- All prize moneys will be paid on the completion of the final days play, 1 hour after results are posted on the Official Notice Board, and immediately after the prize giving.
- Prize money will be paid in full even if an event is shortened due to weather related situations.
- Prize money will be paid either by cheque or immediate on site bank transfer, according to what each player determines on his tournament signing-in registration form.
- All prize money paid in portugal is liable to taxation at a rate of 21,5% payable and retained at the source of payment on the total value of prize money payable and to be received by any player (sportsman).
However this tax does not apply to any players that provide the igt and organisers with the document model 21- rfi, correctly filled in and authenticated by the fiscal authorities of their respective country of residence and where they are registered with their tax authorities.
This document is valid for 1 year (12 months).
Only by presenting this document is this tax not immediatly dedeucted from prize moneys to be paid. The IGT pays this retained tax immediately to the portuguese tax authortities. portugal has agreements with the following countries to avoid double taxation - south africa, germany, algeria, austria, belgium, brazil, bulgaria, cape verde, canada, chile, china, korea, cuba, denmark, spain, estonia, usa, finland, greece, france, greece, guinea, holand, hungary, india, indonesia, ireland, island, israel, italy, latvia, lithuania, luxemberg, macau, malta, marroco, mexico, mozambique, norway, pakistan, poland, uk, chec republic, eslovakia, romania, russia, singapore, sweded, tunisia, turkey, ukraine, venezuela.
In order to pay prize money the IGT requires the following information: name of bank to receive the transfer, iban and swift code, and a copy of your identification document or passport which has your signature.
- All professional players have to provide bank transfer information - Bank Id N°; Personal IBAN and SWIFT number, and other relevant bank transfer details - and VALID AND LEGAL TAX IDENTIFICATION numbers - to the IGT in order to receive prize money payments. This tax documentation must be presented to the IGT offices on site, in order to receive payments as soon as possible. Failure to do this can represent delays and late payment, and even non-acceptance of entries and respective payments, should player's not have this information readily available. The IGT will also provide entry fee receipts to player's that require them, provided players supply proper legal and acceptable documents. For non-Portuguese resident players that don’t hand in, or present copies of these documents, they should present copies of their passport to the IGT on site offices at the events.
- Value of prizes per place will be paid according to the Prize Fund Distribution Format determined by the number of professional player entries at each entry closing deadline limit at 13H00 on Practice day. Players should always bear in mind that the IG TOUR is a pay and play tour and the larger the size of the field, the higher the prize money payable.
- Amateur entries do not count towards the number of places to be paid out as amateurs cannot receive prize money, but the amount earned in Euros converted to points will be added to their Ranking Points Table.
- Money won by amateurs will be payable to the next best placed professional until the number of professionals paid out is completed.
- A tournament levy of 5% will be deducted from each individual prize money payment of the IG Tour, except those paid in Pro-Ams.
- As the number of players increases and therefore the total amount of prize money, so the number of players receving prize money increases accordingly.
- When any event has less than 25 players, the minimum prize money payable will be 5,000.00, and from 26 to 50 players the prize money and places payable increase in the following manner.
» Check Table.
- From above 50 players minimum prize money is 10,000.00 paying 30 places, and so forth.