Finances
- Online Currency Converter
- Currency Exchange
- Montgages in Portugal
- Property Transfer Tax
- Independent Financial Advisors
Currency Exchange
A specialist currency provider based in the UK. Their services are available to both private individuals and corporate clients.
A clear and simple service, which can offer more competitive prices than high street banks and other financial institutions.
Achieving the best price is easy -Foreign Currency Exchange has the ability to buy currency at commercial rates which are not available to individual purchasers.
Being able to buy at better prices allows them to sell to clients at better prices.
Their clients are kept aware of market movements during the buying process and deliver any currency, bought or sold, accurately and on time.
Mortgages in Portugal
Portuguese Mortgages for purchasing a property in Portugal - rates from approx 4.70% in Euros
Includes Portuguese Residential Property
If you are considering purchasing a property in Portugal, Portuguese Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for other purposes including Home Improvements.
Types of Portuguese Mortgage: Repayment or Interest only
Minimum: £ 20,000, No Maximum, but must not exceed 80% of the valuation of the property
Proof of Income: required in the majority of cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status mortgages are currently not available, but minimum documentation lending schemes for Self-Employed applicants, may now be considered on a case-by-case basis. .
Term: 5 to 30 years possibly up to age 80
Currency: Euros and all other Major Currencies
Current Variable Interest Rate: from approx 1.50% above LIBOR on a Variable Rate basis in Sterling or from approx 0.60% above EURIBOR in Euros
Example Portuguese Mortgage in Euros: Repayment mortgage of approx €100,000 over a period of 25 years at an interest rate of approx. 4.70% = approx €574.00 capital and interest per month = a total approximate amount payable over the term of €175,060 including capital, interest, arrangement and survey fees.
Transfer Tax (IMT)
Prior to act of purchase, the purchase will usually be subject to a State payment named "Imposto Munipal Sobre Transmissões - IMT" which replaced the originally known tax known as "Sisa".
This tax is paid in the local tax office nearest to the location of the property being purchased.
The amount charged is dependent upon the nature of the purchase and does vary.
In certain cases the buyer may be exempt from paying this tax if the value of the deed of conveyance (escritura) is below the figure of € 81,600.00.
Below is shown a table for your guidance based on a series of "platforms of sale value" and is applicable to all urban purchases.
All Rural properties are subject to a flat 5% tax based on the escritura value.
Up to |
€ 81.600.00 |
|
|
Tax = 0% |
|
€ 81,600.00 |
up to |
€ 110,000.00 |
Tax = 2% |
|
€ 110,000.00 |
up to |
€ 150,000.00 |
Tax = 5% |
|
€ 150,000.00 |
up to |
€ 250,000.00 |
Tax = 7% |
|
€ 250,000.00 |
up to |
€ 500,000.00 |
Tax = 8% -10,400 euros |
Over |
€ 500,000.00 |
|
|
Tax = 6% |
Recommended Independent Financial Advisors
Belevins Franks International Financial advisors
Good free information on Portuguese taxes on incomes investments pensions etc for residents and non residents