There are establishments designated as Local Lodging with standard residential housing permits but which are in reality “genuine hotels”. According to Urbanism Councilman Manuel Salgado, “giving residential housing and Local Lodging the same licensing status is detrimental to the city.” “Real Local Lodging is when the owner lives at home, sharing with holidaymakers. This form of tourist accommodation deserves protection”, stated the Lisbon alderman.
The “AT” (Tax Authority) plans to send access passwords by 31 March to those who reported their individual income tax return on paper last year. These taxpayers will receive notice that they will only be able to deliver their IRS over the internet this year. In 2017, there were still approximately 280,000 taxpayers who chose to buy and complete the various paper IRS forms out of a total of 5,600,000 submissions.
Even though the cost of housing keeps going up, home acquisition continues to be the favourite option in Portugal. With interest rates low and credit easing up again, looking for a home to live in is synonymous with buying. Less than 25% of Portuguese choose to let their homes.
The Socialist Party has proposed a bill that would allow partners to enter into a second marriage without becoming heirs to one another. Currently, the two spouses in a couple automatically become legitimate heirs upon remarriage, often sparking controversy amongst the existing offspring. The amendment aims to protect the patrimonial interests of children of previous marriages as well as safeguard freedom of choice. Couples who choose this new option must wed under the “separate assets” regime.
Upon approval within the framework of urban renovation, property owners can benefit from the following tax incentives:
- Long-term rental income assessed at 5%;
- “IMI” exemption for 5 years;
- “IMT” exemption for the acquisition of rehabilitated properties;
- 30% tax deduction under “IRS” for costs borne by the owner;
- Capital gains at the rate of 5%.
It is the responsibility of the city council to verify the state of conservation of the property both before and after the restoration. Rehabilitation must maintain building façades, the number of floors above ground as well as any structural elements of heritage value (vaults, archways, metal or wooden structures, etc.)
Uniplaces, launched in 2012 as an online platform for university student housing, has generated €100 million in rents for landlords from six European countries (Portugal, Spain, Italy, France, Germany and the United Kingdom) who rent their properties through the website. Over the last year, Uniplaces has grown by 85% for a total of three million nights.
Last year, 152,000 homes were sold in Portugal, an increment of 25%. French and Brazilian are the foreigners who are buying more properties. The jump in demand also led to a substantial increase in prices: Lisbon up 37%, Oporto 29%, Madeira 24% and the Algarve 18%.
The Socialist Party (“PS”) concedes dropping the controversial measure that would give condominium assemblies the power to veto the use of apartments for Local Lodging. On the table is an alternative solution that would safeguard the interests of all parties and minimize impact on the economy: revoking Local Lodging permits if there are “repeated and consistent” complaints of excessive noise or other behaviour that jeopardise the rights of other occupants.
Representatives from eight cities protested against the rules applicable to holiday letting platforms, advocating more transparent regulation. The municipalities of the cities of Barcelona, Madrid, Brussels, Paris, Krakow, Vienna, Reykjavik and Amsterdam subscribed to the declaration sent to the EU Commission. City officials stated that online tourist letting platforms such as Airbnb and Booking.com should be obliged to share data with regulators. Currently, these internet booking services permit the anonymity of listing owners of properties as well as of the holidaymakers who let them, exacerbating pressures that the recent invasion of mass tourism places on the infrastructure of these municipalities.