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Portugal ratifies agreements with BVI and Guernsey regarding exchange of information on tax matters

In on February 17, 2017 by NEWCO

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Yesterday, the Government Gazette published Presidential Decree no. 15/2017 which ratifies the Agreement between the Portuguese Republic and the government of the British Virgin Islands regarding exchange of information for tax purposes, signed in London on 5 October 2010 and approved via Assembly of the Republic Resolution no. 25/2017 on 6 January 2017.

Today, the Government Gazette also published Presidential Decree no. 17/2017, ratifying the Agreement between the Portuguese Republic and Guernsey regarding exchange of information on tax matters, signed in London on 9 July 2010 and approved via Assembly of the Republic Resolution no. 27/2017, on 6 January 2017.

For a long time, Portugal, the British Virgin Islands and Guernsey have been attempting to prevent financial and other crimes, particularly focussing on the financing of terrorism. On 21 February 2002, Guernsey politically agreed to adopt the principles of the Organization for Economic Cooperation and Development as regards effective exchange of information. On 2 April of the same year, the British Virgin Islands formally made a political commitment in writing regarding OECD principles on transparency and exchange of information, and subsequently actively participated in the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.

It is therefore the common will of these territories to intensify and facilitate the terms and conditions that regulate the exchange of information for taxation purposes. The complete list of agreements can be consulted here.

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Portugal signs a new double taxation convention and two new agreements on the exchange of tax-related information

In on February 14, 2017 by NEWCO

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Double taxation convention between Portugal and the Principality of Andorra.

Under Presidential Decree 12/2017, published today in the Diário da República (Official Portuguese Gazette), the convention to avoid double taxation and guard against income tax evasion, entered into by the Portuguese Republic and the Principality of Andorra has been ratified. The convention was signed in New York on 27 September 2015 and approved by Parliamentary Resolution 22/2017, on 22 December 2016.

The main aim of this convention is to eliminate double international taxation in respect of the different categories of income earned by residents of both countries, and to guard against tax evasion. A more stable and transparent tax framework has been created for investors and other taxpayers in both countries. This has had a positive impact on the trade of goods and services, cash flows, technology transfers and the circulation of people between Portugal and Andorra.

Agreements on the exchange of tax-related information:

Portugal / Belize: Under Presidential Decree 13/2017, published today in the Diário da República (Official Portuguese Gazette), the agreement entered into by the Portuguese Republic and Belize on the exchange of tax-related information has been ratified. The agreement was signed in London on 22 October 2010 and approved by Parliamentary Resolution 23/2017, on 6 January 2017.

Portugal / Turks and Caicos Islands: Under Presidential Decree 10/2017, published today in the Diário da República (Official Portuguese Gazette), the agreement entered into by the Portuguese Republic and the Turks and Caicos Islands on the exchange of tax-related information has been ratified. The agreement was signed in London on 21 December 2010 and approved by Parliamentary Resolution 20/2017, on 6 January 2017.

These agreements are the result of a mutual desire by the territories in question to intensify and facilitate the terms and conditions regulating the exchange of tax-related information.

Check the full list of agreements here.

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Double taxation agreement entered into between Malta and Mexico

In on January 27, 2017 by NEWCO

Malta

The double taxation agreement between Malta and Mexico came into effect on 1 January 2015 and provides interesting conditions for the optimisation of investments in this market.

The treaty follows the same lines as the majority of such agreements entered into nowadays, incorporating the basic elements of the OECD’s Model Convention on Income and on Capital. However, like other treaties entered into with Mexico and as established in the United Nations Model Convention, it includes some provisions that grant the source State more rights to tax income that is generated there (as is the case with dividends, interest, royalties and capital gains), as well as a broad concept of permanent establishment.

Residence:

The residence criterion established by the Convention is that of domicile, residence, place of management or any other criterion of a similar nature applicable in light of the legislation of the relevant contracting State.

The rule used to settle cases involving companies is the alternative provision set forth in paragraph 24.1. of the comments on Article 4 of the OECD’s Model Convention. This establishes that any disputes in determining residence are to be resolved by an amicable procedure to reach a mutual agreement, taking into account the place of effective management, the place of incorporation or any other factors deemed to be relevant.

In addition to the criterion used in Article 4 of the Model Convention, it is established that an association of individuals can only be considered resident for the purposes of this Convention if the income obtained is subject to tax as income of a resident of the State in question, whether as the association’s income or as the income of the individual members.

Permanent establishment:

The convention entered into between Malta and Mexico includes a broad definition of permanent establishment, which encompasses service provision (including consultancy) by a company through its employees or other type of personnel contracted by the foreign company, whenever the duration of the activities in the other country exceeds 183 days in each 12-month period.

International Transport:

Under the convention, profits earned from the exploitation of ships or aircraft in international traffic will only be taxed in the State of residence of the company that earned the profits in question.

The definition of the concept of “international transport” is similar to that established in other agreements signed by Mexico. Under the wording of the Convention, the profits earned by a resident of a contracting State that are obtained from the exploitation of ships or aircraft in international traffic can only be subject to taxation in that State. The concept of profits includes earnings from the exploitation of ships or aircraft (on a full-time or per journey basis) as well as bareboat ship or aircraft charters when they are being operated in international traffic by the charterer and the profits are obtained by a resident of one of the contracting States, and whose business is the exploitation of ships or aircraft in international traffic.

Under this treaty, the profits derived from the use or hire of containers in international traffic (including tugs, barges and equipment related to the transport of containers) will also be treated as “international transport” whenever said use or charter is an inherent part of the exploitation of ships or aircraft in international traffic.

Dividends:

Normally, when Mexican companies distribute dividends to their non-resident shareholders, a withholding tax of 10% is applicable.

In Malta, dividends are not generally subject to withholding tax when the shareholders are not resident in Malta.

The Convention under analysis provides that dividends paid by a company that is resident in a contracting State to a resident of another contracting State will be taxed in the latter. The concept of dividends includes income from shares, jouissance shares or jouissance rights, mining shares, founders’ shares or other rights, with the exception of credits that allow participation in profits, as well as income subject to the same tax regime as income from shares under the laws of the State in which the company distributing the dividends is resident.

Taking this rule into account, and bearing in mind its very comprehensive and flexible Participation Exemption regime, Malta may be an excellent option in which to set up a holding that has investments in Mexico.

Interest:

Under this Convention, interest earned in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State. However, this interest may also be taxed in the Contracting State where it was earned and in accordance with that State’s legislation. However, if the effective beneficiary of the interest is a resident of the other Contracting State, the tax thus applicable may not exceed:

– 5% of the gross sum of the interest paid by a banking institution;

– 10% of the gross sum of the interest in all other cases.

In Mexico, the payment of interest to residents in another country is usually subject to the general withholding tax of 30%. In some cases, special taxes apply, such as 4.9% on interest paid to (or by) registered financial institutions, or 40% on payments made to tax havens, with a few exceptions.

In Malta, no withholding tax is payable on interest paid to residents in another country.

Royalties and Technical Assistance:

In Mexico, royalties paid to residents in another country are generally subject to a withholding tax of 25%. Furthermore, the use or fruition of brands and patents is subject to a withholding tax of 30%, while payment to some tax havens can involve a withholding tax of 40%. Under this treaty, a reduced tax of 10% applies to the payment of royalties to residents in Malta.

Technical assistance is not included in the definition of royalties described in this convention so, in principle, payments deriving from this type of service will be exempt in the source State, if they are considered business income, except in cases where there is a permanent establishment in that State.

Capital Gains:

Many double taxation agreements give the source State the right to tax capital gains obtained from the sale of shares in resident companies.

However, the double taxation agreement between Mexico and Malta provides for the right to tax to be shared with the source State in cases where the stake is at least 25% and has been held for at least 12 months, as well as when more than 50% of the gains obtained from the disposal of the shares derive from property assets located in the source State.

Gains obtained from the disposal of moveable goods which belong to the assets of a permanent establishment that a company from one Contracting State has in the other Contracting State, or moveable goods assigned to a fixed facility that a resident in a Contracting State has at its disposal in the other Contracting State for the purpose of exercising an independent profession, including gains derived from the disposal of said permanent establishment (either in isolation or as part of the company as a whole) or said fixed facility, may be taxed in that other State.

It is also established that gains deriving from the disposal of ships or aircraft used in international traffic, or of moveable goods assigned to the exploitation of said ships or aircraft, can only be taxed in the Contracting State in which the company’s effective place of management is located.

Limitation of benefits and anti-abuse rules

As a rule, Mexico includes anti-abuse provisions and limits on the granting of benefits in the treaties it enters into. This is done to protect its interests and safeguard against improper use of the conventions.

Thus, the treaty with Malta establishes that in order to qualify for benefits the income must be “subject to tax”. In cases where the income benefits from partial or total exemption, based on some special regime or administrative practices on the part of either of the States, the benefits provided for in the convention will be denied. To this end, a special regime is deemed to exist when the two Contracting States have so determined by mutual agreement.

The convention entered into between Mexico and Malta also includes another provision to guard against base erosion. Thus, if such income is paid under the scope of a transaction or series of transactions structured in such a way that the recipient of the income who is entitled to the benefits provided by the treaty receives such dividends and pays at least 50% of them, directly or indirectly, to another person who is not resident in the Contracting State in question and who, consequently, would not normally be entitled to the benefits or to benefits equivalent to those provided for in the convention, the articles relating to interest and royalties will not apply.

With modern legislation that protects the interests of investors, and an Administration and regulatory bodies that are not only rigorous and competent but also highly sensitive to business issues, Malta has become the ideal jurisdiction in which to develop businesses in international markets, including countries such as Mexico.

Download our Brochure Why Malta and learn more about the advantages of investing in Mexico through this jurisdiction.

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Portugal: What’s new in taxes for 2017

In on January 12, 2017 by NEWCO

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The New Year has brought few relevant changes in terms of taxes in Portugal, which is good news for the stability of the tax regime, stability being something that investors crave so much.

Below are some of the changes introduced within the scope of the 2017 Budget that could impact the companies of the International Business Centre of Madeira:

  • Special payment on account: The limit was formerly €1,000 and now it has been reduced to €850;
  • Urgent binding information: The maximum period for responding to a request for urgent binding information has been reduced from 90 to 75 days.
  • Countries, territories or regions with regimes that are clearly more favourable: now also included on the list of countries, territories or regions with regimes that are clearly more favourable are those that, even though they are not included in the list published by the Portuguese government, do not have a tax identical or similar to a corporate income tax, or if it exists, the applicable rate is less than 60% of the corporate income tax rate in force in Portugal, whenever cumulatively speaking the tax codes and legislation expressly stipulate this and there are special relations between people and entities that reside in those places and the residents of Portuguese territory.

This rule is not applicable to EU Member States or members of the European Economic Area (provided that there is formal administrative cooperation on taxation equivalent to that which is in place within the European Union).

Also in this regard, the Isle of Man, Jersey and Uruguay were removed from the list of countries, territories or regions with a clearly more favourable regime, as of 1 January 2017.

  • Updating of the IAS amounts and the Guaranteed Minimum Monthly Income: the indexation amount of social welfare (IAS) payments in 2017 is now €421.32. As such, the amount of the Guaranteed Minimum Monthly Income was adjusted and in Madeira it will be €568.14;
  • Independent taxation rates: Representation costs, daily allowances and travel allowances for use of the worker’s own car will now be subject to independent taxation, regardless of whether or not these costs are deductible from corporate taxes;
  • Tax losses: The rule determining that deductible tax losses must be calculated over a longer period of time has been eliminated. This change ensues from the reduction in the carry over period for tax losses, dropping from 12 to 5 years, which will apply to losses generated as of 1 January 2017. In order to prevent more recent losses from expiring, losses whose carry over period will expire first may be deducted first;
  • SAF-T (PT) file: All corporate taxpayers that perform a commercial, industrial or agricultural activity with a stable head office or establishment in Portuguese territory shall be obliged to have the capacity to export SAF-T (PT) files. This obligation was previously only in place for those with computerized organised accounts;
  • Conventional remuneration of shareholder capital: All companies residing in Portuguese territory may now deduct from their taxable profit the amount resulting from the annual application of a 7% rate on entries of up to 2 million euros, when establishing a company or increasing shareholder capital; for this purpose, both cash entries and the conversion of advances or loans to shareholders are taken into account. The deduction is made when calculating taxable profit for the taxation period when the aforementioned entries are made, and during the next five taxation periods;
  • Extinction of benefits from periodic taxes: access to permanent or temporary tax benefits by taxpayers depends on the lack of tax debts. In the case of periodic taxes, this fact should be ascertained not only at the end of the year or taxation period when the taxation event took place, but also when the tax pertaining to the benefit is paid;
  • Exemption from pledging guarantees: Requests for exemption from pledging guarantees in the case of irreparable losses to the taxpayer or in the case of a manifest lack of economic resources can only be refused by the Tax Authorities if there is strong evidence that the lack or inexistence of goods is due to wrongful actions committed by the interested party;
  • Communication of invoice information SAF-T (PT): The deadline for reporting invoice information has been changed to the 20th day of the month that follows the month in which the invoice was issued (previously it was the 25th day).

NEWCO will be pleased to answer any questions regarding these developments or to provide clarifications regarding the impact that these changes may have on the companies of the International Business Centre of Madeira.

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PERES – Special Program for Reducing Government Debt

In on October 25, 2016 by NEWCO

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On November 3 Decree-Law nr. 67/2016 was published, approving the Special Program for Reducing Government debt (Portuguese acronym PERES), which allows extraordinary settlement of debts to the Tax and Customs Authority and/or to the Social Security institute that have not been paid within their regular time limit – until May 31, 2016 for tax debts and until December 31, 2015 for Social Security debts.

According to the legislation approved by the Cabinet and announced by the government, taxpayers (individual and corporate) who are in default may pay the amount they owe in full until the 20th of December, thus benefiting from a complete pardon of interest owed and court costs, or they can agree to an installment payment plan with a maximum duration of 11 years (150 installments) with interest and without requiring pledging of a guarantee.

Those who wish to partake in this extraordinary settlement of debts to the Taxation Authority (tax debts) or to the Social Security Institute (social security debts) must do so electronically on the respective online portals up until 20 December 2016.

This new framework for extraordinary settlement has a new characteristic, namely that it is directed at taxpayers who wish to settle their situation even though they lack the financial capacity to pay their debts all at once. The government’s goal by doing this is to create a situation whereby companies who owe money to the state can still remain economically viable, while also helping families whose available income does not allow them to pay off accumulated debt.

NEWCO is at your disposal to answer any questions you may have regarding this program.

(updated 04/11/2016)

 

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Malta has risen in the world competitiveness ranking

In on October 11, 2016 by NEWCO

Malta

According to the Global Competitiveness Report (2016-2017) of the World Economic Forum (WEF), Malta improved its performance, rising eight spots (40th) over last year (48th) out of 138 countries.

The Global Competiveness Index (GCI), published yearly by the WEF, measures competitiveness between countries, comparing the “level of productivity” of economies by cross-referencing criteria such as: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, market efficiency, labour market efficiency, financial market efficiency, available technology, size of internal and external markets, and sophistication of the production and innovation processes.

In this year’s ranking, Switzerland is in first place for the eighth consecutive year, followed by Singapore and the United States of America, countries which are normally in the top spots of these rankings. Out of the twenty top spots, nine are held by EU countries (Netherlands, Germany, Sweden, United Kingdome, Finland, Denmark, Belgium, Austria and Luxembourg).

Malta is ranked 40th in the GCI, having performed well in health and primary education (18th), available technology (20th) and macroeconomic environment (21st).

In health and primary education, its best rankings were in categories pertaining to life expectancy (16th) and the quality of primary education (19th). The most significant results regarding available technology were attained due to Internet bandwidth (3rd), regular broadband internet subscriptions (7th) and technology transfers (21st). As regards macroeconomics, Malta ranked as the best country with respect to annual percentage change in inflation (1st).

Malta’s success is largely due to the coherence of its economic strategy, which is very much based on macroeconomic soundness and the attraction of foreign investment. Read our recent interview with one of the key players in this success story – Kenneth Farrugia, President of FinanceMalta – published on our blog.

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Malta’s success – an interview with Kenneth Farrugia, Chairman of Finance Malta

In on September 23, 2016 by NEWCO

Kenneth Farrugia FinanceMalta

For many years now, I have been looking at Malta with feelings of surprise and admiration.

While it is true that its historical circumstances and geographic location forced this country/island to find effective ways of survival early on, no one could have predicted that it would have achieved this in such a determined and resilient manner. Not only has it been able to maintain significant economic performance in comparison to other countries in the euro zone, but it has done so during times of great economic and social turmoil, both in Europe and North Africa, its two neighbouring continents.

Recently published numbers do not lie: in 2015 Malta saw a historical 6.3% growth rate, the second highest in the European Union and everything suggests that this trend will continue in 2016 and 2017. This success is due to a consistent increase in investment and private consumption, both leveraged by a diverse economic development strategy based on attracting foreign direct investment (FDI). The financial services sector is the main reason for attracting FDI to Malta, as shown by the data published in February by the Malta National Statistics Office: during the first half of 2015 financial activities and insurance accounted for 98.1% of FDI, corresponding to an estimated flow of €5.2 billion and an increase of €3 billion year on year.

The timing could not have been better to talk to the chairman of one of the main contributors to this success story, namely Kenneth Farrugia, Chairman of FinanceMalta, the body that promotes the financial services industry, which recently earned the Silver Label awarded by the European Secretariat for Cluster Analysis. This is the only organization in the country and the first European cluster operating in the financial services sector to obtain this recognition.

“Malta has learned many lessons from the crisis”

 

In response to our question about what has been the formula for this success, Kenneth Farrugia explained that Malta has learned many lessons from the crisis that hit Europe in 2007/2008. Because of its geographic location, the country has been at the centre of various crises – the ongoing problem of various countries in North Africa and the financial crises of Southern European countries. One of the lessons learned was the importance of maintaining a rigorous and conservative attitude toward financial activities. According to Kenneth Farrugia, Malta was able to stand out thanks to the extremely conservative and prudent manner in which Maltese banks have managed their assets. The Maltese banking sector is very strong and is the foundation of the growth of the international services sector in Malta.

However, the major leverage for Maltese growth was the internationalization of its economic sectors. In the 1980s, when Malta decided to join the European Union, it had to adapt its entire legislative framework accordingly. During the first phase, operators became aware of the new opportunities that this would bring, but they started mostly by serving the domestic market. When Malta joined the European Union, the sectors gained an entirely new dimension, thanks to the internationalization of the country’s economy. This is illustrated by the fact that there are currently some 27,000 fund managers in Malta, while 10 years ago there were only a handful of them.

In the opinion of Kenneth Farrugia, Malta’s value proposition lies in the fact that it has one, single, serious and business-oriented regulator, a solid legislative framework and political and economic stability. The quality of its resources and infrastructures are also important, of course, and although these factors are of a less objective nature, they play a very significant role when it comes to the decisions made by foreign investors, and they make the difference when choosing a jurisdiction for internationalization.

“Malta’s value proposition lies in the fact that it has one, single, serious and business-oriented regulator, a solid legislative framework and political and economic stability”

 

While internationalization is crucial, diversification of economic sectors is no less important. The strategy of the Maltese government has been precisely that: stimulate the development of various economic sectors and benefit from ensuing synergies and complementarity. Today, financial services already contribute to 13% of Malta’s gross domestic product, but tourism continues to be a sector of great importance to the economy, both in terms of product and job creation. However, the country has always had a strong maritime tradition and Malta’s registry is currently the largest in Europe and the seventh largest in the world. More recently, we have also seen the aviation sector develop, both commercial and private (private jets) with the appearance of major commercial and private operators that have resulted in increased direct flights from Malta to other major business centres, such as Dubai. Other sectors that have seen growth are the film industry (the Gladiator was filmed in Malta) and the health and medicine sector, which are industries with great potential for growth and economic impact.

“As regards substance, our actions are based on proportionality”

 

All of these developments inevitably generate questions about the response capacity of the country regarding the substantial needs of its investors. In answering this question, Kenneth Farrugia was decisive: “Substance is the cornerstone of any investment in Malta. No licence is granted if substance is not created in the country. However, the Maltese authorities are very much business-oriented and they act in accordance with proportionality, i.e. we believe that substance must be required in accordance with the business plan and the reality of each company. We must offer these conditions for investors to find in Malta the answer to their needs for substance. From a taxation point of view, this is a very important aspect, in so far as we must ensure that we are dealing with real activities that are at the heart of the income that is subject to benefits.”

As such, the government has created incentives for companies to attract highly qualified professionals from abroad, and more and more professionals have chosen to reside in Malta. Not only are the tax incentives important, but there are many advantages in having a stimulating professional activity on a small island, because the balance between one’s professional and personal life is quite incredible, not to mention security, good climate and good accessibility. In addition, there has also been an effort to increase the domestic offering of qualified resources through investment in training, free childcare and incentives for working mothers. Kenneth Farrugia went on to add, “We are aware that this combination between a qualified local offering and the capacity to attract professionals from abroad is very important in responding to our clients’ needs for substance.”

“If we stop innovating, we stop growing”

 

Anyone who follows Malta’s development rapidly understands that it is its meticulous implementation of its strategic vision that sets the country apart. One of the key elements of its strategy is innovation. Kenneth Farrugia points out that it is not only possible for Malta to continue to innovate in financial services, but that it is indispensable. “If we stop innovating, we stop growing and we are convinced that innovation is the main differentiating factor that sets Malta apart from other jurisdiction. We must constantly innovate and improve our value-added offering and make an effort to implement a consistent pipeline of new ideas flowing out into the market. However, innovation does not merely involve new products; it has various aspects: we can innovate through legislative changes, improved processes, increased quality of services . . . Innovation has always been at the heart of our activity and we have been able to keep up the pace during different phases and cycles. We have no doubt that we will continue to innovate.”

We also have no doubt that Malta will continue its top level performance and serve as model for performance and management of economic development.

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NEWCO receives “SME Leader” award for the sixth consecutive year

In on September 12, 2016 by NEWCO

Estatuto PME Líder

For the sixth consecutive year, NEWCO has won the award for SME Leader, awarded by the Institute Supporting Small and Medium-Sized Enterprises and Innovation (IAPMEI), reinforcing its strength and growth capacity, along with its competitive strategy.

The SME Leader distinction is a seal of approval for companies, attributed by IAPMEI in partnership with Turismo de Portugal (the Portuguese Tourist Board) and a group of partner banks. The aim is to honour the merit of Portuguese SMEs that distinguish themselves through top level performance, based on a series of demanding criteria related to economic indicators and the highest rating grades.

This award has distinguished NEWCO’s rigorous and innovative management, together with the quality of its economic performance and underlying risk profile.

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Madeira accumulates “Tourism Oscars” and once again wins award for “Europe’s Leading Island Destination”

In on September 9, 2016 by NEWCO

Madeira

During a ceremony in which Portugal was the big European winner of the 2016 edition of the World Travel Awards (WTA), Madeira was once again awarded the title of Europe’s Leading Island Destination, its competitors having included the Azores, Balearic Islands, Canary Islands, Cyprus, Crete, Guernsey, Jersey, Malta and the 2015 winner, Sardinia.

Created in 1993, the WTA are internationally recognized as the “Tourism Oscars” and are awarded annually to recognize, reward and celebrate excellence in various tourism areas, including hotels and airline companies. In this year’s edition, Portugal won in 24 out of the 110 categories (*), in voting conducted by the general public and by over 200,000 tourism professionals from close to 160 countries.

The ceremony of the 23rd edition of the WTA took place in Sardinia, Italy, and was attended by Eduardo Jesus, Madeira’s Regional Secretary of the Economy, Tourism and Culture, who stated that the award is “a recognition of Madeira, its population and all those who work in the sector, making Madeira known more and more on a daily basis for various reasons, based on a global strategy of always wanting to do more and better.”

Madeira has therefore once again obtained international recognition and has won a title it had already won in 2013 and 2014, in addition to receiving an international award at end 2015, outclassing “giants” in island tourism, such as Bali, Barbados, Crete, Cook Islands, Jamaica, Maldives, Mauritius, Saint Lucia, Sardinia, Seychelles, Sicily and Zanzibar.

According to recent statements from President of the Regional Government of Madeira Miguel Albuquerque, Madeira hotels should reach a total of seven million overnight stays this year, having attained international recognition by winning three awards in the category dedicated to Europe’s leading hotels and resorts (Pestana Porto Santo – Leading All Inclusive Resort; Choupana Hills Resort & Spa – Europe’s Leading Boutique Resort; and The Vine Hotel – Europe’s Leading Island Hotel & Spa), and two awards on a national scale (Hotel Quinta do Lorde Resort, Hotel & Marina – Portugal’s Leading Green Hotel and Belmond Reid’s Palace – Portugal’s Leading Hotel).

For a region whose economy is essentially based on international services, with tourism and the International Business Centre being the major sources of income for the regional economy, this recognition represents an incentive for maintaining the quality of a region that is recognized for its friendly and cosmopolitan population, in addition to other qualities that attract a large community of foreigners of various nationalities who have chosen Madeira as their home.

To get to know all of the advantages of living in Madeira, download our guide “Living in Madeira” or contact us.

(*) Categories:

  1. Europe’s Leading Airline to Africa: TAP Portugal
  2. Europe’s Leading Airline to South America: TAP Portugal
  3. Europe’s Leading All-Inclusive Resort: Pestana Porto Santo All Inclusive & Spa Beach Resort
  4. Europe’s Leading Beach Destination: Algarve
  5. Europe’s Leading Beach Resort: Hotel Quinta do Lago
  6. Europe’s Leading Boutique Hotel: Vila Joya
  7. Europe’s Leading Boutique Resort: Choupana Hills Resort & Spa
  8. Europe’s Leading Business Hotel: Myriad by SANA Hotels
  9. Europe’s Leading Cruise Destination: Lisbon
  10. Europe’s Leading Cruise Port: Port of Lisbon
  11. Europe’s Leading Design Hotel: Altis Belém Hotel & Spa
  12. Europe’s Leading Family Resort: Pine Cliffs Resort, a Luxury Collection Resort, Portugal
  13. Europe’s Leading Hotel Villas: Private Villas at Vila Vita Parc (Algarve)
  14. Europe’s Leading Inflight Magazine: Up Magazine (TAP Portugal)
  15. Europe’s Leading Island Destination: Madeira
  16. Europe’s Leading Island Hotel & Spa: The Vine Hotel (Madeira)
  17. Europe’s Leading Landmark Hotel: Bairro Alto Hotel (Lisbon)
  18. Europe’s Leading Luxury Resort & Spa: Conrad Algarve
  19. Europe’s Leading MICE Hotel: EPIC SANA Algarve Hotel
  20. Europe’s Leading New Resort: Pine Cliffs Ocean Suites, a Luxury Collection Resort
  21. Europe’s Leading River Cruise Company: DouroAzul
  22. Europe’s Leading Tourism Development Project: Paiva Walkways
  23. Europe’s Leading Tourist Board: Turismo de Portugal
  24. Europe’s Most Romantic Resort: Monte Santo Resort

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Portugal broadens network of DTTs to include 75 countries

In on August 11, 2016 by NEWCO

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Following publication during the past weeks of the treaties with Saudi Arabia, Oman, Vietnam and São Tomé and Príncipe, there are now 75 countries with which Portugal has signed a double taxation treaty.

Approval of these treaties with countries from three different regions – Middle East, Southeast Asia and Portuguese-speaking Africa – illustrates Portugal’s commitment to reinforcing its fiscal competitiveness and to creating better conditions for Portuguese companies, which are increasingly broadening their international activities to include different regions of the world.

The double tax treaties approved by Portugal are in accordance with the OECD Model Convention and include mechanisms for preventing tax fraud and tax evasion, in line with the recommendations of the relevant international and EU organisations.

The full list of DTTs signed by Portugal is available here.

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