Non Habitual Resident Portugal Requirements
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Insights Vol 7 No 1
A GRETT-ABLE SITUATION: NEW TRENDS IN GERMAN REAL ESTATE TRANSFER TAX ON SHARE DEALS PORTUGUESE TAXATION OF DISTRIBUTIONS FROM TRUST CAPITAL: A CRITICAL ASSESSMENT O.E.C.D. UNIFIED APPROACH GARNERS LESS UNIFIED COMMENTS FROM EUROPE’S TECH PRODUCERS AND USERS AND MORE Insights Vol. 7 No. 1 TABLE OF EDITORS’ NOTE CONTENTS In this month’s edition of Insights, our articles address the following: Editors’ Note • A gRETT-able Situation: New Trends in German Real Estate Transfer A gRett-able Situation: New Tax on Share Deals. For decades, the German Real Estate Transfer Tax Trends in German Real Estate Act (“gRETT Act”) has imposed a transaction tax on the sale of real estate Transfer Tax on Share Deals ..... 4 in Germany. In recent years, the tax has applied to the sale of shares that indirectly transfer real estate located in Germany. When initially enacted, a Portuguese Taxation of sale of all shares was taxable under the gRETT Act. In the year 2000, the Distributions from Trust Capital: triggering percentage was reduced to 95%. Last year, proposed legislation A Critical Assessment .............. 11 would have reduced the triggering percentage to 90%, but the draft bill was never enacted. In 2020, the triggering percentage may be reduced to as O.E.C.D. Unified Approach low as 75% or some other percentage whenever new legislation is adopted. Garners Less Unified Comments Exactly what constitutes an indirect sale of German real estate is surprisingly from Europe’s Tech Producers broad, and unlike comparable taxes in other countries, the sales need not be and Users ............................... -
Deloitte Legal Perspectives: International Dismissal Survey
Deloitte Legal Perspectives International Dismissal Survey February 2018 Brochure / report title goes here | Section title goes here Contents Introduction 5 Cost projection 6 Main conclusions 13 Dismissal Calculator 20 Country reports 25 This is a survey conducted in December 2017 and consequently reflects the legislation of the different countries at that particular time. The figures used in the cost projection date from December 2017 and therefore do not take into account any changes in legislation of a later date. Although this survey has been performed with the greatest care, the material in this guide is only for information purposes on general practices. The authors may not be held responsible in any way for any possible error that might occur or for any use or interpretation that could be made of this information. It is not intended to be used as advice in any event. 3 International Dismissal Survey Countries across all Introduction regions (America, This 4th edition of the International Dismissal Survey is more than a refresh. Firstly, the number of participating countries has increased by 15. In addition to more European countries (Cyprus, Servia, Bosnia and Herzegovina, etc.), the survey for the first Europe and APAC) time also includes countries from Latin America (e.g. Brazil, Colombia, Ecuador) and the Asia- Pacific region (e.g. China, Singapore, Japan etc.). In total, this survey comprises the legislation of 46 countries: share many similar Austria, Albania, Azerbaijan, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, China, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Ecuador, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Kazakhstan, Latvia, Lithuania, Luxembourg, Malta, Montenegro, Myanmar, employment termination Norway, Poland, Portugal, Romania, Russia, Singapore, Serbia, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Thailand, the Netherlands, the United Kingdom and Vietnam. -
Portuguese Investment Funds – New Tax Regime
Portuguese Investment Funds – new tax regime Ana Paula Basílio Head of the Tax Department at Gómez-Acebo & Pombo in Portugal Decree-Act 7/2015, of 13 January, has approved a In addition to the limitations on CIT-deductible new tax regime for Portuguese Securities Investment expenses, the former tax regime does not allow for Funds and Real Estate Funds, covering both tax losses computed in a certain year in respect of investment funds with a contractual and corporate a specific category of income to be offset against tax nature (“Funds”), as well as the corresponding profits computed in respect of another category of unitholders/shareholders (“Investors”). income; on the other hand, tax losses computed in a certain year cannot be carried forward and deducted To summarize, under the new regime, most of the against future tax profits (even if computed within income obtained by Funds will become exempt the same category of income). from Corporate Income Tax (CIT). Non-resident Investors without a local permanent establishment Although income distributed by Portuguese Funds (provided they do not have their residence in to non-resident Investors was already exempt from a ‘tax haven’ and no more than 25% of its taxation in Portugal, non-resident Investors could not share capital is held by Portuguese-residents) obtain, in their countries of residence, a tax credit on will remain exempt from Portuguese taxation the CIT paid by the Portuguese Funds themselves. in respect of income derived from Securities Investment Funds and, in respect of income The new tax regime will not trigger such downsides, derived from Real Estate Funds, they will become because results obtained by the Funds related to taxed in Portugal at a 10% rate. -
Unsere Strände in Der Algarve
Unsere Strände in der Algarve An der Algarve finden Urlauber alles, was man zu einem besonderen Strandurlaub braucht. Der Atlantik lockt mit fantastischen Wellen, die Surfer das ganze Jahr über an. Besonders beliebt ist dafür die Region um Aljezur, denn dort können die spektakulären Wellen das ganze Jahr über geritten werden. Wer weiche Sandstrände bevorzugt, wird am ehesten an der Küste zwischen spanischer Grenze und Faro fündig. Die Vielfalt der Region lockt aber auch Abenteuer-Urlauber und Sonnenhungrige an. Egal, ob nun Erholung oder Action angesagt ist, hier werden alle gleichermaßen glücklich. Bei 300 Sonnentagen im Jahr ist das auch kein Wunder. Die Südküste der Algarve teilt sich in zwei Abschnitte: An der Westküste finden Sie die schroffen Felswände wie in Sagres und die malerischen Buchten. Teilweise sind sie ganz versteckt und nur schwer zu erreichen. Aber ein Besuch lohnt sich garantiert. An der östlichen Küste befinden sich hingegen die kilometerlangen und flachen Sandstrände. Schauen Sie selbst was Sie in Portugal entdecken möchten. Es gibt so viel zu sehen und so viele Strände, dass wir nun einige von der spanischen Grenze bis nach Odeceixe aufgelistet und beschrieben haben: Praia do Santo António: Nur noch der Fluss Rio Guadiana trennt Praia do Santo António von Spanien. Hier findet ihr ein Idyll, an dem ihr mit der puren Natur in Kontakt kommen könnt. Der kilometerlange Strand wird von einem grünen Dünenwald umgeben und verleiht diesem Ort ein zauberhaftes Ambiente. Obwohl der Strand nicht sehr touristisch ist, findet ihr hier eine Bar und einen Wassersportanbieter. Praia de Monte Gordo: In den Sommermonaten ist am weitläufigen Strand richtig viel los, dann strömen zahlreiche Familien aus Portugal und Spanien hierher, um ihre Sommerferien am milden Atlantik zu verbringen. -
Unique Experiences by Portitours
EXCURSÕES UNIQUE EXPERIENCES BY PORTITOURS INFOLINE (+351) 282 470 060 01 THE WONDERS OF RIA FORMOSA BOAT TRIP & VISIT TO OLHÃO MARKET AS MARAVILHAS DA RIA FORMOSA (PASSEIO DE BARCO & VISITA A OLHÃO) Partimos do local de encontro em direcção à bonita Vila de Olhão, onde visitará o mercado, onde poderá encontrar uma grande variedade de produtos alimentares, como fruta e peixe fresco. Partimos então num agradável barco à descoberta da Ria Formosa. Durante o percurso faremos uma paragem numa das muitas ilhas desta zona para que possa fazer um passeio à descoberta da beleza das praias desta zona. THE WONDERS OF RIA FORMOSA (BOAT TRIP & VISIT TO OLHÃO MARKET) We visit Olhão, a traditional shing village where you can explore the market famous for its huge selection of sh. After visiting Olhão it is time to board and start our wonderful boat trip along the meandering waterways and lagoons of the Ria Formosa! Stop o at one of the Islands to enjoy a stroll along the pristine sands in the sunshine and marvel at the natural sculptures of the sand dunes. You also have time to have a swim in these beautiful crystal waters. DIE WUNDERN DER RIA FORMOSA (BOOTSFAHRT & OLHÃO) Im Olhão bummeln wir ein wenig durch den super interessanten Fischmarkt. Danach erwartet uns ein Boot, um einer wunderschönen Fahrt entlang des Naturschutzgebietes der Ria Formosa zu machen. Während der Reise, fahren wir durch die Kanäle in Richtung einer der Inseln des Naturparks, wo Sie freizeit um einen Spaziergang an diser wunderschöne Strand haben. Es bleibt Ihnen noch genügend Zeit für ein Bad an diesem wunderschönen Strand bevor wir zum Hafen zurückfahren. -
Algarve Brochure.Pdf
You have probably heard about the Algarve. A friend may have told you about one of its magnificent beaches, maybe you’ve seen a report about its cuisine or perhaps you’ve picked up a brochure like this one before. But there is an Algarve that you haven’t seen, tasted or explored before: it’s the Algarve that the local people know and love. For almost three thousand years Phoenicians, Carthaginians, Greeks, Romans, Goths, Maghrebins and Mauritanians did what you do - they passed through the Algarve. Until, in 1249, the Al-Gharb (“the West”) was finally taken from the Islamic world by Sancho II, who took the title of King of Portugal and the Algarve. Since then, the pride shared by the inhabitants of the Algarve has compelled them to reveal their region’s greatest secrets to visitors – about their favourite beaches, hidden hamlets, natural walks and even recommending the best restaurants. Sun and Sea 2 Golf 8 Health and Wellness 14 Culture 20 Nature 26 Nautical Tourism 32 Sport 38 Meeting Industry 44 1 St. Vicent Lighthouse Beliche Beach Sun and Sea The Horizon as a meeting point 2 Barra da Armona - Olhão 4 Sun and Sea Let us reveal a secret: the word Algarve comes from the Arabic “Al Gharb”, meaning “West”, but if you’ve been here before you know that it could also mean sun and sea. The sun shines brightly in the Algarve for around 300 days a year, during spring and summer naturally, but in autumn and winter as well. The sea is always ready to welcome swimmers, surfers, body-boarders, divers, fishermen, yachtsmen, sailors and any other lovers of clear, warm waters. -
Tours Around the Algarve
BARLAVENTO BARLAVENTO Região de Turismo do Algarve SAGRES TOUR SAGRES SAGRES TOUR SAGRES The Algarve is the most westerly part of mainland Europe, the last harbouring place before entering the waters of the Atlantic, a region where cultures have mingled since time immemorial. Rotas & Caminhos do Algarve (Routes and Tours of the Algarve) aims to provide visitors with information to help them plan a stay full of powerful emotions, a passport to adventure, in which the magic of nature, excellent hospitality, the grandeur of the Algarve’s cultural heritage, but also those luxurious and cosmopolitan touches all come together. These will be tours which will lure you into different kinds of activity and adventure, on a challenge of discovery. The hundreds of beaches in the Algarve seduce people with their white sands and Atlantic waters, which sometimes surge in sheets of spray and sometimes break on the beaches in warm waves. These are places to relax during lively family holidays, places for high-energy sporting activity, or for quiet contemplation of romantic sunsets. Inland, there is unexplored countryside, with huge areas of nature reserves, where you can follow the majestic flight of eagles or the smooth gliding of the storks. Things that are always mentioned about the people of the Algarve are their hospitality and their prowess as story-tellers, that they are always ready to share experiences, and are open to CREDITS change and diversity. The simple sophistication of the cuisine, drawing inspiration from the sea and seasoned with herbs, still Property of the: Algarve Tourism Board; E-mail: [email protected]; Web: www.visitalgarve.pt; retains a Moorish flavour, in the same way as the traditional Head Office: Av. -
Taxing the Informal Sector in Developing Countries: the Case of Ghana
TAXING THE INFORMAL SECTOR IN DEVELOPING COUNTRIES: THE CASE OF GHANA By ALEXANDER AMPAABENG A thesis submitted to The University of Birmingham for the degree of DOCTOR OF PHILOSOPHY Department of Accounting and Finance Birmingham Business School The University of Birmingham September 2018 University of Birmingham Research Archive e-theses repository This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder. ABSTRACT Taxing the informal sector poses a significant challenge to every tax authority. The task of designing a system to encourage voluntary tax compliance in the informal sectors of developing economies is a particularly important task given the relative sizes of these sectors in their domestic economies. Due to lack of reliable data about the operators of the informal economy it is difficult to comprehensively understand what produces tax non-compliance, and even less what motivates compliance, however, this information is critical to the design of effective policy. Most tax authorities resort to using blunt and often punitive measures designed to deter evasion rather than promoting long term voluntary compliance. Existing literature on informal sector taxation in developing countries is limited, and what does exist emphasises development of the tax system rather than understanding the taxpayer. -
Private Client 2016 5Th Edition a Practical Cross-Border Insight Into Private Client Work
ICLG The International Comparative Legal Guide to: Private Client 2016 5th Edition A practical cross-border insight into private client work Published by Global Legal Group, in association with CDR, with contributions from: Alarcón Espinosa, Abogados Matheson Arqués Ribert Junyer – Advocats Michael Shine & Partners, Advocates and Notaries Berwin Leighton Paisner LLP Miller Thomson LLP Bircham Dyson Bell LLP MinterEllison Bluelyn B.V. MJM Limited Chetcuti Cauchi Advocates Mourant Ozannes Cyril Amarchand Mangaldas O’Sullivan Estate Lawyers Deloitte Albania sh.p.k. Ospelt & Partner Attorneys at Law Ltd. DLA Piper P+P Pöllath + Partners Gordon S. Blair Law Offices Paul, Weiss, Rifkind, Wharton & Garrison LLP Greenille by Laga Society of Trust and Estate Practitioners (STEP) Ivanyan & Partners Tirard, Naudin, Société d’avocats Katten Muchin Rosenman LLP Turanzas, Bravo & Ambrosi Lenz & Staehelin Vieira de Almeida & Associados Macfarlanes LLP Withers Bergman LLP Maples and Calder The International Comparative Legal Guide to: Private Client 2016 General Chapters: 1 Charity Law and the Taxation of Philanthropy in England and Wales – Nicholas Harries & Nicholas Pell, Macfarlanes LLP 1 2 Globally Speaking: Putting HMRC’s Approach to Taxation of Foreign Owners of UK Property into Context – Helen Ratcliffe & Matt Braithwaite, Bircham Dyson Bell LLP 9 Contributing Editors Jonathan Conder & Robin 3 Pre-Immigration Planning Considerations for the HNW Client – Think Before you Leap – Vos, Macfarlanes LLP Shelly Meerovitch & Joshua S. Rubenstein, Katten -
Strandführer Verzeichnis
algarve Strandführer Verzeichnis 002 aljezur 016 vila do bispo 038 lagos 052 portimão 066 lagoa 086 silves 092 albufeira 116 loulé 128 faro 136 olhão 144 tavira 152 vila real de santo antónio 160 castro marim 166 alcoutim 170 glossar 171 karte der algarve 172 artenliste STRANDFÜHRER // ALGARVE die unzähligen strände der algarve Was kann man noch über die mehr als 100 ausgedehnten Sandbereiche sagen, welche die Algarve zu einem bekannten Touristenziel machten? Mit Sicherheit nichts, was die Liebhaber dieser Strände nicht bereits längst wissen. Hier werden durch die feinen Sandstrände, durch die Gischt, die in die Nase eindringt, durch die blau-grüne Farbe des Meeres, durch die Meerestiere, die in den Meeresbe- cken der Gezeiten (wie der Krebs oder der Seestern) und an der Küstenlinie (wie die Delfine) leben, durch die Wärme der Sonne, die die Naturlandschaft mit goldenen Farben überzieht, und letzt- endlich durch die Aktivitäten, die der Strand ermöglicht, unendlich viele Emotionen ausgelöst. Es gibt unzählige Aktivitäten, für diejenigen, die nicht untätig bleiben möchten: Surfen, Bodyboarden, Wasserski, Windsurfen, Kitesurfen, Paragliding, organisierte Bootstouren, Sportfischen, Tretboot oder Kajak fahren, am Ufer Beachball spielen, Sandburgen bauen oder einfach ein Buch lesen oder sich im Wasser des Atlantiks erfrischen. Dies alles ist möglich an unseren Stränden. Wenn Sie ein bekennender Strandgänger sind, dann ha- ben Sie bestimmt schon einige der Strände getestet, die so sicher sind und ausgezeichnete Dienste für die Sommerurlauber bieten. Aber ein Liebhaber der Strände der Algarve zu sein, bedeutet noch mehr: Nämlich zu wissen, dass diese Strände die verlockendsten und schönsten für die Sommerfe- rien und, als Alternative zum Gebirge, für Winterspaziergänge sind. -
Energy Law in Portugal: Five Questions on the “State of the Art”
Energy Law in Portugal: five questions on the “state of the art” Carla Amado Gomes (coord.) Bernardo Galvão Lucas, Diogo Almeida, João Verne Oliveira, José Calejo Guerra e Nuno Carmona (org.) Energy Law in Portugal: five questions on the “state of the art” Carla Amado Gomes (coord.) Bernardo Galvão Lucas, Diogo Almeida, João Verne Oliveira, José Calejo Guerra e Nuno Carmona (org.) With the participation of law firms: Abreu Advogados; Cuatrecasas; Gonçalves Pereira; Garrigues; Miranda & Associados; Morais Leitão; Galvão Teles, Soares da Silva & Associados; PLMJ Sociedade de Advogados; CMS Rui Pena & Arnaut; Sérvulo & Associados; Uria Menéndez – Proença de Carvalho; Vieira de Almeida Publisher: Instituto de Ciências Jurídico-Políticas www.icjp.pt | [email protected] Centro de Investigação de Direito Público www.icjp.pt/cidp| [email protected] March 2016 ISBN: 978-989-8722-13-3 Alameda da Universidade 1649-014 Lisboa Cover pictures: Thinkstock (Getty Images) Published for ICJP/CIDP by:: OH! Multimédia [email protected] 3 INSTITUTO DE CIÊNCIAS JURÍDICO-POLÍTICAS / CENTRO DE INVESTIGAÇÃO EM DIREITO PÚBLICO INDEX Introduction (p.8 ) 1. Do you consider the current Portuguese regulatory framework to be an incentive to investment in the energy sector? Why? Abreu Advogados (p. 10) Manuel de Andrade Neves e José Eduardo Martins Cuatrecasas, Gonçalves Pereira (p. 11) Rui Mayer e Lourenço Vilhena de Freitas Garrigues (pag. 12) João Rosado Correia e Sara Castelo Branco Miranda & Associados (p. 14) Agostinho Pereira de Miranda, Mariana Gouveia de Oliveira e Filipa Monteiro Morais Leitão, Galvão Teles, Soares da Silva & Associados (p. 15) Ricardo Andrade Amaro PLMJ Sociedade de Advogados (pag. -
The Portuguese Non-Habituals Residents Regime Legal Requirements and Tax Framework Index
THE PORTUGUESE NON-HABITUALS RESIDENTS REGIME LEGAL REQUIREMENTS AND TAX FRAMEWORK INDEX I. NON-HABITUAL RESIDENTS (NHR) REGIME II. QUALIFYING FOR THE NHR STATUS III. SUMMARY I. NON-HABITUAL RESIDENTS (NHR) REGIME The NHR regime is a special taxation regime which provides for a very beneficial tax treatment for the first 10 years of residence in Portugal. Designed to promote the transfer of residence to Portugal of entrepreneurs, investors and specialized professionals, it places the country as a prime tax solution jurisdiction for individuals in receipt of qualifying foreign source income, including employment income, pensions, dividends and interest income. PORTUGUESE SOURCED INCOME Employment and self-employment income: • A reduced 20% flat rate is applicable in case the income is derived from high value-added activities of scientific, artistic or technical nature performed in Portugal, as listed in the following Ministerial Order - https://dre.pt/application/file/a/123407983 - which is in applicable from 2020 onwards. • The list includes, among other professionals: Chief Executive and Executive Directors of Portuguese companies, Directors of Administrative and Commercial services, Directors of Production and specialized services, Doctors, University Professors, IT and Engineering Technicians and Journalists. • Income not falling under the NHR regime is liable to Personal Income Tax according to the general rules applicable to regular tax residents. • Currently, in order to benefit from the 20% reduced tax rate, the taxpayer will only have to indicate the appropriate activity code on the Portuguese tax return to be submitted in a given tax year. No prior recognition procedure is needed. However, taxpayers still must be in possession of supporting evidence of the activity performed and corresponding income.