5 bedroom apartment for sale

This quiet and spacious apartment is the ideal location to enjoy the perfect sunrise and sunset.

This five-bedroom residence, on the penultimate floor, results from the fusion of a two-bedroom apartment with a three-bed. Completed in 2002, the apartment is in good condition and has been meticulously maintained and decorated by the current owners.

This stunning apartment is just 8 minutes from Funchal, at an altitude of 200m, looking down over the historic fishing port where Churchill sat and painted after World War 2. The apartment is oriented due south, with uninterrupted views of the sea from Cabo Girão to the West, to the Ilhas Desertas to the East. The views to the north, from the two terraces, are of the mountains where the most prestigious Madeira Wine grapes grow.

Basculating glass doors, that give access to the terraces around the apartment, allow the day light to enlighten the spacious reception room and also the dining area. The apartment has two access doors. One front door leads to the reception room, used as the main entrance, the other is directly to the dining area, generally used as the way out, after dinner.

Next to the reception room, on the western side of the residence, there is a laundry and two generous sized bedrooms, one of which is currently used as a workshop/atelier. They are served by a shared bathroom.

The master bedroom, with ensuite bathroom and fitted wardrobes, is located in the middle of the apartment. The two other bedrooms on the eastern side, are, at the moment, used as an office and a multipurpose room.

The reception room, the dining room, the master bedroom and the guest bedroom all have television outlets. The office and the atelier both have hard-wired Ethernet.

The kitchen, fully fitted, is adjacent to the dining room. Another bathroom adjacent to the dining room completes the accommodation. The property is currently elegantly furnished, although the furniture does not make part of the sale.

The apartment has three indoor parking places and two designated storage rooms in the underground garage.

DESTINATION MADEIRA

For those considering an investment in a luxury residence as a second (holiday) home or as a retirement destination, consider the advantages of Madeira Island :

• Sub-tropical climate - warm & pleasant year round
• Natural beauty - dramatic scenery, lush & colourful, known as the "Garden of the Atlantic"
• Ease of access - within 3 hours flight time from most European cities, direct flights from over 40 destinations in Europe, daily flights to London and Lisbon
• Protected environment - 70% of the island is protected parkland & forest
• Activities/Amenities - wide range of sports & leisure activities; two Golf courses near to Funchal
• Tourist infrastructure - long known as a quality tourist destination, with lots to see & do• Quality of life - a friendly, safe & clean place to visit and to live in (Note: one of the lowest incidences of crime in Europe)

Legal and fiscal situation
• Property transfer taxes - IMT tax, Stamp duty, reigistration and notary fees - max. 7%
• Inheritance tax - Effective 1st January 2004, inheritance tax abolished in Portugal. There is still a 10% stamp duty charge though on transfer of assets. Gifts/donations to a spouse (husband or wife), children, parents or grandparents are exempt.
• Capital gains tax - Flat 25% tax levy on all capital gains effected by non-residents.
• Portuguese (EU) Residence Permit - Since July 2012, the NON-EU PURCHASER has a right to apply for a Portuguese residence permit (with subsequent freedom of movement in Schengen countries) following purchase of real estate in Portugal with A MINIMUM INVESTMENT OF €500.000
• Non-Habitual Resident's Regime - offering fiscal advantages particularly to non-Portuguese retirees taking up residence in Portugal