Vilamoura Sold!

International investments in the world famous resorts of Vale de Lobo and Vilamoura have been massively reported in the media during the last couple of months.

Vilamoura is a resort town in the heart of the Algarve, covering more than 2,000 hectares, of which 70 are building land (for hotels and more than 5,000 villas and apartments), the prestigious 825 berth marina, awarded Best International Marina in 2015 by the Yacht Harbour Association, 5 golf courses, a golf academy, a casino and the controversial “Cidade Lacustre”, a project which contemplates the flooding of thousands of hectares of agricultural land to create a luxury “lake city”. Due to its status as a resort, it is run by a management company (Lusort) which is responsible for the town as a whole. Continue reading

Alojamento Local (AL) – Local Lodging

The new law for local lodging (Alojamento Local – AL) – Decree Law 128/2014, published on 29th of August 2014 – makes it mandatory for income received from short term property lettings to be declared to the tax department as business activity. This law will come into force next November 27th, adding substantial changes to the existing law from 2008.

If you let out your furnished property (Alojamento Mobilado para Turistas) on a short term basis (less than 30 days) or if it is advertised in any form as tourist accommodation, you will have to: Continue reading