Brief News


Page created: Friday, 15 September 2017 15:29 GMT

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Brief News

Local accommodation owners may have to pay more condominium

This is one of the measures proposed in the report of the Government working group with the Socialist Party and the Left Bloc on housing and should be adopted by the new Secretary of State of Housing, Ana Pinho.

The authors of the report stress that “local housing can have positive effects on regeneration of urban centers, requalification of built heritage, social diversification, supplementary income for residents, job creation and economic recovery” but warn about some inconveniences. In this sense, the measures proposed in this report are based on three ideas:

  • The convergence of the tax applicable to long-term rental to that of local accommodation.
  • The “obligation of the owners with several local dwellings to provide, in addition, long-term rental accommodation in the same urban area and in a proportion to be defined”.
  • And the “aggravation of the value of the condominium applicable to the fractions of local accommodation due to the greater intensity of use”, something that according to the Minister of the Environment, João Matos Fernandes, “is already a current practice.”

The Minister also points out that “it is necessary to regulate in an intelligent way” this type of accommodation to solve a problem without killing “an activity of the new economy that is beneficial to the country”.

New rules against money laundering come into force in September

On 18 August, Law nº. 83/2017 was published in Diário da República, which requires it to enter into force within 30 days. Portugal should have been in compliance with these rules since the beginning of the year.

The establishment of measures to combat money laundering and terrorist financing comes from the transposition of European directives and the original document is the responsibility of the Ministry of Justice. These rules impose greater obligations on financial institutions in monitoring the actual beneficiaries of financial transactions. There is also an extension of the concept of “politically exposed persons”, individuals who, by their present or past political position or family, require special monitoring by banks.

This legislation consists of three diplomas on automatic exchange of tax information, combating the financing of terrorism and identification of the ultimate beneficiary.

Banks will have to adapt to the new rules until 18 September, however, the Portuguese Banking Association considered this period “manifestly insufficient” due to the “significant number of new requirements” imposed by the legislation.

Santander Totta expects to merge with Popular by the end of the year. Haitong increases losses in the first half of the year

Following the approval of Banco Santander’s purchase of the Banco Popular for the symbolic price of one euro by the European Commission, Santander Totta will initiate the formal procedures with the European Central Bank for the acquisition of the Banco Popular operation in Portugal from Santander. Haitong Bank increases losses to 79.8 million euros in the first semester.

An official source of Banco Santander Totta explained to the press that the bank intends to conduct a legal and trademark merger with Banco Popular in Portugal, and for this it must obtain an authorization from Bank of Portugal. This is a precondition for the subsequent formalization of the request with the ECB. Banco Santander Totta will use the accumulated capital that was not used in the case of public company swaps to absorb Popular.

Haitong Bank recorded a consolidated loss of 79.8 million euros in the first half of 2017, which is a deterioration of the result against the 19.6 million euros loss registered in the same period of last year.

It should also be noted that a further capital increase was made, this time amounting to 38.5 million euros, through the conversion of debt securities into shares by the sole shareholder Haitong International Holdings Limited. This reinforced the more demanding strength ratio to 18.3%, compared to 7.1% at the end of 2016, a rise resulting from capital increases in May and June, totaling 380 million euros.

Wednesday, 7 June 2017 15:05

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Friday, 6 February 2015 8:54

The government on Thursday approved changes to the rules governing cheaper tourism accommodation, known as 'alojamento local' (local lodging), that deliberately do not stipualate the type of building in which hostels may be set up...