Alojamento Local (Rental License)
Since December of 2014 there have been some sweeping changes to the legislation and tax laws regarding rental properties and the income they generate. Although there has been some conflicting advise from the finance sector concerning how these changes are put into effect, generally speaking they are actually rather sensible and cost effective for most clients looking to make income from their property.
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The major changes in the law requires that all properties that are being rented out on a nightly basis (i.e. rents of less than 30 days at a time) and advertised as such. Register the property as an Alojamento Local (local lodging). Comply with a number of simple health and safety regulations (which is included in our management pack) all of which are rather sensible. Installation of fire extinguishers, child’s safety fence around swimming pools, first aid kit etc.
As well as obtaining this license, you are required to register with the financas (tax authority) via a Business Activity Registration, which your management company or fiscal representative can do with you, or on your behalf.
If you have purchased the property through IRG Property we will be happy to take care of the licensing process for you within our rental start up pack and will also manage your invoicing and IRS returns for a small annual fee.
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