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14 The Portugal News • 22 Jun 2019                                 News


       Real estate agency rules tightened



                                                                                New anti-fraud, money laundering and terrorism funding
                                                                                policies in Portugal will affect the real estate sector directly
                                                                                when they come in to force on 26 June.


                                                                                       arious new obligations will be in  more.  Real estate agencies that have five
                                                                                       place for real estate agencies,  or more people employed in the
                                                                                       including the strict identification  company will have to also appoint a
                                                                                Vof clients before any deals are    compliance officer.
                                                                                made, regardless of whether they are  António Oliveira e Silva, a lawyer at
                                                                                buying, selling or renting as an individual,  Broseta, Roquete Morais and Guerra,
                                                                                as part of a group or as part of a business.  told Lusa news agency that the new
                                                                                Now individuals will have to provide their  policy is a “fundamental step” in helping
                                                                                full name, official residence, fiscal  to make the real estate sector more
                                                                                number, nationality, profession and  transparent in Portugal, however he
                                                                                employer, while companies will need to  warned that some companies may
                                                                                state their official headquarters address  struggle to comply with all of the
                                                                                and the identification of all shareholders  requirements.
                                                                                who own more than five percent of the  He said the “reporting, collecting and
                                                                                company.                            treating data will make the day-to-day
      The new rules could lead to a slowdown in the real estate sector. (Photo: Facebook)
      The new rules could lead to a slowdown in the real estate sector. (Photo: Facebook)
      The new rules could lead to a slowdown in the real estate sector. (Photo: Facebook)
      The new rules could lead to a slowdown in the real estate sector. (Photo: Facebook)
      The new rules could lead to a slowdown in the real estate sector. (Photo: Facebook)
                                                                                All of the information provided to estate  operations of these companies
                                                                                agencies must then be kept for seven  harder, especially the smallest ones”.
                                                                                years and any suspicion detected by the  “There are some procedures that will be
                                                                                agents is to be reported in relation to  too heavy in terms of bureaucracy and
                                                                                money laundering and terrorist financing.  will, therefore, be bringing extra costs to
                                                                                Failure to comply with the new rules could  these companies”.
                                                                                potentially result in criminal charges  Oliveira e Silva concluded by stating that
                                                                                leading to prison sentences of between  it is now important for real estate
                                                                                two and 12 years, or substantial fines.  agencies to give employees training on
                                                                                The new rules apply to any real estate  how to spot ”suspicious indicators” and
                                                                                transaction of €15,000 or more and to any  warned that the new rules could lead to a
                                                                                rental contract of €2,500 a month or  slowdown in the sector.
                                                                                24,000 properties still held by banks


                                                                                Banks in Portugal continue to hold a substantial number of properties for
                                                                                Banks in Portugal continue to hold a substantial number of properties for
                                                                                Banks in Portugal continue to hold a substantial number of properties for
                                                                                Banks in Portugal continue to hold a substantial number of properties for
                                                                                Banks in Portugal continue to hold a substantial number of properties for
                                                                                sale, the top six banks alone holding 24,000.
                                                                                sale, the top six banks alone holding 24,000.
                                                                                sale, the top six banks alone holding 24,000.
                                                                                sale, the top six banks alone holding 24,000.
                                                                                sale, the top six banks alone holding 24,000.
                                                                                 According to a report by  more than 5,000        During the first trimester
                                                                               ECO News, the total value  properties each, the   of 2019, BCP sold 1,094
                                                                               of bank held properties in  majority of which are  properties, representing a
                                                                               the country stands at €4.3  residential, while there are  total of €149 million.
                                                                               billion.                 also a number of          More than 7,000 bank
                                                                                 Novo Banco, Montepio   commercial properties    owned properties have
                                                                               and BCP banks all own    still on the books.      been sold since 2017
                                                                                Portugal less harmful than Pentagon
                                                                               HQ of United States’ Department of Defence generates more CO  than the than the
                                                                               HQ of United States’ Department of Defence generates more CO
                                                                                HQ of United States’ Department of Defence generates more CO  than the than the
                                                                                HQ of United States’ Department of Defence generates more CO
                                                                                HQ of United States’ Department of Defence generates more CO  than the
                                                                                                                                             2 2 2 2 2
                                                                                whole of Portugal.
                                                                               whole of Portugal.
                                                                               whole of Portugal.
                                                                                whole of Portugal.
                                                                                whole of Portugal.
                                                                                 A paper published by Brown University  if it continues to increase at the current
                                                                                has highlighted the impact that the  rate”, according to a joint report by the
                                                                                Pentagon is having on the environment.  World Meteorological Organisation
                                                                                Researcher Neta Crawford wrote that “the  (WMO) and the United Nations
                                                                                Pentagon’s greenhouse gas emissions  Environmental Programme (UNEP).
                                                                                were greater than the greenhouse gas  Such predictions making it all the more
                                                                                emissions of entire industrialised  worrying that a single governmental
                                                                                countries such as Sweden or Portugal.”  department is impacting the environment
                                                                                 Presently, our planet’s temperatures are  at a level greater than that of an
                                                                                set to rise “1.5°C between 2030 and 2052  industrialised nation.
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