What to do with an off-shore company anno 2020 Many of us, including myself, decided in the late nineties – early 20th. century to put their property in an offshore structure and maybe even put it in Trust.
Basically, there are 3 ways you could have acquired the shares of an offshore company:
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Moving from Malta to Portugal We are now (2019) faced with a situation whereby many property owners wished that they never had involved themselves in buying a property through an off-shore company. Many years ago many jurisdictions were blacklisted and the majority had the choice either to move to Delaware or Malta.
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The walls continue to close in on Offshore property holding companies in Portugal. Once a popular solution for home ownership, these structures are based in low-tax jurisdictions that allow shareholders to take advantage of certain “loopholes” to avoid paying Capital Gains tax when selling.
Over the past 15 years, successive changes in legislation in Portugal have gradually tarnished the glow of these elusive structures.
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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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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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Change in US registered companies
Following the recent changes in the Laws of Portugal we have been discussing the question of domicile of US companies with various professionals in Portugal and there is an opinion that Portugal could deem a company to be resident where its “effective centre of management” is located and thus blacklist companies where the directors are resident in a black-listed jurisdiction.
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Some of you may have heard for some time rumours that offshore companies, holding properties in Portugal are under attack by the Portuguese tax authorities.
Earlier this year it became evident that in the Portuguese state budget, proposals were made to make offshores less attractive to hold.
The 2002 budget has now been approved and passed into law and will become effective on January 1st.
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