Are offshore trusts back on the agenda? A recent move by the Portuguese government surprised the expat community by declaring the immediate removal of 15 tax jurisdictions from their offshore black list. The fundamental reason for such a move was the signing of bilateral Tax Information Exchange Agreements (TIEA).
Portugal has now signed TIEAs with the following countries: Andorra, Antigua and Barbuda, Belize, Bermuda, British Virgin Islands, Dominica, States of Guernsey, Gibraltar, Cayman Islands, Isle of Man, Jersey, Liberia, Santa Lucia, St.
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Non-resident couple´s rental income(1) Monthly Rental Income(2) 1,500 6,000 12,000 Annual Rental Income 18,000 72,000 144,000 Less Expenses(3) (1,000) (3,000) (6,000) = Taxable Income 17,000 60,000 138,000 Income Tax(4) Flat Rate 28% 4,760 19,320 38,640 Annual Income Tax Due 4,760 19,320 38,640 Tax Due as % of Gross Income 26.
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This bulletin provides information on the types of medical insurance available in Portugal and outside for Portuguese residents. The immigration authorities require foreigners wishing to take out a resident’s permit to have health insurance protection. For EU citizens the National Health Service protection from their country of origin is normally adequate.
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Diário da República, 1st Series— Nº 178 — September 14, 2009
ECONOMY AND INNOVATION MINISTRY Decree-Law nº 228/2009 of September 14
[…]
ANNEX Republication of Decree-Law nº 39/2008 of March 7
CHAPTER I General provisions
Article 1 Object
This decree-law enacts legislation governing the setting up, running and functioning of tourism enterprises.
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Recent speculation and articles in the local (Algarve) press that Delaware may have been blacklisted by the EU caused a great deal of concern amongst Algarve property owners whose properties are held in Delaware companies. Now that the list has been published, with no mention of Delaware, the Algarve Resident requested clarification of the current situation from both EuroFinesco and The Sovereign Group.
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Only a few decades ago, bearer shares were the normal way to establish ownership rights in a company. When you incorporated a company, you received share certificates with no one’s name recorded on it. Whoever possessed the certificate controlled ownership.
A company that issues bearer shares has no shareholder list or register for those shares.
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Much has been said and written about the question if it wise and advisable to bring an off-shore company on-shore. The leading companies in the Algarve dealing with this have/had different opinions on this matter.
But I have the impression that some views are influenced by economic motives.
Below you will find info as published by Eurofinesco and Sovereign in local press releases.
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Offshore Property Companies - storm clouds on the horizon For many years, Offshore Property Companies have been a popular solution, although sometimes practices could be a bit “grey” in nature. Due to repeated problems with tax evasion, Portuguese legislation eventually changed, penalising these structures, writes Dennis Swing Greene.
Offshore Companies began to suffer an array of punitive measures that turned them untenable.
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