Buying a self catering business in Portugal

[Wilto]

Hi - I am hoping to move to Portugal shortly with a view to opening a self catering holiday business and I have a few questions - if anyone could give me some advice that would be great.

- I'm looking around the Algarve and wondered if that was my best option?
- I'd like to buy a going concern and many I have looked at are owned by an offshore company. Should I buy the company or the property
- I have a young child and am conscious of schooling and healthcare - should I be worried?
- I don't speak the language but I am keen to learn - will it be a problem initially?

Many thanks to anyone who responds - any other helpful hints would also be gratefully received? I'm also happy to look at links to self catering businesses for sale.

Thanks again.

 

[James Glassbrook]

Be careful-there are some tricky laws.
The language situation can be a bit of a problem at first.It isn't a difficult language if you go about it the right way-learn vocabulary not grammar.
Talk to a lawyer before parting with money or signing anything.
Good luck,
Jim

 

[Lysos]

What exactly do you mean by a "self catering holiday business " ?. Are you thinking of buying a block of apartments for rental ?.

 

[goisproperty]

There are a lot of factors to take into consideration here. If it is a large business, with property assets, it may be better to buy the property within a company, and possibly have the company registered outside Portugal. Though if it's a smaller project, the cost and trouble of doing this may not be worth what you actually save. The location of the project is also important - obviously you want the best location for your business, but that may be in a more rural region, and there may be help from the local council. The first thing I would do is to find a good translator who is on your side, and go and talk to the local counci (camara) about your project. In our region we have a good relationship with the camara, and it has proved invaluable.

 

[goisproperty]

I forgot to mention - we are in Central Portugal, and local government here is actively trying to promote Rural Tourism, and there may be some funding available.

 

[James Glassbrook]

I forgot to mention - we are in Central Portugal, and local government here is actively trying to promote Rural Tourism, and there may be some funding available.

You would need to rely on your own advertising.
There MAY be some funding but don't count on it.
Cynically,
Jim

 

[omostra06]

in the 5 years i have been here i have never met anyone that has recieved a grant to start a Tourism related business or to restore a house, there is allways talk of it but not sure if it really is available.

 

[goisproperty]

I am surprised by the comments above - we have found both the local camara and the local European investment agency very helpful, and we currently have two British businesses starting here with financial support.

Góis Real Estate Company property for sale in Central Portugal

 

[omostra06]

I am surprised to heãr that, i have never heard of anyone getting grants to start a tourism based business, is it a tourism business that they have started?

I think maybe different regions work in different ways, perhaps añ area that is trying to build up some tourism will be more likely to get help financially, our area has a well established tourism sector, i suppose the government will not put money into a business that there are allready loads of.

 

[goisproperty]

There are funds available, both from the local authority and the European Development Fund, as I said before. Our company has been working with the local authority to help develop businesses in the region. It may be worth you speaking to your own local authority about the possibility of helping people access appropriate funds. Each area has development funds allocated, and it may be that a new business is eligible for support - the funds can change annually, and the emphasis on particular areas of funding can change. One of the areas that is being funded at present is Ecotourism. Very often we deal with people who complain about the Portuguese system, lack of support, lack of information and an impossible amount of bureaucracy. But when you ask 'what did you do?' the answer comes back 'we didn't'. Please find out what is available in your area. We are happy to point people in the right direction in the Góis region.

Góis Real Estate Company property for sale in Central Portugal