I assumed they meant the lawyer?
I called Mercan Canada at [phone number removed], but only the message system. Iām still waiting for their call.
Thomas K said heād check up on it for me,Thank you very much for his help,Iām waiting for his reply.
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Ah ok thanks for the clarificationā¦ weird!!!
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From what @2600025 told me, the client manager who has been assisting many of the investors coming to Mercan from Nomad Gate seems to be leaving at some point. In the future clients will instead deal directly with her manager (this switch already happened for new investors), so that shouldnāt cause any issues with anyoneās Golden Visa process or investments. I am not aware of any other changes or issues at Mercan.
The Lapa project recently sold out, too, so I assume thatās why those who had not yet finalized that investment was offered one of the other available projects. Mercan has another ā¬350,000 level hotel in Porto opening up for investments now, with the same returns as Lapa, but with VAT and IMT covered.
Hi HYS:
I am replying being the line manager of Lydia and I have been always managing her work since the beginning; as she is the coordinator between Nomad platform and Mercan team. Mercan is doing good as always; and you will always be supported by our team. If you have any concern; feel free to email us directly so we can check and verify for you.
Thank you for your reply.Lydia has been helping us alot and building our confidence in Mercan.I hope to get your help in the future and I hope everything goes well.
Sure! For anything you need us to support with please send me a message.
Have a nice day!
Hi Everyone,
Did anyone participate in the MERCAN program and actually got their money back?
I am also keen to know more about the experience you had with Henley and Partners for the Portuguese golden visa program.
Thanks.
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Has anyone here used, or considered using, http://drpadvisors.com ? They seemed legit to me with options for the Evora hotel as well as other 280k GV apartments, but curious if others have come across them.
There are at least a couple of people who have received an appointment for the biometrics
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Hi everyone!
From those who used Mercan development/renovation projects (or similar developers) for their GV applications - do you know if this triggers FATCA/PFIC tax implications and reporting in the US (for US tax residents)? I understand that itās different from straight owning the property, do you know how the paperwork is structured?
Thanks!
I havenāt done it but I did read through all the paperwork. It actually IS structured as straight owning the property; you are issued a deed for the building, in joint ownership. You then sign a rental agreement where Mercan rents the property from you for a designated yearly amount with disclaimers about them being responsible for all maintenance and taxes and whatnot, thus making it a hands-off operation.
You have no shares in any company, no financial accounts other than any bank account you open (which would be FACTA-reportable - but I donāt know if you even need the bank account? I donāt think so?) and nothing to report income-wise other than what is effectively schedule-E rental income. You have to deal with the currency translation and any Portuguese tax liability as form 1116 foreign tax credit, but thatās not FACTA thatās just income.
This has been true for Mercan and another such project I read the contracts for.
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Thanks thatās very helpful!
HI
I just joined this group and saw your post. I too am considering La Vida and would therefore appreciate if you could share your experience with them?
Thanks
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Hi, Iāll PM you.
If you are looking for a buy back, maybe a 100% capital guarantee fund would be less hassle?
I have just got a new fund. An unleverage real estate fund that invests in rehabilitation project and also rental properties.
100% capital guaranteed, and 3% annual guaranteed income from day 1. Also the 3% is tax exempted for non tax resident.
Plus, you donāt need to pay IMT, stamp duty, notary fees, so on.
There is a 2% subscription fee and 0% management fee (the 3% guaranteed income is already net with any management fee).
What is interesting is you also get the option (to be chosen at the beginning) to get an apartment instead of the capital by the year 6 / 7.
This is a low cost, low risk, low maintenance option.
Send me a PM for more information!
Great information. Weāre at the beginning with Macron. Wondered if you ended up having to pay any additional fees or outside costsā¦ Lawyers, translation servicesā¦? Or are you finding itās all handled by Macron and covered by their flat fee?
Thanks!
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Hi Molly,
We are responsible for all costs of getting the docs together, and so far have not been required to translate anything from English.
Best,
Sarah
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Hi Melanie
Iāve just joined the forum- would you be happy to share your lawyer contacts with me too please.? Thanks! sally