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Benefit #1. The developer has ensured that all legal details fully comply with Portuguese law. As a purchaser, you can be assured you'll acquire the property qualification for permanent residence in Portugal.
Benefit #2.
The developer will cover the legal fees of your residency application; ensure the paperwork is correctly comple- ted; introduce you to the Portuguese authorities in Hong Kong and Lisbon; arrange for an attorney in Lisbon to guide you through your application from residency to citizenship...in other words, purchasing in this development will spare you the headache of seeking your own attorney, learning the required procedures, and going through the hassle of independently making the various applications...and reduce your overall cost by about $US2,000.
Benefit #3. The payment for a villa in this development does not have to be made up front, but in three stages: an initial deposit of $US5,000, with a contract of purchase, meets Portugal's requirement that you own a "hearth"--even if that "hearth" is in the development stage (see above); a second payment of $US37,500 when your residency is approved; and the remainder to be paid during construction.
Benefit #4. If the Portuguese authorities reject your appli- cation for permanent residence, your deposit of $US5,000 will be refunded, and you'll be released from any further obligations under the contract.
Since you'll be buying "off the
The one semi-disadvantage: plan, " and as your property will not be delivered, ready for Occupancy or rental, until late 1985 or mid-1986, for the first 15 to 20 months of ownership, your property will not bring you any rental revenue. On the other hand, by buying."off the plan,' you won't have to pay any Portuguese property transfer tax.
Plus, the asking price for these properties appear slightly-- and I emphasise slightly--below other similar properties in the
area. But this is something you should check out yourself.
same
The cost of living in Portugal
Tens of thousands of retired people from England, Germany and elsewhere in northern Europe live in southern Portugal. Hundreds of thousands more holiday there every year. One attraction, especially for retired people, is the low cost of living.
it:
As an article in the British magazine Resident Abroad put "Expatriate settlers who wish to escape the invasion [of
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