Category: Portugal

Tax Planning And Portugal’s Non Habitual Residence Scheme

Portugal can be a very attractive country to live in from a tax point of view. The inheritance tax regime is very benign here, and there is no wealth tax. Tax efficient arrangements can lower tax liabilities on your investment and pension income. And if you are a new resident,… – Continue reading

A place in the sun: Retiring overseas requires careful tax planning

Jason Porter explores the tax regimes in Portugal, France, Malta and Cyprus – four of the most advantageous territories for UK ex-pat retirees People aged 55 and over are now entitled to their pension in the form of a lump sum, to be taxed at marginal rates applying in the… – Continue reading

Those Gruelling U.S. Tax Rates: A Global Perspective

The Tax Foundation released its inaugural “International Tax Competitiveness Index” (ITCI) on September 15th, 2014. The United States was ranked an abysmal 32nd out of the 34 OECD member countries for the year 2014. (See accompanying Table 1.) The European welfare states such as Norway, Sweden and Denmark, with their… – Continue reading

Saudi tax deal heralds increased efforts to boost trade, investment

Portugal’s deputy prime minister, Paulo Portas, and Saudi Arabia’s minister of trade, Tawfiq bin Fawzan Al-Rabiah, recently signed an agreement abolishing double taxation between the two countries, as part of a continued broader effort by Portugal’s government to boost exports and investment. The document was signed after a meeting in… – Continue reading

Portugal: New Rules For Portugal’s Golden Visa Residence Programme

In October 2012 Portugal launched its Golden Visa Residence Programme with the aim to provide prospective Non-EU foreign investors with the opportunity to take up residency in Portugal through investment. Recently, the Portuguese Parliament promulgated a set of new rules pertaining to this particular programme. The said rules are still… – Continue reading

The ultimate pension freedom: Retire in Portugal and reduce your tax

New freedoms mean you can move your pension abroad. We show you where you’ll pay the least tax It is the ultimate dream for many people – to work hard, build up a nest egg and retire abroad to a climate with year-round sunshine. Now there is an added financial… – Continue reading

EU studies four countries over banks’ deferred tax assets

(Reuters) – European Union regulators are scrutinizing four EU countries’ treatment of banks’ deferred tax assets (DTAs) to see if they constitute potentially illegal state aid, the European Commission said on Tuesday. The EU executive said it had contacted authorities in Spain, Italy, Portugal and Greece following requests from some… – Continue reading

EU considers probe into unfair state aid for south European banks

The EU is collecting evidence to determine if Greece, Portugal, Spain and Italy should face an investigation into whether they are illegally underwriting banks, reports the Irish Times. The EU is collecting evidence to determine if Greece, Portugal, Spain and Italy should face an investigation into whether they are illegally… – Continue reading

Global Tax Transparency Goes Live in 2016

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading

Dividend imputation clears an early tax review hurdle

Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading

Luxembourg: Luxembourg’s Direct Tax Administration Publishes Circular On Residency Certificates For Funds

Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading

Lisbon “firmly supports opening of chapters”

BELGRADE — Serbia and Portugal have “very good political and friendly relations” with Lisbon “strongly supporting” Serbia’s EU integration, it has been said in Belgrade. Portugal also supports Serbia’s bid to open accession negotiations chapters with the EU, the country’s Foreign Minister Rui Machete said during a joint news conference… – Continue reading


The Government of the Virgin Islands enhanced relations with the Portuguese Republic by concluding a Tax Information Exchange Agreement (TIEA) this week bringing the total signed TIEAs to 19. Deputy Premier and Minister of Health and Social Development, Honourable Dancia Penn, OBE, QC, and Secretary of State for Tax Affairs… – Continue reading

deloitte portugal transfer pricing

A total of 97% of respondents to a Deloitte consultancy survey over the major obstacles to doing business in Portugal identified the “inconsistencies” and changes in the information made available by the taxation authorities as a problem. The Deloitte European Tax Survey also reported that that 97% resulted from what… – Continue reading

Luxembourg Supports EU Tax Ruling Reforms

The Luxembourg Government is to provide the European Commission with a list of the tax rulings issued by its tax authorities, along with a list of the beneficiaries of its concessionary tax regime for intellectual property (IP) income. Luxembourg Prime Minister Xavier Bettel announced that the decision had been made… – Continue reading

Commission To Probe All EU Advance Tax Rulings

The European Commission has announced that its ongoing inquiry into advance tax rulings will be expanded to cover all European Union member states. The Commission said on December 17 that it will ask member states to confirm whether they offer tax rulings. If they do, they will be requested to… – Continue reading

Investigation into tax rulings to be extended to all EU member states, says Commission

An investigation into tax rulings provided by certain EU member states is to be widened to cover all member states, according to a press release from the European Commission.17 Dec 2014 Tax Disputes and Investigations EU & Competition Tax Public procurement and state aid Corporate tax International tax UK Europe… – Continue reading

Espirito Santo chief denies wrongdoing, points finger at Bank of Portugal

LISBON (Reuters) – The former head of Banco Espirito Santo <BES.LS> on Tuesday denied any wrongdoing in the collapse of the bank his family founded and blamed the Bank of Portugal for accelerating its demise. Portugal had to rescue the country’s largest bank, known as BES, in a 4.9 billion… – Continue reading

Putin welcomes billionaires back to Russia – but will they come?

President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading

Luxembourg rejects bankruptcy appeal by Espirito Santo’s Rioforte

Dec 3 (Reuters) – A Luxembourg court on Wednesday confirmed that a holding company of Portugal’s Espirito Santo family could not receive bankruptcy protection. Rioforte Investments, whose assets include many of the family’s holdings in real estate, hotels and plantations, had appealed against an earlier decision by a Luxembourg court… – Continue reading

No extra NHR tax exemptions in 2015, say Portuguese officials

Proposals to extend capital gains and investment income tax exemptions under Portugal’s Non-Habitual Residents Tax Regime have not been passed, say government officials It seems that the Portuguese government has shelved plans, at least for 2015, to extend capital gains and investment income taxation exemptions. However, officials say they are… – Continue reading

Shareholders in BES firms seek information on €1.6m transfer

Cash in companies run by businessman Declan Conway was moved to two offshore companies Shareholders in two Business Expansion Scheme (BES) companies run by businessman Declan Conway have written to him demanding to know why almost €1.6 million was transferred from both firms to a number of offshore entities. Between… – Continue reading

Espírito Santo Financial to File for Bankruptcy

LONDON – The Espírito Santo Financial Group, which at one point held about 25 percent of the bailed-out Portuguese lender Banco Espírito Santo, said on Thursday that it would file for bankruptcy after it was denied creditor protection by a Luxembourg court last week. Espírito Santo Financial is part of… – Continue reading

Everything That’s Wrong with the US Tax System in One Chart

Last week the Tax Foundation released its annual International Tax Competitiveness Index for 2014. The United States ranked 32 out of 34 OECD countries surveyed. Only Portugal and France got lower competitiveness scores, and not by much. As if that were not bad enough, the competitiveness score is only half… – Continue reading

Forget Zimbabwe, U.S. Tax System Ranks At Bottom, Just Better Than Portugal

Remember the study last year that ranked our tax code right below Zimbabwe? Now, a new study by the Tax Foundation still ranks us near last. Zimbabwe wasn’t a part of this contest, since the new study looked only at the 34 countries making up the OECD. Still, we have… – Continue reading

Malta halves EU property residency requirement

Malta’s High Net Worth Individual Rules for EU, which carried a minimum property investment of €400,000, has been replaced by the Global Residence Programme, with an entry point as low as €220,000 Malta has announced a new residency programme for EU nationals – and has halved the minimum property purchase… – Continue reading

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

Review of patent tax regimes in EU has Irish support

Ireland can adopt ‘wait-and-see’ approach on tax breaks, says Department of Finance Ireland supports the EU review of all patent box regimes – under which certain member states offer tax breaks for intellectual property – and has decided to take a “wait-and-see approach” on the issue until guidance is provided… – Continue reading

Corporation tax: Rate cut likely as Prime Minister David Cameron set to let Northern Ireland go it alone

Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading

Brazil’s Scolari under investigation for alleged tax evasion in Portugal

Luiz Felipe Scolari is the subject of a criminal investigation in Portugal, authorities said Wednesday, bringing an unwelcome distraction for the Brazil coach as his country prepares to host the World Cup. Officials wouldn’t say what the investigation is about. In Portugal, ongoing investigations fall under the country’s judicial secrecy… – Continue reading

More Countries Agree to Help U.S. Crack Down on Tax Dodgers

The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa… – Continue reading

British Virgin Islands: BVI & Canada: Down To business – TIEA Now Effective

The Canada-BVI Tax Information Exchange Agreement (“TIEA”) came into force on 11 March 2014. The TIEA was signed in May 2013, and the effective date provisions are set out in Article 13 of the Agreement. The BVI is now party to 25 TIEAs. What are the benefits? The BVI/Canada TIEA is significant due… – Continue reading

Cyprus: Cyprus Signs Five New Double Tax Treaties

As of January 1st 2014, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs. All the agreements aim to avoid double taxation between the mentioned countries and follow the OECD conventional model on income and capital. The… – Continue reading