Buying procedure of a corporate owned “offshore” property.
Written by Offshore Property on 2009/01/04 – 10:14 PM
Many properties in Portugal, and especially the Algarve, are owned by a corporate structure. Today these corporate structures are usually domiciled in Malta or Delaware but there are various other white listed jurisdictions such as New Zealand and even Portugal and the UK. The property itself is an asset of the company and buyers purchase the shares of the company. This transaction takes place under the jurisdiction of the area in which the company is based. Both parties do still require a local lawyer as the usual searches on the property here in Portugal must also be carried out, and most local lawyers are familiar with this type of corporate transaction.
A Share Purchase Agreement is drawn up, the usual 10% deposit paid and a completion date set in the usual manner. The immediate benefits of such a transaction are its simplicity, its tax efficiency and the fact that all documentation proceeds in the English language.
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