17-ReAct FISCAL REPRESENTATION OFFSHORE companies.
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: o Resourcing accurate and current information in Portugal for Beneficial owners regarding offshore company obligations as well as relevant legislation. o Most of the above-mentioned info will be made available to you on 2 specially dedicated web-sites www.realestate-algarve.info and www.realestate-activities.com o Clarification of pertinent procedures and interpretations with Finançes o Communications liaison between Finançes and the Offshore Property Company o Reporting to Beneficial Owners and to Directors regarding Company status in Portugal o 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” Re-registration (Declaração 03/02) € 75,00 Início de Actividade € 75,00 IRC = Corporate Income Tax Declarations: 1. Modelo 22 + Annex J 2. Declaração Annual - No rental income € 75,00 3. Declaração Annual – With rental income € 150,00 4. Payment € 25,00 Alteração de Actividade – Changes in company status € 75,00 Cessação de Actividade – Cessation of company activity € 75,00
For “Directors” Keeping directors abreast of company status Providing Annual accounts for submission within offshore jurisdiction € 50, 00
For “Beneficial Owners” Keeping owners cognizant of compliance requirements, both in Portugal and in company jurisdiction Presenting and evaluating strategic options Arranging for specific compliance procedures, such as:
1. Dealing with tax books – Cadernetas 2. Habitation license 3. Modelo 1 IMI – declaring any new or any alterations in building size 4. Rental agreements 5. Translations 6. Sorting out problems.
Fees do not include IVA – VAT (Value Added
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