Modern apartments located in a prime area in Funchal.
Imagine A new dawn. Each morning, the apartment frames a subtly different yet always dramatic view of the ocean.
Sea facing balconies provide majestic locations for relaxation, al fresco dining, or for simply soaking up the sun and the sublime views.
The snug, kitchen and breakfast room, offer the perfect environment for intimate meals with friends and family.
The elegant en-suite bathroom enhances the sense of effortless luxury within the master bedroom.
To be completed in January 2017.
While still under construction, these apartments have piqued plenty of interest among buyers, who have scooped up nearly all of the 28 limited edition apartments.
OCEAN VIEWS from the LOUNGE, DINING ROOM, MASTER BEDROOM and KTICHEN.
Two parking spaces.
Condominium Fee: Estimated at 45€.
Close to: parks, public swimming pools, public transport
Close to the sea.
Weather: warm summers and mild winters.
City Centre (Funchal) is FIVE minutes away.
Airport is about TWENTY minutes away.
IDEAL FOR SHORT TERM RENTALS OR AS A HOLIDAY HOME. GUARANTEED RETURN ON INVESTMENT
- Gas system installation,
- Main building doors with security code (IDEAL FOR LOCK UP HOLIDAY HOMES),
- Fitted wardrobes in all bedrooms,
- Thermal and acoustic insulation,
- Interior blinds with electric control,
- Central vacuum pre-installation,
- Pre-installation of air conditioning,
- Sanitaryware from ROCA brand.
- Aluminum frames with double glass windows
These types of properties are highly in demand for city's growing number of professionals and holidaymakers. Their proximity to city centre and also neighbouring touristic regions make them ideally located for year round living with of activities and pastimes year round. With the high rental potential, and the marvellous location these apartments are a bargain for anyone seeking to purchase international real estate. Units are selling fast as investors flock to take advantage of this once in a lifetime opportunity.
BY APPOINTMENT ONLY
For those considering an investment in a luxury residence as a second (holiday) home or as a retirement destination, consider the advantages of Madeira Island :
• Sub-tropical climate - warm & pleasant year round
• Natural beauty - dramatic scenery, lush & colourful, known as the 'Garden of the Atlantic'
• Ease of access - within 3 hours flight time from most European cities, direct flights from over 40 destinations in Europe, daily flights to London and Lisbon
• Protected environment - 70% of the island is protected parkland & forest • Activities/Amenities - wide range of sports & leisure activities; two Golf courses near to Funchal
• Tourist infrastructure - long known as a quality tourist destination, with lots to see & do • Quality of life - a friendly, safe & clean place to visit and to live in (Note: one of the lowest incidences of crime in Europe) Legal and fiscal situation
• Property transfer taxes - IMT tax, Stamp duty, reigistration and notary fees - max. 7%
• Inheritance tax - Effective 1st January 2004, inheritance tax abolished in Portugal. There is still a 10% stamp duty charge though on transfer of assets. Gifts/donations to a spouse (husband or wife), children, parents or grandparents are exempt.
• Capital gains tax - Flat 25% tax levy on all capital gains effected by non-residents.
• Portuguese (EU) Residence Permit - Since July 2012, the NON-EU PURCHASER has a right to apply for a Portuguese residence permit (with subsequent freedom of movement in Schengen countries) following purchase of real estate in Portugal with A MINIMUM INVESTMENT OF €500.000
• Non-Habitual Resident's Regime - offering fiscal advantages particularly to non-Portuguese retirees taking up residence in Portugal
Regarding the financing, from a financial institution in order to buy a property, several types of assessment are necessary:
• Expert assessment to determine the value of the property – undertaken by an independent expert working with the bank.
• Age and medical records – so that the bank can determine if it is likely that the loan repayments will be met.
• Income records – to determine if the applicant has the economic capacity to meet the repayments in the long run The expert assessment fees are included in the charges made by the bank for the mortgage application. What is necessary to apply for a mortgage in Portugal?.
• Property blueprints.
• Income records.
• Life insurance (Seguros da Vida) to cover the terms of the mortgage.
• Valid passport and identity card (Passaporte e Carta de Identidade).
• Residency card (Cartão de Residencia).
• Bank statements for several months proving receipt of income .
• Medical examination (Atestado Medico) for insurance purposes.
NON HABITUAL TAX RESIDENT INCENTIVE
A Non-Habitual Resident ('NHR') will be exempt from personal income tax on certain types of qualifying income if this income is subject to tax in the country of source under an existing Double Tax Treaty that allows for this or, if no Tax Treaty exists, were subject to tax in another jurisdiction and are not considered as Portuguese source income under domestic rules. Certain types of qualifying income under the regime will also benefit from a double tax exemption i.e. an exemption in Portugal and in the source jurisdiction. A special flat rate of 20% is also applicable for certain types of income arising from a number of highly qualified activities.
Pensions, dividends, royalties and interest from non-Portuguese sourced income are exempt from personal income tax in Portugal. Certain types of salaries, provided they are paid from a non-Portuguese source, can also be exempt from tax.
Any individual who has his habitual residence in Portugal or who spends more than 183 days in Portugal in the tax year, which runs from 1st January to 31st December or has a dwelling in Portugal at 31 December of that year with the intention to hold it as his habitual residence, and has not been taxed in Portugal, as tax resident, in the previous five years.
You may apply when you have become a Portuguese tax resident or before 31st March of the following tax year. Successful NHRs will have access to all the benefits of an ordinary Portuguese tax resident including healthcare.
Rental is an option under the NHR regime. As occurs when you purchase a property, if you are renting a property you may be required from tax authorities to provide evidence of your address in Portugal, which can be done through providing a copy of your rental contract.
After your registration as a NHR in Portugal you are able to request an international certificate of residence to the Portuguese tax authorities. This document then has to be sent to the tax authorities of source of income and that should enable you to be exempt of tax in that jurisdiction, unless a withholding tax applies.