the same part of the brain. Some people think that you can’t be good at so many things, that you should just concentrate on one. But I find that each creative project informs the next – everything is interlinked and I think it gives my work, I hope, a certain freshness and originality. Nothing is given the chance to stagnate. Some people may not like what I do, but that’s OK. I create – then it’s a matter of taste whether people like it or not. But as a designer, as opposed to a pure artist, so to speak, I do try to have a good idea of what’s already out there, and be aware of the limits that are set by the people who are commissioning me. That’s very much the approach I take with the Brumberg work – it’s striking that balance between producing something original and beautiful and useful, but at the same time not being so far out there that people are just not going to understand the forms I use. In essence, I suppose, functionality needs design and design needs to be functional. With Brumberg, they supply me with the technology and I supply them with aesthetic solutions for the practical use and, of course, marketing of that technology”. Since then Ferro Design has continued to build new, exciting and exceptional pieces, for clients in Portugal and increasingly abroad. In addition, Beau himself has recently begun to concentrate more and more on design. “In design it is always crucial to know what is happening with new technology and materials – so that you know what is possible – or what might be possible.” The art of light Beau has just designed his own new ‘Beau McClellan’ range of lighting for German lighting giant Brumberg, which will be launched in April of 2006 at the Light and Building Fair in Frankfurt. “I met Johannes Brumberg Jun.. at the Milan Design Fair about four years ago and we became good friends and I have built a very healthy working relationship with Johannes and his father. It’s a huge opportunity for a designer to be asked to design for one of the world leaders, and I am doubly lucky, because the Brumberg team and I all seem to be on the same wave-length.” So what’s next? “I’m designing more and more of my own lighting range for Brumberg, and you can soon expect to see some pretty interesting stuff. And I am still designing one off pieces with Ferro Design. It’s a tremendous sense of relief and achievement when we finish a one-off piece and complete the installation but now I can add my knowledge and understanding of light; it adds another dimension to whatever I do” But it’s not just about me, it’s the whole of the Ferro Design team – I am a lucky man to have such talented and supportive people around me.” Functionality needs design and design needs to be functional Beau McClellan Ferro Design Tel: 00351 919 808995 www.ferrodesign.net 20 “I fell into lighting design by being commissioned to design lighting for large Quinta do Lago houses – there was just nothing out there big enough to create impact! I saw the potential but I needed to know more – so I went to Milan and studied lighting design and the art of light (and shadow). It can transform the way you live by the mood, atmosphere and ambience it creates. Coloured light can also look fantastic if used well – but used badly it can look catastrophic!” Photo: Vasco Celio Quinta Properties 21 exquisite style for European living Drawing on inspiration from their shopping experiences in Brussels and Paris, Judy and Simon Clayton have created sophisticated home and fashion accessory shops in the heart of Quinta do Lago. liberate your senses Chic and elegant, Dunas has a beautifully scented ambience that makes shopping a pleasure. Crisp white linens and pale oak furniture are dressed with tableware and flowers in the colours of summer. The cool, calm atmosphere is laden with the fragrance of seasonal fruit, flowers and herbs. Fine quality natural products form the basis of the varied collections, linen, leather, cashmere, pewter, wood, olive oil, genuine panama hats from Ecuador, ladies linen pareos, cotton and silk beachwear. Algarvian cork and a range of Porches pottery exclusive to Dunas add character to this eclectic mix, sourced from all over Europe and beyond. The atmosphere is one of al fresco dining, Parisian chic and Algarvian warmth. Two doors along, Quintessence features fabulous jewellery in silver, semi-precious stones and pearls from designers selected in Denmark, France, South Africa and the UK. Affordable yet luxurious. A tempting collection of naturally perfumed body products fills this petite shop with fresh Provençal scents – lemons and tangerines, musk rose and summer flowers. Dunas and Quintessence, 3 & 5 Quinta Shopping, Quinta do Lago, Algarve 00351 289 392602 SCENT BLANC D’IVOIRE TOUCH FLAMANT SPARKLE DIPTYQUE ESTEBAN AMBIENCE PLACE DES LICES www.dunas-style.com CARROL BOYES LIBECO MILLEFIORE AZUNI PILGRIM KIRSTEN GOSS Gisela is rapidly becoming the perfect accompaniment to any great gastronomic occasion Behold the conjuror! 24 Conjuror Quinta Properties 25 taste RECIPE FOR SUCCESS If your ideal evening as a host or hostess is to spend your time with your guests, not fretting over the next course, then it’s time to meet Gisela. And if that dream dinner or party includes coming down next morning to find the dishes and the house magically clean, then she is definitely the right person to contact! Her staff decorate the tables and house, waiters provide skilled table service and the food is world class. Think of eating at some of the best restaurants. Now think of enjoying that superb food and calibre of service in your own home – and that’s pretty much what Gisela offers. Gisela will already be well-known to many readers of this Property Guide, for she and her young team are regularly invited into homes throughout Quinta do Lago and surrounding areas to cater for dinner and lunch parties. That can cover anything from a special dinner for two up to parties or receptions for 200 or more – it’s all in a day’s work. A number of golf clubs and other establishments also call on her to cater for their special events. Nothing fazes Gisela, no project is too complex, and she can handle as much or as little of an event as you wish. The cuisine – in a wide range of styles – is invariably superb, and she’s also there to afford expert advice on menus and the best wines to go with them. Her work is also her passion, and she runs what can best be described a ‘tight ship’ – every aspect of her service is strictly managed, but you still find the staff working with a smile on their faces. Maestro please “... I’ve been asked what the trick is – there’s no trick. It’s about an excellent performance from the very start, to the very finish ....” “I now get flown to manage dinners for my clients in their other homes around Europe,” says Gisela. “I certainly never imagined my business would ever take me in this direction, but it really adds spice to my work – and my team seem very happy to have joined the jet set!” passion for property Gisela, 00351 919 905366 00351 399 434220 [email protected] www.quintaproperty.com Quinta Properties 27 It’s no dream. Intelligent buildings have come a long way in the last few decades. Time was when an infra-red control over blinds and electric devices seemed state-of-the-art. That is now almost Dark Ages technology. Today sensors can be built into the fabric of a building to sense light, sound or even motion, and operate switches. Move from one room to the next and lights will come on ahead of you. Go to bed and all the electrical devices on stand-by will automatically turn off to save electricity. Depending upon the temperature in your living room, the blinds can come down to keep out the sun, or respond to the first rays of light in the morning by opening. The choices are all yours. And if you’re not actually in the home, then you can have total control over your home through the internet. From your laptop or even PDA, you can tap into the central control system for your home and check that the burglar alarm has not been triggered by your neighbour’s pet. As you wait in the departure lounge, you can tell the heating to come on in good time for you to have a hot bath ready for your arrival; drive up to the gate of your villa or apartment complex and simply swiping your ID card will wake your home up and bring on the lights and heating. If a water leak is detected, the supply automatically cuts off to prevent damage. Your fridge can detect when vital supplies are running low and place an order for you. Enhanced security is, quite rightly, integral to most ‘intelligent buildings’ today. They can react to the detection of an intruder by locking internal doors as well as sending images of what is going on to you, a neighbour or a security company. Which of us hasn’t nervously gone to check why a neighbour’s alarm is going off? Now a quick scan on our own computer or TV screen will tell us. All this technology is readily available now. The next stages could be even more exciting. There’s lighting – but not as we know it. LEDs and fibre optic lights will replace conventional lamps – changing colour with the mood of the moment and cutting power bills by up to 80%. Fit next generation photovoltaic cells and there may be no electricity bill to pay – or they may even produce a profit! But anyone who watched ‘Minority Report’ may have already had a glimpse of the not too distant future. Who needs swipe cards or keys to make sure that your home recognizes you and lets you in? They can be duplicated or stolen. The day will soon be here when ‘biometrics’ – your fingerprint or iris – will perform that role far more securely. Rich folk’s toys? Not so. All of these devices increase our convenience, security and comfort – and can radically reduce running costs. Long-term they will be seen as essential – and add value to a property. Welcome to the thinking home Donald Balfour, C&B Tel: 00351 289 591671 www.cb-algarve.com 28 A house that recognizes you as you walk in or communicates with you while you are in another country and cuts energy bills by up to 70%… ...this isn’t science fiction it’s science fact. Now that IS intelligent building! Quinta Properties 29 step forward the musician centre stage The soundtrack to some of the very best parties and events on the Algarve is the work of multi-talented musician Martyn Teutscher. For a man used to blowing up a storm on stage, Martyn Teutscher is surprisingly quiet out of the spotlight. Serious and softly spoken he may be, but there’s no doubting Martyn’s charisma on stage. Music has been his life for almost all of his 40 years. A keen flautist from the age of 8, his epiphany came when he picked up his very first saxophone when he was 15. Born in Harlem, Holland, he soon realised that his greatest musical bond was with the music associated with the Harlem 4,000 miles away: Jazz. His biggest influences? “Greats like John Coltrane and Miles Davis,” he says, “but I really do like the work of Grover Washington and David Sanborn.” Martyn studied Music and Movement at the Conservatorium in Rotterdam, paying the bills by teaching music and chefing – he even qualified as a chef, recognising that it’s not every aspiring musician who gets to live the dream. But performing was always going to be his long-term goal and, when he met up with a touring African band, he leapt at the chance to join them. He went on the road, touring all over Europe and honing his stage skills along the way. And that’s how he ended up in Portugal just over 10 years ago. “The band moved on, but I decided to stay,” he recalls. Europe’s loss was the Algarve’s gain and today he bases himself in Loulé, putting together bands of anything up to seven to perform at homes and hotels up and down the coast – for private parties and wedding receptions to corporate events. Martyn Teutscher, Loulé 00351 918 106687 That, of course, demands a highly eclectic approach and, while his roots may be in Jazz, he’s equally at home playing Pop and Dixie, as well as the swaying rhythms of Brazilian music so popular in Portugal. Whatever musical entertainment you’re after, Martyn is your man – and he can book acts and supply lighting as well as all the sound equipment. And when he’s not on stage, you’ll find him in the studio. Watch out for a project that Martyn hopes to bring to fruition shortly. “I’ve been composing my own music for some time,” he says, “and this is the year that I’m determined to produce my own CD.” Quinta Properties 31 THE PERFECTIONIST Ever wondered what makes the cars sparkle so brightly in Quinta do Lago? It’s rarely due to hours spent by their proud owners, who usually have far more enjoyable things to do with their time. The answer is Paulo. Paulo is the man behind Platinum Valet. His business is working magic on your car while you enjoy life to the full. the Pride and the passion However, it is almost difficult not to envy Paulo; after all, not only does he get to work on the most beautiful automobiles ever created, but he keeps some very good company too. His little black book of clients includes some of the world’s top VIPs. Of course, being the true professional that he is, Paulo would never divulge any details. What he can never stop talking about though, is his passion for the cars and his job. “I absolutely love it!” says Paulo, who started his business nearly two years ago. “The clients are great, the cars are incredible, and the business is going well – so my wife is happy too. What more can I want?” Critical to Paulo’s popularity with Quinta do Lago’s proud car owners is not just the sheer amount of care that goes into his work protecting his clients’ investments, it’s in large part due to the excellent relationships he builds with his clients – many of them trust him with his own keys to their cars. “What’s so special about Paulo is just how seriously he takes his work,” says Quinta Properties’ Alison Højbjerg. “He has an incredible service ethic which shines through in everything he does for clients. He’s a real asset to the local community.” Drive around Quinta do Lago and it’s likely you’ll soon spot one of Paulo’s vans kitted out with all the latest professional equipment and products. They’re also fully powered with electricity, clean water, and all the gadgets imaginable. Paulo himself has become one of Quinta do Lago’s local treasures – even the police stop to say “hello” as he weaves his spell on yet another luxury car. Paulo Assunção, Platinum Valet, Quinta do Lago Tel: 00351 969 277601 www.platinumautovalet.com So what does the future hold for Platinum Valet? “More teams,” Paulo hopes, “extending our services, perhaps even bridging over to southern Spain.” But don’t fear. Paulo won’t be going anywhere yet. “My teams can expand,” he says, “but I shall always stay with the best – in Quinta do Lago!” 32 Quinta Properties 33 Lisbon Window to the Oceans Lisbon – a city rich in history; the window to the oceans; one of the beautiful capitals of the world; the beating heart of Portuguese culture… …tear yourself away from the golden Algarve coast for a day or two and you’ll discover just why so many people leave Portugal’s capital city so entranced. Lisbon was once one of the world’s wealthiest cities, second in influence only to Venice. The port of departure for discoverers and adventurers, such as Vasco da Gama and Pedro Cabral, it was here where the riches of the newly discovered world arrived from Brazil, India and Africa, and from where spices, gold and precious wood were sold into Europe. In the 15th and 16th centuries, Lisbon boasted 3,000 palaces, 100 churches and was a magnet for artists, adventurers, architects and scientists. 34 Quinta Properties 35 See Lisbon and read a page in history THE JOURNEY Getting there by car is straightforward: the Portuguese have invested in some important pieces of infrastructure, including the A2/IP1. Put on the cruise control at the legal limit (stiff fines beckon above 130kph!) and, from the Via do Infante (A22) turn off at Paderne; you’ll be there in less than three hours. Art Culture Shop Food Walk Laugh Enjoy Relax The drive through the mainly uninhabited vastness of the Alenteijo takes you through soothing vistas of endless fields and meadows, interspersed with scattered, majestic cork oaks and disciplined lines of olive groves, standing like serried ranks of soldiers. At Setubal it’s decision time. Continuing on the A2 will take you into Lisbon across the spectacular ‘old’ bridge, ‘Ponte 25 de Abril’ and straight into the centre of town; veering off on the IP1 takes you across the even more spectacular, 18km-long ‘Ponte Vasco da Gama’ bridge to the Parque das Nações (the Expo grounds) area of Lisbon. This, incidentally, is also the best way to Lisbon Airport. Of course, you can always take the train, so sparing yourself the headache of parking in Lisbon and driving within the city. Neither is recommended. From Faro, Loulé, or Albufeira, five trains daily will take you to Lisbon in 31/2 hours; alight in downtown Lisbon (Entrecampos) or continue to the fantastic new station ‘Oriente’ within the Parque das Nações. Taxis are cheap and, of course, there’s the underground system and good buses and trams. EXPLORING The great way to explore Lisbon is aboard an old style tram, the number 28 electrico, a delightful vestige of days gone by, and the route reminds you that the city is built on seven hills. Services operate about every seven minutes, making it easy to hop on and off. Eastbound trams for the Alfama are invariably crowded by the time they reach the Rua da Conceição in central Lisbon, so travel towards Estrela and Prazeres and return to the Alfama from that end of the route. The tram delivers you into the heart of the city. Cameras out for the splendid Praça do Comercio, a three-sided piazza on a par with anything in Rome or Venice, behind which you’ll discover the Baixa. This area is dominated by specialist traders easily identified by street names: Rua do Ouro (goldsmiths), Rua da Prata (silversmiths) and Rua Augusta (clothes and footwear). Marvel at the geometric layout of the streets and the way they funnel cool breezes off the River Tagus. Although Lisbon goes back millennia, few ancient buildings remain. In 1755 the city was rebuilt after a powerful earthquake. The Marques de Pombal seized the opportunity to remodel it entirely, constructing a modern city with efficient sewage, wide avenues, parks and a host of miradourus – open spaces affording excellent views over the hills of this intriguingly beautiful city. The best views on the route are to be savoured from the Miradouro da Nossa Senhora do Monte. But first we climb the steep and tortuous streets of Alfama, the oldest part of Lisbon spared total destruction. Some houses hail from the 16th century, completely clad in azuleijos, beautiful hand-painted tiles, the streets so narrow that opposite balconies almost touch. The clanking tram threads through twisting cobbled streets with an Arabic atmosphere, acres of laundry providing a shady canopy. From tiny restaurants, in every little square and backyard, waft smells of grilled sardines. Once dilapidated buildings are now being renovated and converted into artists’ studios or galleries… a new stage in the life of Alfama. Lisbon has delights and surprises in abundance Lisbon Cathedral is a heavy pile in the Romanesque style from the 12th century. During the Moorish occupation, like so many other churches all over Portugal, it served as a mosque. It survived the earthquake relatively unscathed, a fate not shared by the elegant and lofty Gothic church of São Roque, on the opposite hill in Chiado; the skeletal ruins pay witness to its former glory. 19 The Castelo São Jorge, dominates the old town. It’s true story is obscured in the mists of myth and history, but we know the Romans built a fortress here in 48 BC. The Chiado, to the west of the Baixa, rises up yet another hill. This is the Knightsbridge of Lisbon, thick with elegant boutiques and designer shops. A disastrous fire in 1988 destroyed a huge area, but made space for elegant boutiques. Follow the Rua Garrett and slip into the mahogany booths of Brasileira, Lisbon’s oldest and most respected café. This was once the favourite watering hole of poets, such as Fernando Pessoa; today a bronze statue of him has taken a seat, eternally and pensively, at a curb-side table. If tea is your tipple, find ‘Bernard’ in the Chiado. Refurbished, air-conditioned and famous for its pastries, it is a popular meeting place for government officials, business people and shoppers. Tea, remember, was brought to Europe by Portuguese seamen and introduced to England by the Portuguese queen of Charles II, Catherine of Bragança. The pleasant black tea from Mozambique is well worth sampling. The Bairro Alto, or upper town, is the Latin Quarter of Lisbon, the district for restaurants, bars and fado nightclubs. Fado, the soulful Portuguese national music, recently made popular internationally by Mariza, is played slowly and dramatically on special guitars and lutes, and sung with passion and vigour. Fado is more than moving folklore. It is Weltschmerz, saudade, longing, repentance and confession, self-pity and self-mourning, suffering and passion and the most sublime form of happiness – all wrapped into shared tears and quiet observance. Remember: real fado aficionados listen without comment or disruption. Going to a fado club early in the evening is only for tourists; go late and stay late. As our tram ride continues westward the roads straighten and the gradient eases. This is Estrela, where Lisboans work in offices and shop in street markets. From this plateau one has views across the terracotta roofs to the Tagus river and to Alcantara, the docks. The white tower of Belem and the Jeronimos Monastery as well as the new Cultural Centre of Belem building are well worth a visit. Above it all towers the enormous statue of Christo Rei on the other bank, looking down not only on the stupendous suspension bridge, but the mouth of the river that pours out its waters into the vast Atlantic Ocean. From here, courageous seamen once ventured to sail into unknown waters and discover mysterious shores on the other side of the world. EATING OUT Try one of the many typical restaurants of the Bairro Alto; the ‘Bota Alta’ on Travessa Queimada 35, tel: 00351 213 427959, or ‘Pap Acorda’ on Rua da Atalaia 57, tel: 00351 213 464811, are both popular and reservations are recommended. John Malkovich co-owns one of the trendiest restaurants in Lisbon, the Bica do Sapato, and this is not to be missed. They offer traditional Portuguese food, but the restaurant is better known for its sushi on the top floor. Be sure to book! Tel: 00351 218 810320. Another experience is Lisbon’s oldest restaurant, ‘Tavares’ on Rua da Misericordia 37, tel: 00351 213 421112 – over 200 years old and very fashionable; don’t be surprised to find yourself sitting next to someone famous. Reservation is a must, and if you fail, try the ‘Trindade’, tel: 00 351 213 423 356 or “Aviz”, tel: 00351 218 876472. WHERE TO STAY We recommend ‘York House’. This is a charming small boutique hotel with a very colourful history, and which began life 1606 as a convent. Each room is completely different and they vary from plush and cosy to minimalistic. There is a restaurant and bar, as well as a very charming courtyard where you can breakfast and take your afternoon tea. Tel: 00351 213 962435. For more palatial accommodation try the ‘Lapa’. This is a truly magnificent hotel. Ask for a room high up with a view to the Tagus River. Tel: 00351 213 949494. 37 my time A NEW YOU? Tired? Stressed? Simply in need of a special hour or two unwinding in the lap of luxury? Then head for one of Quinta do Lago’s newest facilities. Set amongst some of the most prestigious real estate in Europe is the prestigious Hotel Quinta do Lago with a superb new spa. But it’s not only the guests who can enjoy this 2004 refinement. The spa is proving an irresistible attraction for Quinta do Lago residents too – drawn by the array of beauty therapies on offer within a tranquil and exclusive atmosphere. This really is the place to unwind. The new spa features an attractive overflow indoor swimming pool, a multi-jet bath, two hammams (Turkish steam baths), two saunas, a relaxation area and an outdoor jacuzzi. And if that wasn’t enough, there are six rooms offering a plethora of luxurious treatments including aromatherapy, facials, rejuvenating, revitalising and anti-stress programmes, as well as traditional, oriental and volcanic hot stones massages. Or for something more invigorating, there is also a fully equipped gym. Why not try the head-to-toe Thermo Spa Concerto Treatment – the three phases are mud wrap, foot reflexology and scalp massage. Or Thalatherm (a steam bath with algae or mud wraps) or Shiatsu massage? Other treatments on offer include Reiki, Sethai, physiotherapy and sports massage. One, three and five day special programmes combine various specific therapies – appropriately named the ‘Anti-stress’, ‘Pampering’ and ‘Athlete's Revival week’ programmes. If you’ve been looking for the perfect place to tone, tune and treat yourself, you may just have found it. Guests can indulge in luxurious one, two, three, five and six day spa programmes, but for those dropping in for a deliciously relaxing morning or afternoon, on your own or with friends, all of the treatments can be booked ‘a la carte’. Hotel Quinta do Lago Tel: 00351 289 350350 www.hotelquintadolago.com 38 The saddest thing I can imagine is to get used to luxury Charlie Chaplin Quinta Properties 39 on course at Pinheiros Altos A new era will dawn on the 1st January 2007 when the exciting new nine holes at Pinheiros Altos are officially opened The new holes will integrate with the existing first nine holes to form two par 36 front nines. The existing back nine will, for now, remain the same and complete the 27 holes. Major changes to the existing 6th and 7th holes have already been made to allow the integration of the new and old to take place. These changes have whetted the appetite of members and visitors alike and the new holes are awaited with tremendous anticipation. The magnificent new course incorporates four large lakes, three of which are connected by a rambling brook, and out of the 9 holes, seven could see the golfer’s ball finding a watery grave! Add to this the ancient existing cork trees, the old Portuguese nora, the picturesque views over Pinheiros Altos Tel: 00351 289 359900 40 the Ludo valley to the Goldra hills beyond, and the several hundred strategically placed pine trees due to be planted this year, and you have a golf course like the best female spies: beautiful but dangerous! The beauty of the design, by today’s most talented Portuguese golf course architect, Jorge Santana da Silva, is not only aesthetic but strategic. It is very much ‘risk and reward’ and it will seem that on each hole the golfer will be faced with the decision to play safe or attack. Today’s Pinheiros Altos course is a far cry from the course which opened in 1992. Over the years, various improvements and challenging changes have been made to the original 18 holes and no doubt such ongoing attention will be paid to the new 9, ensuring that the 27 hole course will continue to prove testing to even the most regular player as it matures. Like any good business there will be no standing still at Pinheiros Altos. The resort’s benefits are obvious, and Pinheiros Altos continues to move forward with exciting ongoing projects along with many ideas which will be put into action in the future. In the meantime the renovated 27 hole course will offer consistent enjoyment to all who play it, along with a few pleasant surprises along the way. Quinta Properties 41 London Branch MONEY TALKING quinta properties financial pages The Quinta Properties guide to finance, legal matters and property ownership We have put together the following pink pages to give potential purchasers and vendors an insight into buying, owning and indeed selling property in and around the exclusive resort of Quinta do Lago. In this section you will find invaluable information to ensure that you get the most from your investment. In these pages we have explained the different buying and selling procedures, with an emphasis on the Offshore/Onshore question, offered some mortgage options, and explained many aspects of property taxation. We have also shown examples of average running and maintenance costs – from condominium and security fees to maid service and pool cleaning! Buying Procedures Quinta Properties Page 44 Financing The Dream The bank with local knowledge, Simon Perks of Totta Page 45 Company Ownership What are the advantages? Quinta Properties Page 46 Property Taxation The Facts on Tax, Dennis Swing Greene of euroFINESCO Page 48 Getting them lined up At Quinta Properties we know that our business depends on happy customers, and happy customers are well advised customers. We make it our business to make sure that all our clients, buyers and vendors alike are given the very best guidance and advice. This starts with making sure that we understand our clients’ needs and then making that extra effort to guide them through the buying and/or selling procedure, to achieve the desired results. Portuguese Tax Benefits We hope you find these pages helpful! From infrastructure to garden maintenance costs in Quinta do Lago Page 52 Money isn’t everything, but it sure keeps you in Paul Getty touch with your children Using Your Equity How tax rates compare to Spain, euroFINESCO Page 51 Running Costs How to optimise your investment, Jyske Bank Page 54 43 quinta properties financial pages quinta properties financial pages Buying Procedures There are two main ways in which one can buy a property in Portugal. The first is the transfer of the deed from the vendor’s name to the buyer’s, which we refer to as Private Ownership. The second is the transfer of the shares of a company which owns the property, known as Corporate Ownership. Both are relatively straightforward. Private Ownership When buying a property in Portugal in one’s own name, the first step is the Preliminary or Promissory Contract (Contrato Promessa de Compra e Venda). This is a legally binding contract between vendors and buyers and signed before a notary. Upon this signature the buyer generally pays a 10% non-refundable deposit. This contract usually states exactly who the buyers and the vendors are, a description of the property, confirmation that there is clear title, and the terms of payment and completion. Both parties should be represented by a local lawyer. Upon completion the Escritura (Final Deed) is signed in front of the Notary who checks all the documentation and sees that the IMT (property purchase tax) has been paid. At this stage, the full purchase price is also paid. From time to time and with the agreement of both parties, a part of the purchase price may be withheld from the vendor until certain aspects of the deal are fulfilled. For example, a snagging list may need to be dealt with. In these circumstances, the buyer’s lawyer generally holds the ‘retention’ until all paperwork and other outstanding issues are resolved. 44 Once the deed is done, the buyer’s lawyer registers the new owner of the property in the Land Registry (Registo Predial). Buyers should request a copy of this registration for their files. Corporate Ownership Many properties in Portugal, and especially in the Algarve, are owned by a company. Today these companies are usually domiciled in Malta or Delaware. The Property itself is an asset of the company and buyers purchase the shares of the company. This transaction takes place in the jurisdiction where the company is domiciled. There are benefits in buying and owning property in this manner and we have explained these in the section Corporate Ownership. Both parties do still require a local lawyer as the usual searches on the property here in Portugal must still be carried out, and most local lawyers are also familiar with this type of corporate transaction. A Share Purchase Agreement is drawn up, the usual deposit paid and a completion date set in the usual manner. The immediate benefits of such a transaction are indeed its simplicity and the fact that all documentation proceeds in the English language. The Costs Involved These are usually the lawyers’ and agents’ fees and taxes. In our pages on Taxation we have explained these in detail. The lawyers’ fees vary anywhere from 1% to 2.5% of the purchase price, but this depends on the circumstances and lawyers involved. The estate agents are paid by the vendors in Portugal. These rates also depend on the agent and vary anywhere from 3% to 7%. Financing the dream Simon Perks from Banco Santander Totta or simply ‘Totta’ There is no such thing as a ‘typical buyer’ of property in Quinta do Lago – although there are some common factors. Normally they are well-travelled, with an international outlook on life. They probably like golf, certainly enjoy nature at its best, and appreciate the delicious choice of wining and dining in the area. They may be looking for a mortgage to top up their available funds, or to use bank money rather than their own to buy a property: either way, they need to have confidence with their chosen finance provider and the comfort of people who speak their language. Banco Santander Totta (simply known as ‘Totta’ to its friends) is a Portuguese commercial bank that can trace its origins back to 1843. In March 2000 the bank became part of Grupo Santander, one of the world’s largest financial groups, who took over Abbey National in 2004. The London branch, in the heart of the City, opened in 1973: it is authorised by the Bank of Portugal and regulated by the FSA for the conduct of UK business, making it ideally placed to support those buying a property in Quinta do Lago – or anywhere else in Portugal, come to that! The mortgage plan offered by Totta is straightforward, with no hidden clauses or small print. Geared specifically for the market in Portugal, finance is available for the purchase of freehold land and buildings, apartments and villas. Stage payments will also be considered, and these are particularly useful for those having their dream villa built, or buying off-plan. The bank is happy to lend for properties being bought privately or through a company specifically set up for the purpose. It will require a first legal mortgage, on a privately-held property, or a charge over the shares of a company in a corporate structure as security, and also ask for an assignment over an appropriate life insurance policy. The bank will normally lend up to 75% of an independent valuation value, and will not lend more than the total Simon admits that he has a soft spot for Quinta do Lago. “Our clients here have all seen their properties rise in value, which shows what a good investment they have made, and we at Totta are always happy to talk to anyone thinking of buying in Quinta do Lago.” purchase price. The minimum loan is GBP 75,000 or equivalent, and interest is normally 1.75% over the bank’s base rate in the relevant currency: lower rates may be negotiated on a case-bycase basis. The maximum term is usually 25 years, and will not normally extend beyond the 65th birthday of the applicant. Although Totta has an extensive network of branches throughout Portugal, mortgage applications are always handled from London. The man responsible is Simon Perks, a regular visitor to the Algarve, who knows the developers and agents well, and what the markets are doing, and can talk from personal experience about individual resorts. Banco Santader Totta SA t: 020 7621 2660 f: 020 7929 4970 e: [email protected] www.totta.co.uk 45 quinta properties financial pages quinta properties financial pages ‘Company-owned’ property in Portugal What are the advantages? The confusion about companies owning property in Portugal has now largely been resolved. Owners have generally complied with Portugal’s requirement that property be owned in an acceptable jurisdiction, generally choosing Malta, Delaware or Portugal. Buyers continue to ask us many questions regarding the different methods of owning a property in Portugal. They naturally want reassurance when so much money is being invested in a property abroad, and we fully understand that concern. There is some misunderstanding, which can lead to incorrect and unhelpful advice. In an attempt to help all of our clients, both buyers and sellers, we have therefore decided to devote a few words in this publication to explain in a clear way the reasons why many owners of property in the Algarve decided, and continue to choose, to purchase and own their property through a corporate structure. Our speciality is property here in the coastal region of central Algarve, with particular emphasis on the areas of Quinta do Lago, Pinhieros Altos and the surrounding areas. For the most part the building development in these areas post dates the Portuguese revolution of 1974, and this is a useful starting point in our explanation. The majority of buyers (and now property owners) here in our area 46 have been, and remain, English or from English speaking countries, or simply adopt English as the international language of the Algarve. Accordingly, when property development started here post 1974, matters had to evolve and cater to English speaking buyers. Owning a property through an English speaking venue, coupled with the benefits of corporate property ownership, offered a very attractive method for owning property here in the Algarve, and in fact, it still does. The Benefits: • Transfer of property is a very simple and tax efficient procedure, being simply a transfer of shares by a document in the English language. • IMT – Property Transfer Tax, notary and land registry fees are avoided – up to 8% of purchase price. • Company owned properties can be mortgaged quite simply in English speaking jurisdictions and the documentation will also be in the English language. • Transfer on death ensures that heirs can deal with their inheritance in the English language, and according to British law, and do not have to deal with the Portuguese legal system. In Portugal there is forced heir-ship – spouse and children inherit automatically. Individuals cannot choose to whom they wish to leave their estate. • Capital Gains Tax is not payable in Portugal on the increased value of the property. The capital gain on the sale of the shares is subject to the jurisdiction of the seller. • Buyers/owners enjoy anonymity. So the process began, and over the years the ownership of property here in the Algarve through a company became the accepted practice. The property owners themselves owned the shares in the company, and when the property was sold, all that actually happened was that the shares were sold; the company remained the owner of the property and the buyers became the new shareholders. In 2003 there were some fundamental changes. All of those countries outside of Portugal (sometimes referred to as Offshore Centres) were classified by an international body known as OECD into Black List and White List jurisdictions. The Black List jurisdictions were for the most part those countries that offered beneficial tax regimes that were out of line with the White List countries. The intention being that those on the Black List would be thus encouraged to fall into line with White List jurisdictions. It was decided that a special higher tax would be applied on those property owning companies that were based in Black Listed countries. For details please see the taxation article on page 48. Many owners of properties here in the Algarve, that had for years been based in Gibraltar and other (now) Black Listed jurisdictions, had to make fundamental decisions about the way that their properties would continue to be owned. At that time the overwhelming view of most clients and their professional advisers was that they wanted to continue to own their properties in a company, but not in places such as Gibraltar and those other Black Listed jurisdictions. Most clients continued to be of the opinion that the benefits of corporate ownership outweighed the disadvantages. Because of the advantages of owning a property through a company, the search was now on for a practical solution to what threatened to become a real additional tax burden on many (mostly foreign) Algarvean property owners. The solution was to find countries, that were not on the Black List, which offered (within their law), the possibility for companies to migrate to. Yes, companies do ‘migrate’ just like people! There were 2 clear possibilities: Malta, and Delaware, USA. The effect was that thousands of companies owning properties here in the Algarve were on the move to a new home. Malta, being English speaking and a full member of the European Union, was immediately attractive and many companies re-domiciled there. Delaware, being one of the 53 States of the USA also offered confidence, and many companies went there. Now, in 2006 at last, most of the ‘migrating’ has been completed and the situation has been clarified, giving buyers and sellers the confidence that their properties are now owned by companies in jurisdictions in White Listed areas. It is now quite normal to see Algarvean properties in Estate Agents windows described as owned in Malta or Delaware. It is completely acceptable for properties to continue to be owned by such companies. The valuable advantages we listed on the opposite page continue, and the majority of properties in and around Quinta do Lago continue to be sold by the sale of the shares in the companies now based in Malta or Delaware. There continue to be very real advantages in CORPORATE ownership, and you should consider these when you find that the property you want to buy is owned by a company based in Malta or Delaware. Now let us tell you some other things that might be said about corporate ownership. Firstly, you may be told of a Capital Gains Tax (CGT) problem if you buy the shares in the company. It is likely that there is a ‘locked in’ CGT liability because the property is a company asset which has likely increased in value. If the company is ever called upon to sell that asset out of the company to a 3rd party there will likely be a CGT liability on the company (and in practice payable by the under- lying owners of the shares). Good agents and professional advisers will inform you about this, and we make a point of explaining this to all our clients. Our opinion is: we have a settled market here in the Algarve, and the intention is (and always has been) that properties in corporate ownership, remain in corporate ownership. In other words the ‘locked in’ CGT liability should never materialise, for practical purposes. The issue of the ‘locked in’ CGT liability has become a negotiation issue, not a deal breaker. The ‘locked in’ CGT liability issue has now become part of the negotiation which we undertake for vendors and buyers. You can be assured that we have considerable experience and are doing this to great effect. We are here to help both sides reach a deal they both feel comfortable with – otherwise, there is of course no deal at all. Subsequent to writing this article, we looked into a new structure of corporate property ownership – namely a Portuguese nominee company, and our opinion is that this may be an option for some. Like with everything, there are advantages and disadvantages and they should be looked into carefully. We think this option however is only interesting for people who are tax resident in Portugal. 47 quinta properties financial pages quinta properties financial pages Portuguese Property and Taxation The Facts about Tax Portugal, like any other country in Europe, has an array of taxes that relate to property. Some are connected to possession of the property, others to different forms of related income, while still others to its transmission. What was that proverb about Death and Taxes? Non-Residents and Fiscal Representation Under current Portuguese legislation, it is mandatory in most instances for nonresidents with income arising in Portugal to have Fiscal Representation. The Fiscal Representative is obliged to see that the non-resident meets compulsory compliance commitments. As the liaison between the taxpayer and the Finanças, the Fiscal Representative can also help guide the non-resident through Portuguese bureaucracy. I. Inheritance Tax Let’s start with the good news. Portugal abolished Inheritance Tax as of 1 January 2004. All family members (spouse, children, grandchildren, parents and grandparents) are exempt from tax on gratuitous transfers due to either Gift or Inheritance. All others are assessed Stamp Duty at a flat rate of 10%. II: Municipal Property Transfer Tax IMT, formerly called ‘Sisa’, is levied when property is bought and sold: the transfer for consideration of ownership rights or of partial ownership on real estate (immovable property). The taxable person is the one who acquires the property. Rates: for buildings intended exclusively for housing purposes in 2006 Percentage Rates – 2006 Amount liable to Transfer Tax Marginal Rate (Euros) (% of purchase price) (Reduced by) up to over over over over €85,000 €83,500 €114,800 €156,500 €260,900 over €521,700 - €114,800 - €156,500 - €260,900 - €521,700 0 2% 5% 7% 8% single rate of 6% Tax Band Adjustment €1,670 €4,246 €8,244 €10,853 - Assessment and Collection Payment must be made prior to the Deed of transfer at the local tax office. 48 III. Stamp Duty One must also pay Stamp Duty on deeds, contracts, documents, titles, books, papers and financial operations. This tax is paid by the purchaser. The Stamp Duty is levied on the value of each taxable deed or operation at a tax rate which varies according to the type of deed or operation. For real property, a Gift or Sale is assessed at 0.8%. IV. Individual Income Tax – ‘IRS’ If you have income arising in Portugal related to your Property, you (or your fiscal representative) must report any earnings on an annual income tax declaration (‘IRS’). Non-residents can then claim a foreign tax credit in their home jurisdiction, usually offsetting the Portuguese assessment. • Other Urban Property, such as building plots: 6.5% • ‘Rustic’ Property (agricultural land): 5.0% • When a company listed in one of the Black-Listed jurisdictions acquires a property in Portugal: punitive tax rate of 15% • When a company listed in a White-Listed jurisdiction acquires a property in Portugal the same rates apply as shown in the table to the left. • If one purchases the shares of a Maltese of Delaware company, there is no property purchase tax in Portugal. ‘Letting’ as a Business Residents who engage in tourist related business activities are eligible for privileged treatment under the ‘Simplified Regime’. If you let out furnished accommodations to tourists on a short-term basis, you are only taxable on 20% of your invoiced income and enjoy an 80% exclusion. Beware, however, that there are accessory requirements, such as licensing of premises, VAT reporting when income exceeds €10,000 per annum and Social Security deductions as of the second year of business. All in all, although there are a few hurdles to overcome, this mode of business operation can be highly advantageous. Being fully compliant usually means only a very modest tax burden. Rental Income and Non-Residents Since non-residents are not eligible for the ‘Simplified Regime’, the simplest way to declare rental income is under Category F, Rental Income. As of 2005, non-residents benefit from a special tax rate of 15% for this type of income. The tax paid in Portugal should be eligible for a foreign tax credit in the home jurisdiction. If you rent out a house or an apartment in Portugal, you will need to declare the income first on a Portuguese income tax return. Even if your ‘renters’ were foreign holiday makers and you were paid outside of Portugal, you still need to declare the income to Finanças. Tax paid in Portugal should be eligible for a foreign tax credit in the jurisdiction of tax residence. Be sure to consult the appropriate Double Taxation Treaty on how to deal with any potential conflicts. CGT for Individuals When you sell a property in Portugal, the notary who performs the deed is required to report the transaction to Finanças. Stated more bluntly, if you don’t report the sale, he will, and they will come after you. How to calculate the gain Although it is Finanças, not you, who does the actual calculation, it may be worthwhile knowing what you will have to pay. Let’s suppose that you sell your home in 2005 that you had origi- nally purchased in 1994. Calculate your Capital Gains as follows: Step 1: From the sale price, subtract any selling costs (commissions, notary fees, etc.) Step 2: From the purchase price, add qualifying expenses (closing costs, legal fees, etc.), then multiply by the Inflation Adjustment Coefficient Step 3: Add to the purchase price any documented capital improvements in the past 5 years. Conclusion: The difference between the adjusted purchase and sales prices is your net taxable profit. as much as 2 years after. If you reinvest less than the full amount, the exemption will be on a pro rata basis. In the event that you do not fulfil your declared intentions, an assessment will be made on the entire non-reinvested balance plus interest. Non-resident companies, whether ‘Black-Listed’ or ‘White-Listed’ are assessed at the flat rate of 25%. If you use a Portuguese company such as a Nominee Company, to hold your property, the CGT rate on the sale of the company (holding the property) drops to only 10%. Proper invoices can be a major problem. Many contractors give only informal receipts that are not valid for tax purposes. If this dilemma reaches significant proportions in your instance, specific tax advice may be in order. Taxation: Resident vs. Non-Resident As with all aspects of taxation in most countries, tax breaks exist for residents (who are the voters) that do not exist for non-residents (who cannot vote). Those that make their permanent residence home outside of Portugal pay a flat tax of 25%, more than any resident higher rate taxpayer would pay. Residents receive a 50% exemption before the gain is added to their other income and taxed at marginal rates. If the property is your principal residence, then you can roll over your profit into a new property. You have a three year window to do so: up to one year before the sale and V. Property Tax – ‘IMI’ At the heart of the 2003 Property Tax Reform is the new ‘VPT’ Evaluation System (‘Valor Patrimonial Tributário’). Comprised of five basic components, this calculation is based on ‘market value’ rather than ‘potential rental income’ as in the previous system. This ‘market value’ is calculated taking the following into consideration: Constructed Area and Implantation, Type of Usage, Age, Location, and Quality of Construction. The best and simplest way to do this is to use the Finanças simulator on the internet. As a guideline your annual property tax (IMI) may be levied at up to 0.72% of the ratable value for privately owned properties and properties registered in a white-listed corporate structure. ie: with domicile in Malta, Delaware or indeed the UK. For properties registered in a corporate structure, 49 quinta properties financial pages in one of the black-listed jurisdictions ie: Gibraltar, the IMI will be levied at 5% of the ratable value. Conclusion It may come as a surprise that filing a correct tax return in Portugal can actually save you money. Submitting a tax declaration is not synonymous with paying tax. The Portuguese tax code has generous allowances and unexpected exclusions on certain forms of income, broad deductions for numerous types of expenses, and liberal tax credits for many common expenditures. Many people find their tax burden in Portugal to be significantly lower than in their country of origin. Note these examples: Rental Income If a resident has a buy-to-let scheme, a couple with €50,000 of income from rentals to tourists would have less than €1,000 of tax to pay. Non-residents enjoy a flat rate on rental income of only 15%. Roll-Over Relief If you sell your principal residence and fully reinvest the proceeds in a new home, the capital gain is exempt. This is to be extended eventually to new home reinvestment anywhere in the European Union. Nominee Companies If you purchase property for investment purposes, using a Portuguese Nominee Company will drop your eventual Capital Gains Tax rate by 2 fold and often eliminate Property Transfer Tax ‘IMT’. Inheritance Tax Portugal abolished Inheritance Tax as of 2004. Transfers to immediate relatives (spouse, children, grandchildren, parents and grandparents) quinta properties financial pages are tax exempt. All others pay only 10% Stamp Duty. These and other benefits are entitlements under legislation. It is your right as a citizen and taxpayer to take maximum advantage of these tax breaks. Who knows? Portugal may prove to be a legal ‘tax haven’ for you within Europe. Private consultations with Dennis Swing Greene from euroFINESCO can be scheduled at our offices in Guia (Albufeira) and Lisbon (Chiado) or by Video Conference via the Internet. Head office Algarve: Tel: 00351 289 561333. Lisbon office: Tel: 00351 213 424210, e-mail: [email protected], or www.eurofinesco.com. Doctor Leonardo Ferreira Dias Taxation on Property: Spain vs Portugal Unless you have specific links to Portugal, you may also be considering other countries for investment property options. Personal Income Tax (IRPF / IRS) One of the Algarve’s most respected Lawyers passed away in April 2005. Born and educated in Lisbon; Dr Dias arrived in the Algarve as a young and enthusiastic Lawyer. It did not take long before he started his own practice and he soon became known as one the areas most respected professionals. Dr Dias loved the law and like everything he did, he gave it his all. Clients, friends and family remember him dearly and miss him enormously. 50 chart lists the principal taxes related to property in Spain and Portugal and the respective rates of taxation in 2005. Not surprisingly, neither country would normally be classified as a ‘low-tax jurisdiction’. However, with the exception of VAT, it is quite apparent that, of the two countries, Portugal is clearly the more benign. While there are innumerable criteria to take into consideration, a head-to-head comparison of eventual forms of taxation will prove to be one of the key factors in making an informed decision. The following TAXES Tax on Non-Residents (IRNR) by Dennis Swing Greene HIGHER TAX SIMILAR TAX LOWER TAX SPAIN PORTUGAL 15% – 45% (€46k) 12% – 42% (€60k) 25% 25% (15% on lets) 3% pa on property value 0 Real Estate Tax (Plusvalia / IMI) 2% – 3.7% 0.5% – 0.8% / 0.3% – 0.5% Capital Gains Tax on Real Estate Residents: 15% Non-Residents: 35% (+ 5% withholding) Residents: 50% exemption; balance at marginal rates / Non-Residents: 25% 0.2 % – 2.5% p.a. 0 4% / 7% / 16% 5% / 12% / 21% Inheritance Tax (ISD) 7.65% – 34% 0 (immediate family: exempt Others: 10% Stamp Duty) Property Transfer Tax 7% (Stamp Duty) 0 – 6% (IMT) Special Non-Resident Property Tax Wealth Tax (IP) VAT (IVA) 51 quinta properties financial pages know Average Running Costs Quinta do Lago Euros Outside Development 2 Bedroom 4 Bedroom 4 Bedroom Apartment Villa Villa Quinta do Lago Condominium, Infrastructure and Security Service Costs 592 1,481 N/A Security Services 344 1,438 N/A Condominium Fees 3,500 N/A N/A Alarm Maint/Monitoring 120 900 375 Two bedroom Three bedroom Insurance 110 1,400 1,400 Lakeside Village Property Tax 550 4,977 2,100 Property Management 760 2,636 2,100 Maid/House Maintenance 1,100 7,000 5,000 One bedroom apartment Two bedroom apartment Three bedroom villa Four bedroom villa Garden Maintenance N/A 5,100 4,000 Pool Maintenance N/A 3,000 2,100 Electricity 650 2,700 2,100 Water * 200 4,120 2,000 Cable/Sat TV 355 363 400 Total 8,281 35,115 21,575 Pinheiros Altos* One bedroom apartment Two bedroom apartment Three bedroom semi-detached / Townhouse Four bedroom villa São Lourenço Studio One bedroom apartment Two bedroom apartment Three bedroom apartment Two bedroom townhouse Three bedroom townhouse Three bedroom detached villa Four bedroom detached villa Five bedroom detached villa Vale do Pinheiros www.quintaproperty.com Security N/A N/A N/A € 944 € 948 € 1,580 N/A € 795 € 1,326 included included € 2,832 € 4,248 included included € € € € 1,137 1,912 2,232 2,976 € € € € 296 593 888 1,185 € € € € 172 344 516 885 € € € € 2,660 2,980 4,600 10,500 € € € € 296 592 889 1,100 € € € € 416 1,052 1,248 1,600 € € € € 1,690 2,126 4,225 6,325 € € € € 296 296 592 888 € € € € 172 172 344 516 € € € € € 3,500 5,600 7,200 7,674 10,167 included included included included included included included included included included included included included included Encosta do Lago Monte da Quinta* passion for property Infrastructure/ Basic Services Individual Villas Plots with no construction Three bedroom Five bedroom Infrastructure *Many properties have their own boreholes and pay no actual water costs. Please note that these are averages and actual figures will vary from property to property. Condominium One bedroom apartment Two bedroom apartment € 3,500 € 4,500 Prices do not include: VAT, Council tax, private gardens or utility charges. Please note prices shown are intended as a guide only, and were correct at time of print. * Minimum costs quoted as each property is priced individually in accordance with the perimeter. 53 quinta properties financial pages Use your equity for investment You can now optimize your personal finances by releasing the equity in a property that you already own for investment purposes, or modify your tax situation by refinancing it. And you can elect to pay interest only for a period of 10 years. The wonderful climate, beautiful countryside and relaxed atmosphere attract an increasing number of people to the Algarve. But why not let your property ease your life economically as well – by using it to boost your personal finances? Many investors who could pay for a property outright still choose to mortgage the property. In some cases, this suits an individual’s tax planning. Others take out a mortgage and invest it elsewhere in the expectation that the returns will exceed the interest they pay. New and improved A mortgage allowing you to release the equity in your property is now being offered by Jyske Bank in Gibraltar. The Keyplan Mortgage, available for some ten years, has been updated with several important improvements. The term to maturity has been almost doubled from 20 to 35 years. A 10-year interest-only period is also now possible. This offers you repayment schedules to match your financial circumstances. Mortgages can be drawn down and repaid in seven major currencies which you can change throughout the entire term of the loan. The amount available will still be a maximum of 65% of the value of the property. It is, however, now possible to advance up to 100% of the property value if the funds released are pledged to Jyske Bank as additional security, such as investments through the bank. Jyske Bank offers a full range of investment products, and the team of professional advisers will be pleased to draw up an investment scheme tailored to your financial requirements. You can choose an adviser who speaks your preferred language, since Jyske Bank has advisers in Gibraltar who speak English, German and the Scandinavian languages fluently. The documents, reports and statements are also produced in English, German or Danish. Of course you will have to keep up payments on your mortgage as agreed; and if you fail to do so, your home may be repossessed. You should also be aware that the value of the products in which the sums borrowed are invested may fall, leaving you to continue to repay the debt. Up to two Keyplan Mortgages per borrower You can now take out another loan through the bank to finance 50% of a second property on the Algarve coast, the Côte d’Azur, or on the Costa Blanca or Costa del Sol. Having marketed the Keyplan Mortgage for 10 years on the Algarve coast and the Costa del Sol, Jyske Bank has considerable local knowledge of the areas, and the bank works with local surveyors with vast experience in appraising properties. This operates to your advantage, as you can be sure that the price you pay for a property reflects its true value. For more information on how to optimise your investment, please call us on 00350 72782, email Jyske Bank (Gibraltar) Limited on [email protected] or visit www.jbpb.com 54 property pages Apartments Townhouses spectacular Villas in and around Quinta do Lago Exclusively from Quinta Properties 56 The following pages show a typical range of properties available through Quinta Properties. Please contact us for our full portfolio. 57 Practical apartments, stylish townhouses, luxury villas – or even plots to build your dream home on. The choice is yours, and there are some exceptional properties in our Quinta Properties portfolio. VILLA QUINTA DO LAGO “Our approach is to understand how the property will be used,” says Alison, “and how it will fit into the owner’s life. From there we can usually direct them to the right place.” A home to live in all year around will be different from an apartment or villa to rent out. A short-break hideaway won’t be the same as a family gathering place. “Our approach is to understand how the property will be used,” says Alison Højbjerg, Director of Quinta Properties, “and how it will fit into the owner’s life. From there we can usually direct them to the right place.” “For our clients, making the decision to come to Quinta do Lago is easy,” says Alison, “it’s deciding where to spend more that takes the time!” Apartments can come with superb views, and being minimum maintenance, are the ideal convenience property. Townhouses move up the scale, generally offering more space, while villas are built for style and luxury, and provide every comfort for memorable family holidays or full-time living. With elegant gardens, pools and barbecue areas designed to cater for ‘indoor-outdoor’ living and entertaining, these villas are perfect for life here in the sunshine. 58 But common to all Quinta do Lago properties are the reassuring elements of security, care and maintenance. Over the past ten years, property values in Quinta do Lago have risen way beyond those of more traditional investments, with the added bonus that the property can be enjoyed while the investments grow. “A lot of shrewd investors have snapped up older properties for renovation and new ones off-plan,” says Alison. “Both have delivered excellent capital appreciation.” Another trend is for people to buy into property away from the coast, to the less developed hinterland. “You certainly get more square metres for your money,” says Alison, “but you may be further from some of the facilities. For many people there is the chance to integrate into the natural Portuguese way of life which has its own rhythm and charm.” “A stunning property. This handsome 2001 classical ‘L’ shaped villa has been meticulously maintained and built to an exceptional standard – there’s a large private terrace overlooking the pool and golf course. Quite outstanding!” Beautiful, spacious property located at the end of a cul-de-sac. Large private plot, well landscaped with direct buggy access onto the bordering fairway. The master suite occupies the first floor and comprises of bedroom, sitting room, dressing room and an en suite bathroom with jacuzzi bath. • • • • • • • • • • • • BUILT AREA: 360m2 excl. basement and terraces PRICE: On application REFERENCE: 31022QP www.quintaproperty.com Four bedroom suites Large master suite with office Cloakroom Open style living and dining room Spacious attractive fitted kitchen Basement games room Triple garage Heated pool Under-floor heating Air conditioning Sound system throughout Sold unfurnished 59 VILLA VILLA PARQUE ATLANTICO PINHEIROS ALTOS A truly magnificent villa recently completed in one of the most prestigious parts of Quinta do Lago. This impressive property where no expense has been spared, comprises of interesting features such as high ceilings, large doors and windows, inside wooden shutters and very thick walls. Luxury villa with five bedrooms and heated swimming pool in quiet location situated in the renowned Pinheiros Altos golf and leisure resort. Includes golf membership. • • • • • Five bedroom suites Large social areas Family room / office Large fitted kitchen with family dining area Basement with: – Garage and wine cellar – Multimedia room – Further bedroom, en suite – Separate sitting room with bar area • Under-floor heating • Air conditioning • Sold unfurnished BUILT AREA: 500m2 PRICE: On application REFERENCE: 10019QP 60 www.quintaproperty.com • • • • • • • • • • • BUILT AREA: 500m2 PRICE: On application REFERENCE: 26013QP www.quintaproperty.com Five bedrooms Five bathrooms Sitting room Formal dining room TV room Kitchen with family dining area Heated outdoor pool Under-floor heating Air conditioning Basement with garage and games room Partly furnished 61 VILLA VILLA PARQUE ATLÂNTICO LOULÉ COUNTRYSIDE A combination of elegance and charm describes this well appointed, luxury family villa set in a prime golf course location in Quinta do Lago. This uniquely designed villa, with the living areas encompassing a central courtyard. The beautifully landscaped gardens complement the large swimming pool and views overlooking the lush fairways. • • • • • • • • • BUILT AREA: 438m2 excl. basement and terraces PRICE: On application REFERENCE: 10036QP 62 The property consists of a main house, all on one level, and separate one bed en suite guest house. The grounds are meticulously designed and maintained – a jewel in the Central Algarve. Recently built Country Residence in the style of an elegant Portuguese Manor House in Vale Judeu. Nestled in the hills just north of Vilamoura, this property offers its residents the peace and tranquillity of country living with the added benefit of having various golf courses, the Marina and shopping in close proximity. www.quintaproperty.com Four en suite bedrooms Open plan living and dining room Day room and separate study Internal courtyard with water feature Under-floor heating Air conditioning Beautifully designed kitchen Alarm system Inviting outdoor covered barbecue and dining area • Impressive entrance hall with fireplace • Large master suite consisting of: – en suite bedroom and dressing room – sitting room or fifth bedroom • Two further bedroom suites • Drawing room and dining room • Cloakroom • Spacious kitchen and large laundry • Wonderful grounds, fully irrigated • Property completely walled with automatic gates BUILT AREA: 559m2 PRICE: On application REFERENCE: QRSQP www.quintaproperty.com 63 TOWNHOUSE RESORT VILLA PINHEIROS ALTOS MONTE DA QUINTA “If your passion is golf, this spacious, three bedroom, semi-detached townhouse with plunge pool is in the location! Immaculately kept, close to the Clubhouse and communal swimming pool. Golf membership to Pinheiros Altos Golf Club included.” • • • • • • • • • • BUILT AREA: 178m2 PRICE: On application REFERENCE: 26135QP 64 The resort boasts many amenities amongst which a comprehensive health spa and gym, bar, restaurant and extensive facilities for young children providing a safe and fun environment for all the family This traditional style villa in the heart of Quinta do Lago would make a perfect family residence or holiday home. Recently built to a high specification and in excellent condition the property is ready to move into. www.quintaproperty.com Three bedrooms Two bathrooms (one en suite) Guest WC Living / dining room with fireplace Fully fitted kitchen Under-floor heating Air conditioning Plunge pool Patio with garden area Furnished • • • • • Welcoming entrance hall Three bedroom suites Additional cloakroom Fully equipped kitchen Open style living and dining room with fireplace • Additional TV room or office • Air conditioning • Beautiful garden with swimming pool BUILT AREA: 245m2 PRICE: On application REFERENCE: 26158QP www.quintaproperty.com 65 APARTMENT APARTMENT ENCOSTA DO LAGO SÃO LOURENÇO On-site facilities include a large, palm-fringed communal pool, a pool bar, gym, tennis courts, restaurant and a health spa. The apartments are low rise, set in colourful landscaped gardens and finishings of the highest quality. Encosta do Lago is located within the Quinta do Lago estate, close to all amenities: golden beach, water sports lake, golf courses, riding centre, shops, restaurants, etc. • • • • • • • • • BUILT AREA: 120m2 PRICE: On application REFERENCE: 50032QP 66 www.quintaproperty.com Second floor apartment Two bedrooms suites Cloakroom Storage Open living and dining room Fully equipped kitchen Air conditioning Terrace Beautifully furnished Situated in the most secluded area of Quinta do Lago, amongst pine trees, the development of 94 luxury apartments is surrounded by both the San Lorenzo golf course and the fresh-water lake within the Ria Formosa Nature Reserve. Each apartment has superb views over the lake or the golf course, and has access to the communal swimming pool and tennis courts on-site. • • • • • • • • • • BUILT AREA: 149m2 PRICE: On application REFERENCE: 54064QP www.quintaproperty.com Duplex apartment Three bedrooms Three bathrooms Living / dining room with log fireplace Designer kitchen Air conditioning Elegantly furnished Use of communal swimming pool Use of communal tennis courts Short walk to San Lorenzo golf course and beach 67 I N T E R N AT I O N A L F O C U S savills.com/abroad Luxurious hillside residence Sitio dos Quartos, Algarve Faro International Airport 20 km 6 en suite bedrooms galleried reception room integral glass lift cinema windowed pool 780 sq m About 3,500 sq m Guide €2.85 million * A ‘maturing market’ * We get the property expert's view on Quinta do Lago from Charles Weston-Baker, Director of Savills International. Spectacular villa with 100 metres golf frontage Sotogrande, Southern Spain main and guest house: 12 bedrooms 14 bathrooms pool tennis court integral music/communications system 1,154 sq m About 8,089 sq m Price on application Quinta do Lago is, quite simply, Europe's Premier Golf Resort, and a real gem in my opinion – with nothing to equal it in terms of quality and value for money. The great thing about Quinta do Lago, is that it just seems to get better and more sophisticated as it matures, which is not something one can say about many resorts throughout the world. Many new resorts promise quality, facilities and service in the beginning and then as the properties sell out, standards often drop and they quickly appear run down. Not so in Quinta. Some 35 years since the visionary Andre Jordan created the resort, the infrastructure, facilities and properties still look first class. The property values reflect this and continue to be strong. To me, Quinta do Lago is one of the world's top destinations. And I'm not alone in this opinion. Several recent television and radio polls show that the Algarve is always in the top five, if not the first or second best destinations, in terms of best foreign investment or best golfing destinations. And if it's sunshine you want, it's well known that the Algarve enjoys more sunshine than any other part of Europe. Magnificent bastide Chemin de Pigranel, South of France Savills is delighted to be working with the premier agency covering the Quinta do Lago area, Quinta Properties. Over the years they have proven themselves to offer the very best in personal service, professionalism and – with their extensive experience in the top end of the market – we are proud to have them as our chosen associates. Nice Airport 20 km, Cannes 6 km 4 en suite bedrooms reception rooms guest apartment summer living area pool superb views 356 sq m About 7,000 sq m Guide €4.9 million Savills International Residential [email protected] **** CHARLES WESTON-BAKER DIRECTOR OF SAVILLS INTERNATIONAL RESIDENTIAL DEPARTMENT West End 0044 (0)20 7016 3741 [email protected] 020 7016 3740 Quinta Properties 69 Quinta Properties time out… EDITOR Kerstin Fereirra Dias EDITORIAL Kerstin Fereirra Dias Helga Hampton Dennis Swing Greene Tony Watts Julian Williams eat PHOTOGRAPHY Toby Bromley, Loulé 00351 912 364123 Pequeno Mundo – Rustic and very charming converted farmhouse, excellent fine dining with great service. Tel: 00351 289 399866 – closed Sundays. Gigis – See and be Seen. Quinta beach restaurant with flair and some of the best grilled fish in the area. Start your meal with one of their famous Caipirinhas! Tel: 00351 289 394481. Casa Do Lago – If you don’t want to leave Quinta do Lago, this restaurant is great for indoor and outdoor dining. Great views, food and service. Tel: 00351 289 394911. 2 Passos – Another trendy and excellent beach restaurant. Tel: 00351 289 396435. A Quinta – A favourite among locals and visitors, for excellent cuisine and great value, make sure you book in advance for lunch and dinner. Tel: 00351 289 393357. Vincent – With a hard-earned reputation for some of the best food on the coast, Vincent and Wilhelmine know their business. Worth a visit. Tel: 00351 289 399093. Paixanito – And now for something completely different. Well worth a trip up to Loulé, this cosy restaurant serves you Portuguese style tapas, and much much more… also a superb selection of wines. Great service too. Tel: 00351 289 412775. Villa Joya – the only Michelin star in Portugal – located just beyond Albufeira. Tel: 00351 289 591795 DESIGN & PRODUCTION Village Design, Bristol, UK 0044 (0)117 910 6050 ADVERTISERS Edjõia 00351 289 392334 Dunas 00351 289 392602 Arquidois 00351 289 393639 Totta 0044 (0)20 7621 2660 Jyske Bank 00350 727782 Quinta passion see FEATURED IN THIS ISSUE Tear along perforation Jimmy Tarbuck Beau McClellan, Ferro Design, 00351 919 808995 Gisela, 00351 919 905366 Donald Balfour, C&B, 00351 289 591671 Martyn Teutscher, 00351 918 106687 Paulo Assunção, Platinum Valet, 00351 969 277601 Hotel Quinta do Lago 00351 289 350350 Pinheiros Altos 00351 289 359900 Simon Perks,Totta, 0044 (0) 207 621 2660 Dennis Swing Greene, euroFINESCO, 00351 289 561333 Jyske Bank, 00350 72782 Charles Weston-Baker, Savills, 0044 (0) 207 016 3740 Quinta do Lago S.A. Sevilla – This vibrant Andalucian city just across the border in Spain is closer than you think. Just 1.5 to 2 hours and you can be in a different world. Sightseeing, shopping, dining and nightlife second to none. Don’t miss the tapas bars and some Flamenco! If you want to stay over night, try Hotel Casa Imperieis or the Don Alphonso 13th. Lisbon – Portugal’s capital city has lots to offer. Check out our article in this publication for details. Zoo Marine – A favourite with the young and old, the Algarve’s answer to Seaworld has many attractions to keep the family busy and it’s open all year. Ria Formosa Bird Sanctuary – Go to the famous wooden bridge at the bottom of Quinta Do Lago. Two wonderful nature trails start from there. Quinta Shopping, QDL – Exclusive boutiques, cafés and restaurants – a great place to see who else is in the area at the moment. You are sure to meet them there! Forum Algarve on the road to Faro and Algarve Shopping in Guia – Two shopping malls where you will find many high street brands, a cinema complex and more fast food than is good for you. There is also ten pin bowling at Algarve Shopping. Open all day every day. Faro, old Town – quaint walking streets with more boutiques and cafés – don’t miss Antonio Manuel on the main avenida. sport Swim – The Atlantic!! – Stunning beaches, clean ocean water. Lifeguards are on duty during holiday seasons. The lake in Quinta do Lago – The calm salt water lake at Quinta – good for swimming, and water sports. Sailing, pedalos, windsurfers and kayaks for rent. Tel 00351 289 394929. Golf – The four well-known Championship courses in Quinta do Lago. Quinta do Lago North & South Tel: 00351 390 700, San Lorenzo Tel: 00351 289 396522 and Pinheiros Altos Tel: 00351 289 359910, and another 10 courses within 20 minute drive. Tennis – Jim Stewart Tennis Club in Quinta has good facilities and a fun atmosphere. Telephone: 00351 289 398848. Quinta do Lago Horse Riding Centre – Tel: 00351 289 396099 chill Hotel Quinta do Lago Spa – Elegant new spa, with a wonderful selection of treatments to relax or revive after a hard day on the golf course, or late night out! They also have an attractive indoor pool and Gym. Tel: 00351 289 350350. Lisa’s Beauty Salon – Go and see Lisa at the Pinus Ria Hotel for a relaxing facial, a massage or the best manicure or pedicure. Tel: 00351 289 359160 ext 213. professionals in the area Architects Archi2 – Tel: 00351 289 397800 Jaime Coutinho – Tel: 00351 289 390930 Project Management David Banting – Tel: 00351 289 398860 Dermott Forbes . Tel: 00351 289 351370 Property Management and Rentals Wendy Davies Lda – Tel: 00351 289 392760 Pinheiros Altos Property Management – Tel: 00351 289 359900 Select Resorts (rentals only) – Tel: 0044 (0)1202 786490 The publishers accept no responsibility for any inaccuracies. Views expressed by editorial contributors are not necessarily those of the publishers. All details are correct at time of going to press. Copyright Mills & Mills Lda (Quinta Properties). © 2006 Any reproduction of this magazine is strictly prohibited without the written permission of Mills & Mills Lda. shop Other Useful Numbers: National Emergency, Police and Ambulance and Fire brigade: 112 QDL Security and Fire Brigade: 00351 289 394494 Police Almancil: 00351 289 351530 QDL Medical Center: 00351 289 398411 Dentist, Quinta Shopping: 00351 289 392339 Vet Almancil: 00351 289 399910 Chemist Almancil: 00351 289 391519 Real Estate Agent, Quinta Properties, Quinta do Lago: 00351 289 396073 Taxi, Algarve – T: 00351 289 352525 British Consulate Portimão: 00351 282 490750 Irish Consulate: 00351 213 929440 Faro Airport: 00351 289 800800 TAP Faro: 00351 707 205700 BA Faro: 00351 289 818476 Computer/Internet connection Support: 00351 289 316017 enjoy the Quinta do Lago rush hour www.quintaproperty.com Quinta do Lago Golf Ria Formosa Golf San Lorenzo Golf Pinheiros Altos Golf Tear along perforation while we find you the finest properties under the sun Q U I N TA D O L AG O • P O RT U G A L As the chosen associates of Savills we deal with some of the most exclusive property in and around Quinta do Lago. Our business is to support you, to explain all the options, procedures and pitfalls and to carefully guide you through the entire process from purchasing to selling a property in the Algarve. in association with Map supplied by www.quintaproperty.com Estrada Pinheiros Altos, Quinta do Lago, 8135 Almancil, Portugal. Tel: +351 289 396 073/398 939. Fax: +351 289 398 086. Email: [email protected]. License No. AMI -1252