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List of countries, territories and regions with favourable tax systems:

American Samoa American Virgin Islands Andorra
Anguila Antigua and Barbuda Aruba
Ascension Bahamas Bahrain
Barbados Belize Bolivia
British Virgin Islands Brunei Cayman Islands
Channel Islands1 Christmas Island Cook Islands
Costa Rica Djibouti Dominica
Falkland Islands French Polynesia Gambia
Gibraltar Grenada Guam
Guiana Honduras Hong Kong
Independente State of Samoa Isle of Man Jamaica
Jordan Kiribati Island Kuwait
Labuan Lebanon Liberia
Liechtenstein Mauritius Monaco
Montserrat Nauru Netherland Antilles
Niue Island Norfolk Island Pacific Islands not mentioned specifically
Panama Porto Rico Qatar
Queshm Island Republic of Fiji Republic of Palau
Republic of Vanuatu Republic of Yemen Saint Helena
Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon
Saint Vincent and Grenadines San Marino Seychelles
Solomon Islands Sultanate of Oman Svalbard (Spitsbergen archipelago and Bear Island)
Swaziland Territory of the Cocos (Kelling) Islands The Bermudas
The Maldives The Marshall Islands The Northern Mariana Islands
The Pitcairn Islands Tokelau Tonga
Trinidad and Tobago Tristan da Cunha Turks and Caicos Islands
Tuvalu  Uruguay  United Arab Emirates

1Alderney, Jersey, Guernsey, Great Sark, Herm, Little Sark, Brechou, Jethou, Lihou.

This list is vitally important to Madeira, seeing as there are various anti-avoidance rules that apply to transactions with entities residing in these territories. For instance, payments made by Madeira companies to entities residing in tax havens shall not be deductible when calculating taxable profit and shall be subject to autonomous taxation at a rate of 35%, or 55% in the case of exempt companies or companies whose main activity is not commercial, industrial or agricultural, unless the taxpayer can prove that such charges correspond to transactions performed without any unusual characteristics or excessively high amounts.


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