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Recording of Webinar on Non habitual residents in Portugal

In on October 24, 2017 by NEWCO

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The recording of our webinar on Non habitual residents in Portugal is now available.

In this webinar, our Managing Partner Frederico Gouveia e Silva explained the benefits of the special tax regime for non habitual residents in Portugal and the opportunities it offers for international investors.

Watch the recording.

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    Portugal wins main “Tourism Oscars” 

    In on October 23, 2017 by NEWCO

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    The festivities on the occasion of the 24th World Travel Awards (WTA), held in Saint Petersburg, Russia, on the 30th of September, saw the Portuguese colours flying high, as the country won the award as Europe’s Leading Destination for the first time. In addition, Madeira took the prize as Europe’s Leading Island Destination for the fourth time.

    Created in 1993, the WTA, also known as the “Tourism Oscars” take place annually to “acknowledge, reward and celebrate excellence across all sectors of the global travel and tourism industry.”

    At this year’s event, Portugal took first place in no fewer than 37 categories, including Europe’s Leading Cruise Port (Lisbon) and Europe’s Leading Beach Destination (the Algarve), putting Portugal firmly on the map as one of the top destinations in Europe and the world. Madeira fended off competition from the Azores, the Balearic Islands, the Canaries, Cyprus, Crete, Guernsey, Jersey, Malta, Sardinia and Sicily to take the prize as “Europe’s Leading Island Destination” for the fourth time, having previously won in this category in 2016, 2014 and 2013.

    These prizes confirm the country’s fine form as it gains international prestige and recognition, as happened at the beginning of September when it was voted as the European country with the best quality of life for ex-pats, according to the “Expat Insider 2017”.

    Added to these characteristics which, in and of themselves, justify a new life in Portugal, are the tax benefits on offer. These are the icing on the cake for anyone planning to invest and live in Portugal, Madeira included.

    For more information about the benefits of this special tax regime and the opportunities it affords for international investors, sign up for our New Webinar: Non-habitual residents in Portugal.

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    Portugal: Regulations on the Conversion of Bearer Securities into Registered Securities

    In on October 3, 2017 by NEWCO

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    Following the publication of Law 15/2017 of 3 May, which prohibited issuance of bearer securities, Decree-Law 123/2017 of 25 September has now been published, regulating the framework for converting existing bearer securities into registered securities.

    Under this legislation, all bearer securities must be converted into registered securities by no later than 4 November 2017.

    Bearer securities that have not been converted into registered securities by that date cannot be transferred and the respective owners are prevented from receiving dividends or other income until such a conversion is made. Notwithstanding, the respective owners shall always be entitled to request that the securities be registered in their name.

    Without prejudice to the option of “normal” conversion, the simplified conversion process allows for the changes that are made to the memorandum of association to be decided by the company’s administrative body, and a notice informing their owners of the conversion process shall be published. Company registration acts and the necessary publications shall be exempt from payment of any fees.

    Our clients who find themselves in this situation, namely in which the shareholder capital of their company is represented by bearer securities, shall be contacted by NEWCO in due course.

    Please see the full text of the Decree-Law here.

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    New webinar: Non habitual residents in Portugal

    In on October 2, 2017 by NEWCO

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    Tuesday, October 24th at 3 pm GMT

    The characteristics of Portugal and its various regions are reason enough to justify a new life in this country, but the tax advantages on offer are the icing on the cake for anyone who wishes to invest and live in Portugal, including Madeira.

    In order to attract high net worth individuals to Portugal, a new and more favourable personal income tax regime (IRS) was created. This special tax regime, applicable for a period of 10 consecutive years, offers non-habitual residents a highly advantageous treatment of income obtained in Portugal or abroad, if certain conditions are met. It is therefore an excellent tool for the attraction of highly qualified professionals as well as investors with international activities.

    In our forthcoming webinar, we’ll explain the benefits of this special tax regime and the opportunities it offers for international investors.

    Register now.

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    Climate and a welcoming environment make Portugal one of the best places in the world to live

    In on September 29, 2017 by NEWCO

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    Madonna did not choose to live in Lisbon by chance! According to one of the expatriates cited by “Expat Insider 2017,” an annual report conducted by InterNations to determine which country offers the best conditions for people who work in a country other than their own, “Portugal is a gem of a country hiding in plain sight.”

    This year, the study by InterNations, an online community that brings together foreign residents with high purchasing power and qualifications on the five continents, saw 125 thousand people in 188 countries respond and they voted Portugal the European country with the best quality of life for expatriates. Portugal ranked fifth overall in the world. The ranking was topped by Bahrain, Costa Rica, Mexico and Taiwan.

    Excellent climate with lots of hours of sunlight, a friendly population and plenty of leisure activities were some of the qualities pointed out that made expatriates consider the country easy to adapt to.

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    New Guide: Non-habitual residents in Portugal

    In on September 19, 2017 by NEWCO

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    The characteristics of Portugal and its various regions are reason enough to justify a new life in this country, but the tax advantages on offer are the icing on the cake for anyone who wishes to invest and live in Portugal, including in Madeira.

    In our new Guide, we explain the advantages of the special tax regime available to non-habitual residents, and how investors with international activities can take the best advantage of these tax benefits.

    Download now!

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    Portugal creates a Central Register of Beneficial Owners

    In on September 5, 2017 by NEWCO

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    Last week saw the publication, in Portugal, of several new laws intended to bolster the fight against money laundering and the financing of terrorism, and to enable access and greater transparency in the exchange of information for tax purposes. Here are details of some of the most significant changes:

    Creation of a Central Register of Beneficial Owners

    Law 89/2017, published on 21 August, approves the legal framework for the Central Register of Beneficial Owners (CRBO), consisting of a database with sufficient, exact and up-to-date information about the individual person or persons who, directly or through a third party, own or effectively control entities subject to the framework.

    Entities subject to the CRBO are: associations, cooperatives, civil societies and commercial companies, and any other collective entities with legal personality that are subject to Portuguese or foreign law, and which conduct activities, or carry out acts or legal business dealings in Portugal that require them to obtain a taxpayer number in Portugal. Representatives of international legal persons or legal persons constituted under foreign law and which conduct activities in Portugal are also subject to the CRBO.

    Within the scope of this CRBO, a website will be created for the purpose where details relating to the beneficial owners will be made available publicly, i.e. name, month and year of birth, nationality, country of residence and the economic interest owned.

    Transposition into domestic law of the fourth anti-money laundering (AML) directive

    Law 89/2017, of 21 August, also transposes into Portuguese domestic law chapter III of EU Directive 2015/849, aimed at preventing the use of the financial system for the purposes of money laundering or the financing of terrorism, and alters various codes and other legal diplomas. Below are some of the most important changes:

    • Documents formalising the incorporation of commercial companies must contain the identification of the individuals who own the shareholdings or any other means of holding effective control over the company, whether directly or through a third party;
    • Commercial companies must keep an up-to-date register identifying their partners and their respective shareholdings, and the individuals who own the shareholdings or hold effective control over the company, whether directly or through a third party;
    • The partners are obliged to inform the company of any change in the identification details mentioned in the previous paragraph, within 15 days of the change occurring.
    • The corporate income tax exemption on the distribution of profits to non-resident partners, provided for in Article 8, paragraphs 3, 6 and 8, of the Corporate Income Tax Code, will cease to apply whenever the resident entity that distributed them fails to comply with the declarative obligations provided for in the CRBO, or in cases where the beneficial owner resides in a territory that is on the list of “tax havens”, except where the taxable person can prove that the beneficiary company is not part of a construction or series of constructions covered under paragraphs 17 and 18 of the same article.

    This law will come into force 90 days after publication, i.e. on 19 November 2017. In the meantime, additional regulations are expected to be published.

    Cash payments of 3,000 euros or more prohibited

    Under Law 92/2017, published on 22 August, specific payment means are now required for transactions involving sums of 3,000 euros or more. In practice, it will now be forbidden to pay or receive cash for transactions of any nature involving sums of 3,000 euros or more (or the equivalent amount in other currencies) or 10,000 euros if the payment is made by individuals who are not resident in Portugal and as long as they are not acting in the capacity of entrepreneurs or traders.

    In the specific case of taxable persons liable for corporate or individual income tax and who have organised accounts, the rule still applies that the payment of invoices to the value of 1,000 euros and over (or the equivalent amount in other currencies) must be made by means of a method that makes it possible to identify the recipient of the payment, i.e. bank transfer, a cheque made out to the recipient or direct debit.

    As NEWCO has been informing its clients, these changes are part of the effort to bring Portugal into line with European and international regulations to prevent and combat money laundering and the financing of terrorism. Please feel free to contact us if you require any further information on this matter.

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    Here’s what our clients think about NEWCO

    In on August 9, 2017 by NEWCO

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    Portugal: 4 new double tax treaties are now in force

    In on July 6, 2017 by NEWCO

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    The network of double-taxation agreements entered into by Portugal continues to expand, giving companies operating in this country and, in particular, at the International Business Centre of Madeira, enhanced fiscal security in their operations with certain international markets.

    Indeed, Portugal has recently entered into such agreements with Bahrain, Ethiopia, San Marino and Vietnam. In total, Portugal has thus far signed 79 double-taxation agreements, 73 of which are already in force.

    See the updated list of DTAs on our website.

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    Recording of our webinar Why Madeira

    In on May 19, 2017 by NEWCO

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    The recording of our webinar Why Madeira is now available.

    In this webinar dedicated to the International Business Centre of Madeira, our Managing Partner Frederico Gouveia e Silva explained the advantages of the jurisdiction for international investments, from a tax, operational and institutional perspective.

    Click to watch the recording.

     

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