Tourists and hotel staff were ejected from Tavira’s prestigious 4-star Porta Nova hotel on Thursday morning as Novo Banco sent in a team of legal representatives to seize and close down the property due to a failed leasing agreement.
Hotel staff were unaware of the situation that management has been battling with as the bank, which has a sale and leaseback agreement with the hotel company, pounced and took control in the most undignified manner possible.
Portugal's Novo Banco said today that 80% of a large group of overseas investors now have accepted the solution proposed by management.
Those affected are holders of Jersey based EuroAforro 8, Poupança Plus and Top Renda investment schemes.
The 18th September deadline saw four in five investors going for the deal.
Property sales in Portugal were up during the first six months of the year despite a decrease in the second quarter due to the suspension of the Golden Visa scheme.
Just over 50,000 properties sold in the first half year, according to the Association of Professionals and Real Estate Companies of Portugal (APEMIP).
Days after Portugal’s National Authority for Fuel announced that it was offering new exploration blocs onshore and at sea off Oporto and the Algarve coastlines to the highest bidder, an Australian company has already signed up.
The Australis Oil & Gas got the go-ahead from the government to explore for oil and natural gas in the Batalha and Pombal fields in the Lusitanian Basin.
Countries in the EU are to be allowed to imprison any migrant found to have re-entered the country after having been expelled.
The judgement comes from the European Court of Justice. It had been considering the case of an Albanian national who was deported from Italy in 2012 but breached a three-year entry ban by returning to Italy.
The holiday rental site Airbnb will impose a tourist tax on rented property in Paris.
Paris is the leading city for Airbnb rentals.
Portugal’s own Cristiano Ronaldo has made history by becoming Real Madrid’s joint top scorer of all time.
On Wednesday he scored two goals in the 2-0 Champions League win over Malmo.
New and stronger consumer rights in the UK will come into force on 1 October.
The Consumer Rights Act will enable shoppers to demand refunds if the goods they buy are faulty.
