Tag Archives: common reporting standard

Only 10% of companies have registered their beneficial owners

02 Thursday May 2019

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With the deadline rapidly approaching, only one-in-ten Portuguese companies have reported their beneficial owners. Late reporting incurs a charge of €35. Fines for non-compliance can range between €1,000 and €50,000. The Beneficial Owner Registry is to have three levels: a basic version open for consultation by the general public, another for the companies and their representatives, and a third for law enforcement authorities.

The initial implementation of the Beneficial Owners Registry has been postponed from April 30th until June 30th. This legislation requires the declaration of a company’s beneficial ownership data which will be shared between jurisdictions as part of the Common Reporting Standard. In the future, this information must be kept up-to-date on an annual basis.

Offshore Property Companies: Storm clouds on the horizon

27 Monday Nov 2017

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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. Offshore Companies began to suffer an array of punitive measures that turned them untenable. Other than direct ownership, property buyers are faced with a choice between Non-Resident Companies, registered in a foreign jurisdiction not on Portugal’s “black-list”, or Resident Companies, domiciled in Portugal.

However, the legislative landscape continues in flux. EU initiatives are instigating further change. Yesterday’s solution can become tomorrow’s problem, leading many owners to consider redomiciling their Delaware companies to Portugal.

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EU Agrees Criteria For Tax Haven Blacklist

24 Thursday Aug 2017

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The European Council resolved that a common EU list of non-cooperative jurisdictions will be determined by the Council by the end of 2017. To be considered compliant on tax transparency, a country will need to commit to implementing the Common Reporting Standard (CRS). It must also have arrangements in place to exchange automatically tax information with all EU member states.

Automatic IRS Reporting to speed up tax refunds

27 Monday Feb 2017

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Automatic IRS Reporting kicks off this year and should reach one third of Portuguese families. Next year, this measure will be extended to a majority of national taxpayers. Piggy-backed to this automation will be quicker tax refunds which should be processed in as little as a fortnight. Despite new international information sharing (“Common Reporting Standard”), those with income from abroad will continue to declare as before.

CRS moves ahead

31 Wednesday Aug 2016

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For tax residents in Portugal with investments abroad, foreign tax authorities will gather information on balances and interest of all financial investments from local institutions and share the data with the Portuguese fiscal authorities (AT). For non-residents with bank accounts in Portugal, the equivalent information exchange will take place. In the case of the USA – a non-signatory to the CRS (Common Reporting Standard) – reporting will only take place on amounts in excess of €50,000.