On 3 May 2019, Portugal introduced amendments to Portuguese Taw Law, in accordance with the European Union (EU) Anti-Tax Avoidance Directive (ATAD). ATAD provides a set of anti-tax avoidance provisions across EU Member States. Provisions include:
Controlled Foreign Company (CFC) rules – to deter profit shifting to a low, or zero tax country
Exit Taxation – to prevent companies … more
The three Mediterranean countries of Cyprus, Malta and Portugal each offer attractive residence and citizenship programmes. This Article details the different criteria that are applicable and who the different programmes are available to.
Permanent Residence Permit
Malta Residence and Visa Programme
Any Jurisdictions … more
Measures are increasingly being taken to counteract tax avoidance and EU countries such as Portugal and Malta are fully committed to meeting these obligations, as evidenced by recent tax laws that they have introduced.
ATAD was presented as part of the European Commission Anti-tax Avoidance package, at the start of 2016. The objective is to create a ‘level playing field’ across … more
Click HERE to read the Dixcart Domiciles Newsletter.
This edition focuses on the jurisdictions of Cyprus, Greece, Portugal, Switzerland and the UK. Articles include:
What is unique about the Cyprus Investment Programme?
What is it like to live in Cyprus? An Interview with Robert Homem, Managing Director of Dixcart Management (Cyprus) Limited.
Portugal: The €350,000 fund route to Portugal’ … more
History – The ‘Substance Regime’
On 1st January 2019 the ”substance-based regime” was introduced into the Crown Dependencies (Guernsey, Jersey and the Isle of Man).
This has meant that since January 2019, companies engaging in “relevant activities” have had to demonstrate that they meet specific substance requirements, to avoid sanctions.
This ‘Order’ is in response to a comprehensive review, … more
Why a Portuguese Golden Visa?
The Portuguese Golden Visa scheme enables non-EU individuals to obtain the right to reside in Portugal for up to five years. This allows them and their family to travel freely to and from the majority of European countries.
A Portuguese Golden Visa can lead to permanent residence and/or Portuguese citizenship and the right to a EU passport at the end of the fifth … more
Recent interest from the international financial and investment community in Portuguese real estate has motivated the Portuguese Government to introduce a new investment vehicle, exclusively dedicated to real estate investment.
Introduced in February 2019, the ‘Sociedades de Investmento e Gestao Imobiliaria’, (‘SIGI') introduces a number of features generally associated with Real … more
On 10 January 2019, the Portuguese Council of Ministers approved a law to allow armed guards to sail on Portuguese flagged vessels.
This measure is long-awaited by the International Shipping Registry of Madeira (MAR) and by ship owners registered within it. The increase in financial loss due to hijackings and ransom demands, and the risk to human lives, as a result of hostage taking has … more
Portugal is being re-discovered as a destination to relocate to, with iconic cities such as Lisbon and Porto, and stunning coastal areas, for example, the Algarve. It also offers very easy access to the rest of Europe.
Portugal is increasingly recognised as an international hub with 71 Double Taxation Agreements and 49 Investment Protection Treaties.
The Golden Visa
The Portuguese … more
IN518 - Why the Madeira International Shipping Register (MAR) is so Attractive and the Advantages of Registering a Vessel in Madeira
The objective of the Madeira International Shipping Register (MAR) is to offer a credible alternative to other international registers. The high quality and safety standards of a conventional register have been maintained within an attractive tax environment designed to encourage inward investment to the island of Madeira. Vessels registered with MAR carry the Portuguese flag and are … more
The Archipelago of the Azores is composed of nine volcanic islands and is situated in the North Atlantic, about 1,500 kilometres west of Lisbon. These islands are an autonomous region of Portugal.
What Advantages are Offered by the Azores for Yacht Importation into the EU?
The standard rate of Portuguese VAT is 23% but the Azores benefits from a reduced VAT rate of 18%.
In … more
IN553 The Madeira (Portugal) Free Trade Zone - What Tax Benefits Does It Offer And Substance Requirements
The Madeira archipelago is part of Portugal and is located in the Atlantic Ocean, 978 km southwest of Lisbon.
During the past decade, Portugal has taken several steps to enhance its attractiveness to international business and high net worth individuals. Partially thanks to the Non-Habitual Residents tax programme implemented in 2009 and the Golden Visa residency programme introduced … more
IN538 - Imminent Introduction of the Portuguese Tonnage Tax Scheme for Ships - What benefits will it offer?
The Portuguese tonnage tax and seafarer scheme was approved by the European Commission on 6 April 2018, in line with EU State aid rules, in particular the Guidelines on State aid to maritime transport. The Portuguese measures will enhance the competitiveness of the Portuguese shipping sector and, simultaneously, protect know-how and jobs in the EU maritime transport sector.
The law proposal had … more
IN530 - Portuguese Double Taxation Agreements, Particularly Attractive Agreements and the Madeira International Business Centre
Companies licensed to operate within the legal framework of the Free Trade Zone of Madeira are Portuguese companies. The double taxation agreements (DTAs) concluded between Portugal and its treaty partners generally apply to Portuguese companies registered in Madeira. Not only is access to most of the agreements available, but also access to EU Directives, for instance the Parent-Subsidiary … more
The Madeira archipelago is part of Portugal and is located in the Atlantic Ocean, 978km southwest of Lisbon. The island of Madeira was discovered in 1419 by the Portuguese navigator João Gonçalves Zarco; the first Portuguese Discovery during Europe’s Age of Discoveries and Exploration, and the start of a period in history where Portugal became one of the key players in global trade and commerce. … more
A number of significant benefits are available through using a Portuguese holding company. Portugal offers an internationally competitive tax framework that is both transparent and compliant.
As an alternative to being registered on the mainland, Portuguese companies can, in the correct circumstances, be registered on the island of Madeira. The Madeira International Business Centre (MIBC) offers … more
The Golden Visa includes an investment route option. Individuals can use this route to gain a Golden Visa, by investing in a Portuguese Venture Capital Fund.
The specific criteria details are:
Investment of a minimum €500,000 to purchase shares in investment funds or venture capital companies that are being used to support small and/or medium sized companies in Portugal that have generated … more
Portugal is an increasingly attractive jurisdiction for relocation, due to the lifestyle, cosmopolitan cities, good weather, local hospitality, excellent food and great ambience. With the introduction of Portugal’s Golden Visa scheme and a special tax regime for Non-Habitual Residents, Portugal has become a popular choice for many EU and non-EU nationals.
The Portuguese Golden Visa provides the … more
The Portuguese Government launched the “Start Up Visa for Entrepreneurs” at the Web Summit it was hosting in November 2017. This summit was one of the major international, technological gathering events of the year.
The Start Up Visa is specifically designed to attract foreign investment to Portugal.
The Start Up Visa comprises a residence visa for entrepreneurs, who: … more
PORTUGAL - NOVAS ROTAS DE INVESTIMENTO PARA O “GOLDEN VISA”
15.000 pessoas de patrimônio elevado e suas famílias estabeleceram a sua residência em Portugal desde 2009.
Portugal está na moda, com belas paisagens e cidades como Lisboa, Porto e Funchal para explorar. As famílias que se mudaram para Portugal são atraídas pelo programa de imposto sobre pessoas singulars, o Programa de … more
Since 2009 over 5,000 high net worth individuals and their families have made Portugal their home, attracted by the lifestyle, the Non-Habitual Resident tax regime and the Golden Visa residency programme.
In 2014 the Portuguese Government made Portugal more attractive to companies by reforming its Corporate Tax Code to meet international standards. Since then Portuguese companies have enjoyed an … more
15,000 high net worth individuals and their families have moved to Portugal since 2009.
Portugal appears to be the place to be, with beautiful scenery and cities like Lisbon, Porto and Funchal to explore. Families who have moved to Portugal are attracted by the personal tax programme: the Non-Habitual Resident Programme. Non-EU individuals also have the option to move to Portugal by applying for … more
Historically, Portugal’s ‘brightest and best’ have looked for opportunities outside of Portugal. This was not necessarily because they wanted to, but because Portugal was more focused on keeping its ‘head above water’ and finding ways to leave the Economic Adjustment Programme, agreed with the European Commission for the period 2010-2014 (the bailout programme).
In the past Portugal discovered … more
IN391 - Portuguese Golden Visa and the Non-Habitual Residents Tax Scheme - Making Portugal an Attractive Location for Residence
Since the introduction of Portugal’s “Golden Visa” and a special tax regime for non-habitual residents, Portugal has become a destination of choice for many non-EU nationals.
The Golden Visa enables non-EU residents to not only be resident in Portugal, but to also move freely within the Schengen Zone. The “Non-Habitual Residents Regime” means that they can also enjoy low taxes or, in some cases, … more
Dixcart provides aircraft registration services in a number of jurisdictions. These jurisdictions have registries which offer a variety of advantages and tax efficiencies.
Dixcart can advise on aircraft registration and help coordinate the aircraft registration process in: Guernsey, the Isle of Man, Malta and Portugal. This can include establishing and administering the relevant ownership … more
IN275 - A Consideration of Shipping in the Jurisdictions of Cyprus, the Isle of Man, Madeira (Portugal) and Malta
Dixcart can provide clients with a number of alternative ship registration solutions.
This note provides a brief overview of the shipping regimes in Cyprus, the Isle of Man, Madeira (Portugal) and Malta. More detailed information is available on request regarding shipping in each of the jurisdictions considered in this Article.
Cyprus is a major ship management centre attracting … more