Financial advice in Portugal
Latest articles about Financial advice in Portugal
Besides plans to end golden visas in Lisbon and Porto, the ruling Socialist Party in Portugal has introduced an amendment to this year's state budget which will levy a 10% income tax (known in Portuguese as IRS) on the foreign revenue of foreign pensioners who move to Portugal.
We already know that in Portugal, 2020 is going to be a year that sees some lower household expenses in certain areas and this includes cheaper electricity bills.
Launched in 2009, the regime for non-habitual residents in Portugal adds up to more than 27,000 beneficiaries and has been a strong driver of property investment in Portugal, especially in recent years.
2020 started with good news for those who applied for a mortgage, but this month, the scenario looks like it is changing, but only slightly for the time being.
February is still one of the coldest months of the year and for many people living in Portugal, winter is synonymous with discomfort at home or high energy bills.
Everything indicates, except in the case of unexpected surprises, that the Portuguese will benefit in 2020 from an increase in purchasing power, thanks to improved economic conditions and falling unemployment, together with an expected rise in wages, on average, above inflation.
Every year, municipalities have to determine and communicate to the Finance Department by December 31st, the amount of Municipal Property Tax (IMI) for real estate they intend to charge owners in their respective municipalities.
Do you want to buy a house at a lower price than those on the market? Then maybe properties pawned and sold at auction are a good option for you.
Renew the credit agreement
But what does this mean?
Natural gas prices in Portugal will drop from 1st October 2019. Rates will drop by 2.2% for the 277,000 consumers that remain in the regulated market, which represents about 3% of the total national consumption.
At a time in which banks seems to be more open to loaning money to buy properties, there are some nearly incomprehensible terms in the wording of mortgage loans which need to be decoded.
House prices in Portugal continue to rise, albeit at a slower pace. The International Monetary Fund (IMF) is aware of this, of course, but rejects suggestions that the government need intervene – at least for now – since "most real estate transactions have not been financed with mortgages".