PORTUGALSet in the south-western corner of Europe, Portugal is one of the most ancient nations on the continent, boasting a diversity of traditions and a proud seafaring history.
As far back as the mid-1980s staff from the Gibraltar office have been visiting the Algarve, initially meeting with lawyers and other intermediaries, to develop business in that part of the world. Since 1995 we have maintained a representative office in the Algarve. The office is run by Anne Darlington who has worked with Abacus for the past 20 years. Anne’s knowledge of the area and her fluency in Portuguese is an invaluable asset, She also provides support and assistance to our specialist team in Gibraltar who look after our Portuguese portfolio.
A Strong Presence in Portugal
The office is located on the Estrada de Vale do Lobo in the K.G Villa Services Building just outside Almancil. The opening hours are 9.00 am – 4.00 pm. Clients are welcome to call in to discuss any issues and drop off documents or just to say hello. On-site parking is available.
Abacus is proud of the added value we are able to provide to lawyers, other intermediaries and our clients as a direct result of our presence in the Algarve. We regularly support Charity events and are members of local organisations. We are fully committed to Portugal and expect to maintain our presence there for many years to come.
The main benefits for both intermediaries and clients are:
- Collection of documentation from clients and lawyers
- Twice weekly courier service from the Algarve to Gibraltar
- Liaison with Fiscal Representatives, Banks and Real Estate Agents
- Provision of up-to-date information in respect to changes in Portuguese legislation
- Client and intermediary meetings as required
- Organisation of business trips by Gibraltar-based staff to the Algarve
- Organisation of seminars and events in the Algarve
Owning Property in Portugal
What do we, as company managers, actually do?
We maintain the records of the company which includes the register of directors, register of shareholders and register of secretaries. We draft board and shareholder resolutions prepare powers of attorney as required, open bank accounts if needed and ensure the company is kept in good standing. Where necessary, we also prepare financial statements to ensure that your investment is properly accounted for, in addition to holding all other essential company documents, such as deeds of title and certificates in safe custody. Upon request (usually prior to sale) we prepare a status report detailing the full company history.
We provide Directors and Secretarial services to the companies we manage and can also hold shares on your behalf under a nominee agreement.
Most importantly, however, we are a key component in the process of sale and purchase because your conveyancing solicitor needs to have the confidence that the company manager he or she is dealing with can be trusted to have completed all requirements and that the manager’s word is its bond. In the sale and purchase process it is the company manager who affirms and certifies the status and standing of the company so that the transaction can proceed.
Why use a company to hold Property?
There are a number of reasons for this:
- Ease of sale/purchase;
- Inheritance purposes/succession planning;
- Shares can be held in trust; and the
- Saving on transfer tax (6%)
- Purchasing a property jointly with friends/family
Quinta Correga da Zorra
Estrada de Vale do Lobo
(+00351) 289 394 780