A Guide for Portugal Property Properties in Algarve The Algarve is one of the top destinations for Portugal Property. The quality of life, climate and low cost of living contribute to the reasons for Portugal property being the top property to invest in. Plenty of quality properties available for Portugal property buyers from coastal to rural, Portugal property has all the choices. The development of a new airport just over the border in Huelva will make the Algarve even more attractive to Portugal property buyers. Portugal property guide Portugal property buyers should use a qualified lawyer. Portugal property buyers do not sign documents unless your lawyer has talked you through them. Portugal property buyers should make a will because the laws on inheritance vary around the world and may override the laws on Portugal property ownership. In Portugal property by laws the party that pulls out of a Portugal property transaction must compensate the other party twice the deposit. Taxation of Portugal Property Tax representation for Portugal property buyers is important. Anyone seeking to buy Portugal property must register with the Portuguese tax authorities and to have a Fiscal Number which is the equivalent of the National Insurance Number in the UK. There is a legal requirement for a Portugal property buyer to appoint a local Fiscal Representative. The representative for Portugal property buyers will need to remain for four years, the period which the authorities can carry out a tax inspection. Portugal Property Taxes Property Transfer Tax in Portugal - IMT Portugal property buyers are requierd to pay IMT - Portugal Property Transfer Tax. IMT (Imposto Municipal sobre Transmissoes de Imoveis) is payable whenever Portugal property is transferred. IMT is generally payable by Portugal property buyers. The tax is usually paid before the transaction of Portugal property takes effect which means when the contract for sale is signed at the notary's office.   Municipal Property Tax - IMI (Imposto Municipal sobre Imoveis) is payable annually by any owner of Portugal property and is calculated on the basis of the Portugal property's rateable value - Valor Patrimonial Tributario. IMI is a local tax so can vary from district to district. The VPT or rateable value Calculated according to a formula which takes acount of the size, age, cost of construction and the Portugal property usage. The rates are set annually by each town hall. Portugal property buyers should expect to pay between 0.4% and 0.8% for urban Portugal property and 0.8% for rural Portugal property. In Portugal property stamp duty - Imposto de Selo - is payable on a wide variety of deeds and contracts. All purchases of residential property will attract stamp duty at the going rate.