The Final Report  and Recommendations of the Independent Commission on the Future of the Cyprus Banking Sector.

CLICK HERE to read the report.

Following court rulings in Spain, where the handing over of  mortgaged property was deemed sufficient repayment of the loan, Espirito Santo Investment Bank has lost a landmark case in Portalegre on the same point of law.

Espírito Santo Investment Bank, believes that the decision of the Court of Portalegre, on the liquidation of a housing loan by the delivery of the property to the bank, will have "at this time, a limited impact Portuguese banks.” They wish, as this ruling could end the fundamental unfairness of the Portuguese system.

The Portalegre ruling, that a property returned to a bank will wipe clean the mortgage debt, has delighted consumer groups, and has worried banks.

A working group from the Ministries of Finance, Economy, Justice, and the Bank of Portugal, is reviewing the decision of the court in Portalegre.

British expatriates who receive UK pensions and benefits may soon be contacted by the Department of Work & Pensions to confirm their international bank details.
From 31st January 2014, the Department for Work & Pensions will need an International Bank Account Number (IBAN) and Bank Identification Code (BIC) in order to make payments to accounts in Portugal and other Eurozone countries.

THE STORY SO FAR: The Portuguese government introduced a ‘Golden Visa’ program this year to attract wealthy non-EU foreigners.

Anyone investing a mere €500,000 in property is eligible for a visa that allows them to take up residence, saves them the inconvenience of paying tax on foreign-earned income and gives the right to unrestricted travel within the Schengen zone.

The government is declaring the Golden Visa scheme a roaring success with the biggest number of recipients coming from Russia, China, Angola and Colombia.

Do not worry if you are due to make a second IMI payment in September and have not yet been able to make the payment, because in 2013 the dates for payment of your IMI tax (council tax) have been changed.

When the amount of your tax is under 250 euros, the payment is done in one instalment only in April, but when the amount due is between 250 and 500 euros, the payment is done in two instalments, one in April as before, and the second has been moved to November instead of September.

Official information on the scheme for pre 92 WPAs (Equitable Life With-Profits Annuity), updated by HM TReasury 10th Sept 2013.

1. Payments to pre-September 1992 Equitable Life With-Profits Annuity (WPA) policyholders announced at Budget 2013

The CIMI property tax rates have been published and despite the lack of local government funds and the crisis hitting all the local councils, the good news for most property owners is that many of the local tax departments have opted to retain their tax rates used for the IMI calculations at the same rate as for 2011.  Some have even lowered them as is the case for Alcoutim, Lagoa, Silves and Vila do Bispo.