Category: Portugal

Julius Baer’s Meier Says Future for Advice Is Local

Veteran banker says India purchase reflects client demand for onshore private banking advice. Julius Baer’s Asia Pacific head Thomas Meier is preparing to leave Asia after 20 years, but he isn’t leaving Asia behind. The veteran banker, who also worked at Credit Suisse and Deutsche Bank, will continue to oversee… – Continue reading

Interview: how the tax rulings committee came up with plans for a fairer system

Multinationals should pay their taxes where they make their profits, according to one of the recommendations by the tax rulings committee, which were adopted by MEPs on 25 November. Report authors Elisa Ferreira (S&D, Portugal) and Michael Theurer (ALDE, Germany) told us it had been difficult for the committee to… – Continue reading

Turkey launches golden visa residency scheme

Turkish Economy Minister Nihat Zeybekci says the country is set to follow in the footsteps of Spain, Portugal and Cyprus and launch its own Golden Visa scheme to grant citizenship to those foreigners who invest from €500,000-€1m in property, reports Property Showrooms. Leading Istanbul agent, Universal21, says the move could… – Continue reading

G20 vows balanced growth – Capital flow a concern

Antalya, Nov. 16: The Group of 20 nations today pledged to adopt sound macroeconomic policies to achieve strong, sustainable balanced growth. The near-term objective would be to support growth, create jobs and put debt as a share of gross domestic product (GDP) on a sustainable path. Data show that several… – Continue reading

HMRC publishes a policy paper setting out planned negotiations on DTAs and TIEAs

On November 13, 2015 the UK HM Revenue & Customs (HMRC) published a policy paper setting out planned negotiations on Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs). According to the policy paper HMRC will begin negotiations on double taxation agreements with: • Nepal • Romania • Trinidad… – Continue reading

Blacklisted HK: The Latvian Case

The blacklisting of Hong Kong by the European Union is over for the moment with Spain explaining to the EU it didn’t have HK on its list. In the course of investigation, Harbour Times receives a quick response from the Latvian embassy in Beijing to clarify their stance on Hong… – Continue reading

Fattouh: “FATCA” will replace the law “GATCA”

Secretary general of he Union of Arabs and Sam Fattouh for an international approach to the globalization of law “Vta” American FATCA, any tax compliance with the Law on Foreign Americans accounts, to become international law under labeled GATCA “Gta” (Global Account Tax Compliance Act), any tax compliance law global… – Continue reading

Buying property in Portugal shouldn’t be taxing

Buying a property overseas is an exciting venture, but also one that requires careful financial consideration. To help ease the process, Chris White, Founding Director of boutique estate agency Ideal Homes Portugal, has compiled his top tax tips for buying property in Portugal. Portugal has been called ‘Europe’s best kept… – Continue reading

New Zealand more of a tax haven than Island neighbours

New Zealand still has some work to do to stop the country being used as a safe haven for illicit funds, a new survey shows. The 2015 Financial Secrecy Index has been released, which ranks countries on their ability to promote fiscal transparency. The index is produced by the Tax… – Continue reading

Ireland: The taxman’s verdict

Pascal Saint-Amans sups water from a plastic cup, coughing and spluttering. There’s a weariness about him. He’s battling a cold, and is feeling “bloody sick”. The state of his health isn’t terribly surprising given his recent punishing travel schedule. New York last week preceded by Peru, where G20 finance ministers… – Continue reading

Mandatory disclosure rules: OECD releases final paper on BEPS 12

What has happened? On 5 October 2015 the OECD issued its final paper on BEPS Action 12 Mandatory Disclosure Rules, Action 12 – 2015 Final Report (Paper). In this Alert we highlight the main issues and recommendations for taxation reform raised in the Paper. The Australian Treasurer’s BEPS Press Release… – Continue reading

Real estate, the golden visa and tax

Golden visa EU citizens may freely register as residents in Portugal. However, non-EU citizens may also obtain residence in Portugal if they obtain a ‘golden visa’ by participating in investment activity and fulfilling certain requirements. Requirements Obtaining a golden visa requires one of the following types of investment: acquisition of… – Continue reading

Dhaka, Thimphu in talks to sign double taxation avoidance deal

Staff Correspondent The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round… – Continue reading

NBR to sign deal with Bhutan to avoid double taxation

Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take… – Continue reading

Barcelona’s Javier Mascherano charged with tax fraud in Spain

ESPN FC’s Fernando Palomo previews the upcoming UCL action, highlighting that Barcelona will have to learn to play without Messi. Also Mou faces his old Club, while Bayern may be playing at their best. Barcelona star Javier Mascherano was charged with two counts of defrauding the Spanish tax authorities of… – Continue reading

EU blacklists Hong Kong as ‘non-cooperative tax jurisdiction’

Kenneth Leung (PC,F-Accountancy) explains what he – and the government – are doing to get Hong Kong off the EU’s undeserved blacklisting as a “non-cooperative tax jurisdiction”. Why has Hong Kong been placed on this list? There are ten European countries that have named Hong Kong as a tax haven…. – Continue reading

Italy sees progress on euro zone financial transactions tax

The finance ministers of 11 euro zone countries willing to introduce a financial transactions tax (FTT) are expected to make progress on the thorny issue in a meeting on Saturday in Luxembourg, Italy’s economy minister said. Germany and France proposed the tax in 2012, in the midst of the euro… – Continue reading

Another FC Barcelona Star Could Face Tax Evasion Charges Despite Paying Up

Superstar-laden FC Barcelona might be among the top teams in the Spanish Liga BBVA this season but the team is making news – again – for a more undesirable reason: tax investigations. As Lionel Messi awaits trial on tax evasion charges, another Barcelona star may be joining him. Spanish news… – Continue reading

The Implications for International Tax Planning From the Looming Fiscal Crisis

The international financial sector faces a perilous future. Major challenges loom over an uncertain global economy, while a decidedly negative political climate poses an existential threat to the offshore financial community. With each passing year, thanks to demographic changes and poorly designed fiscal policies, politicians from high-tax nations will be… – Continue reading

Portugal expands its golden visa programme

New investment structures are making it easier for people from outside of the European Union seeking to live in Portugal through the country’s golden visa programme, reports the Expats Forum. The initial minimum investment of €500,000 has been reduced to €350,000 for investment in properties located in districts designated for… – Continue reading

Worldwide: Governments Continue To Welcome Wealthy Foreigners

With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s… – Continue reading

Portugal – United States: FATCA Agreement Signed

On 6 August 2015, Portugal and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement. FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs)… – Continue reading

Spain removes Barbados from blacklist

FOLLOWING A PROTEST from the Ministry of International Business, Spain has removed Barbados from its tax blacklist. This latest development comes after a recent decision was taken by members of the European Union to blacklist this country for being a non-cooperative tax jurisdiction. International Business Minister, Donville Inniss, praised the… – Continue reading

OECD likely to recommend fixed ratio cap on interest tax deductibility, says expert

The Organisation for Economic Co-Operation and Development (OECD) is likely to recommend that restrictions on interest deductibility should mainly involve a cap calculated as a percentage of EBITDA, an expert has said.07 Aug 2015 Corporate tax Tax International tax Energy Infrastructure However Heather Self of Pinsent Masons, the law firm… – Continue reading

Portugal: FATCA reporting deadline extended to 30 November

The tax authorities in Portugal today announced that the initial reporting deadline for foreign financial institutions has been extended to 30 November 2015 (from the original deadline of 31 July 2015). Also, while it has been reported that negotiations for an intergovernmental agreement (IGA) between Portugal and the United States… – Continue reading

Former CEOs retire in Portugal

Three former chief executives of major listed companies have recently moved from Finland to Portugal. Matti Halmesmäki, a 62-year-old former chief executive at Kesko, Sakari Tamminen, a 61-year-old former chief executive at Rautaruukki, and Kim Gran, a 61-year-old former chief executive at Nokian Tyres, have all transferred their residence to… – Continue reading

Thursday’s papers: Portugese tax dodge, boat export surge, Åland plans, apartment rent ris

Finland’s print media carries a mixed bag of headlines this Thursday, from former business bosses moving to tax-soft Portugal to studio apartment rents rising fast outside Helsinki. Neutral zone Åland is also under scrutiny, and the boat industry, at least, is doing well. Top tabloid Iltalehti splashes its front page… – Continue reading

Lisbon treaty: Technical briefing with NDR

Portugal is an increasingly desirable destination, thanks to its tax-friendly stance. Portugal may not be top of everyone’s list in terms of tax-friendliness, particularly given the recent backdrop of the recession and bail-out, but it does have a history of running successful tax-friendly programmes, for example the Madeira and Azores… – Continue reading

OECD establishes roadmap for membership with Lithuania

10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading

Muscat: His Majesty Sultan Qaboos bin Said issued two Royal Decrees, as follows:

Royal Decree No. 26/2015 ratifies the Agreement on Delimitation of Maritime Boundaries (Borders) in Sea of Oman between the Sultanate of Oman and the Islamic Republic of Iran, signed in Muscat on May 26, 2015. Article (1) ratifies the above-mentioned Agreement. Article (2) states that this Decree shall be published… – Continue reading

OECD backs Guernsey in fight against tax haven status

The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and… – Continue reading

Portuguese minister to be charged in money-laundering “golden” visa scandal

Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as… – Continue reading

Top 10 countries with best residence-by-investment schemes

The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes As global economic growth slackens, a number of countries are offering citizenship or residency permits in return for investment in their markets. According to the latest Global Residency Programme Index by Henley & Partners, Portugal topped the list with… – Continue reading

Antigua – Antigua wants EU to apologize for naming it a tax haven

ST. JOHN’S –– Antigua and Barbuda has written to the European Union’s representative in the Caribbean, strongly objecting to the twin-island nation being named a tax haven and calling on the EU to apologize and withdraw the list. In a strongly worded letter to Head of the Delegation of the… – Continue reading

Transactions between Raje’s son Dushyant and Lalit Modi under scanner

Amid a swirl of allegations involving Lalit Modi’s business interests, the government is examining evidence of tax evasion and unlawful foreign exchange transactions between the ousted IPL commissioner and BJP MP Dushyant Singh. Sources told HT the Enforcement Directorate (ED), which tracks overseas transactions and money laundering deals, is scrutinising… – Continue reading

FATCA – Which Countries Are In And Out

FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading

St. Kitts-Nevis Among 30 Countries On EU’s Tax Evasion Blacklist

St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of… – Continue reading

Caribbean states urged to object to EU tax-haven blacklisting

Critics of an EU tax-haven blacklist say the organisation is playing dice with small states’ reputations, while ignoring European tax avoidance hubs BRIDGETOWN, Barbados, June 19, 2015 (AMG) — Doubts have been cast over the methodology and motives behind the naming of fourteen Caribbean countries among a list of thirty… – Continue reading

EU Seeks Transaction Tax as 11 States Meet in Bid to Choose Path

The 11 European nations seeking a financial-transactions tax will meet Thursday in Luxembourg in a bid to decide how to design the measure, according to European Union officials. Participating states are wrangling over which trades to tax and who should collect revenue, according to planning documents obtained by Bloomberg News…. – Continue reading

Bermuda named on EU tax haven list

The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax… – Continue reading