Representation offshore

Representation offshore

In December 2001, the Portuguese Parliament enacted new tax measurements directed against Offshore Property Companies. One of the requirements for “non-resident companies without permanent establishment” is to appoint a fiscal representative in Portugal. For many of my clients who I have advised in the past I have complied with the obligation to register their company with the local tax department in which your property is located.

As your fiscal representative, my service includes:

  • Resourcing accurate and current information in Portugal for Beneficial owners regarding offshore company obligations as well as relevant legislation.
  • Most of the above-mentioned info will be made available to you on 2 specially dedicated web-sites and
  • Clarification of pertinent procedures and interpretations with Finançes
  • Communications liaison between Finançes and the Offshore Property Company
  • Reporting to Beneficial Owners and to Directors regarding Company status in Portugal
  • Acting as agent.

Please note that each owner may have individual requirements, therefore no 2 situations are identical.

Cost for fiscal representation € 150, 00 p/y

However specific service needs may exist and vary on a case-to-case basis and are billed accordingly: For “Finançes”

  1. Re-registration (Declaração 03/02) € 75,00
  2. Início de Actividade € 75,00
  3. IRC = Corporate Income Tax Declarations:
  4. Modelo 22 + Annex J
  5. Declaração Annual - No rental income € 75,00
  6. Declaração Annual – With rental income € 150,00
  7. Payment € 25,00
  8. Alteração de Actividade – Changes in company status € 75,00
  9. Cessação de Actividade – Cessation of company activity € 75,00

For “Directors”

  1. Keeping directors abreast of company status
  2. Providing Annual accounts for submission within offshore jurisdiction € 50, 00

For “Beneficial Owners”

  1. Keeping owners cognizant of compliance requirements, both in Portugal and in company jurisdiction
  2. Presenting and evaluating strategic options
  3. Arranging for specific compliance procedures, such as:
    • Dealing with tax books – Cadernetas
    • Habitation license
    • Modelo 1 IMI – declaring any new or any alterations in building size
    • Rental agreements
    • Translations
    • Sorting out problems.

Fees do not include IVA – VAT (Value Added

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