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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  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
United Arab Emirates    

1Alderney, 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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