Tag Archives: companies

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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Residents in offshore tax havens exempt from “AIMI”

22 Friday Sep 2017

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Individuals who reside in tax havens and own residential property in Portugal are free from paying the 7.5% surcharge applied to the new Additional Municipal Property Tax (“AIMI”). Only companies domiciled in tax havens – offshore companies – are subject to the aggravated rate on the full ratable value (“VPT”) of residential properties. “AIMI” replaces Stamp Tax, which provided for the application of a tax rate of 1% on each property with a “VPT” greater than one million euros.

Residents in offshore tax havens exempt from “AIMI”

24 Thursday Aug 2017

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Individuals who reside in tax havens and own residential property in Portugal are free from paying the 7.5% surcharge applied to the new Additional Municipal Property Tax (“AIMI”). Only companies domiciled in tax havens – offshore companies – are subject to the aggravated rate on the full ratable value (“VPT”) of residential properties. “AIMI” replaces Stamp Tax, which provided for the application of a tax rate of 1% on each property with a “VPT” greater than one million euros.

Malta Papers: who is using Malta to pay the lowest taxes in Europe

24 Wednesday May 2017

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The European Consortium for Investigative Journalism has obtained hundreds of thousands of documents identifying owners of more than 50,000 Maltese registered companies, where the effective tax rate offered to non-residents is 5%. The Portuguese weekly, “O Expresso”, published some of the influential names found in these recently disclosed files.