Offshore Property

Many people investing in property in Portugal wonder why they must have Fiscal epresentation. First and foremost, it is a legal requirement. Any non-resident owning property or with income generated in Portugal must designate a resident entity to serve as Fiscal Representative to fulfil all compulsory tax obligations. Even without income, a Fiscal Representative needs to be designated when first acquiring a Portuguese Tax Number (Cartão de Contribuinte), a prerequisite for almost any important transaction.  Recent changes in legislation have dramatically altered the duties & obligations of the Fiscal Representative. Along with new responsibilities and revised enforcement practices, this once benign position has turned into a potential nightmare for both the unwary service provider and the non-compliant property owner. Fiscal Representatives are required to fulfil all accessory fiscal obligations. Under the recently reformed version of the “General Law on Taxation”, a Fiscal Representative, can even be held accountable for paying any outstanding taxes if the non-resident. 

Proper Professional Services

Using qualified professionals as your Fiscal Representative does much more than just provide you with the bare minimum. Whether helping you to get off to a good start, keeping you informed about important changes, or saving you tax in the long run, comprehensive Fiscal Representation Services add real value to your investment: 

1) Asset Protection:

Your property is a major investment. If basic requirements go unmet or are not completed correctly, your property could be at risk. Having a qualified professional Fiscal Representative should be considered a prerequisite, not an add-on. 

2) Fiscal Requirements for Property Owners:

It is essential to be fully compliant while paying the legal minimum. 

3) Resourcing Information to Owners:

Portugal is often a difficult country in which to obtain accurate, reliable information. When changes occur in legislation that may be relevant to you, updates on current requirements and the steps that are needed to stay compliant can be decisive. 

4) Liaison between Finanças and Property Owners:

It’s essential to have a Fiscal Representative who knows the “ins and outs” of Portuguese bureaucracy. When called to task by the authorities, you will need someone who is experienced and knowledgeable to sort out any problems that arise. 

5) Personalised Service:

When you have doubts or questions, you want to deal with capable and friendly professionals, someone who speaks your language and understands your needs. Personalised service is a must. 

6) Payment Facility:

Your Fiscal Representative is responsible for seeing that all fiscal obligations are met. Rates and Income Tax demands must be paid on time in order to avoid fines and late interest payments. 

7) Plain English:

As you already know, Portugal has a complex bureaucracy. Most forms and web pages are only available in Portuguese and instructions are often in a language that even native Portuguese sometimes have trouble grasping. You need someone who can communicate the full process to you in a language that you can understand.  Dennis Swing Greene is an International Fiscal Consultant and Senior Partner at Euro Finesco S.A. with offices in the Algarve and in Lisbon.  Appointments may be scheduled in Guia (Albufeira) Tel: +351 289 561333 or in Lisbon (Chiado) Tel: +351 213424210  Email: info@eurofinesco.com Website: www.eurofinesco.com AFC: Vilamoura Tel: +351 289 310620 Email: info@afc.pt Read on about the costs of a corporate owned offshore property …

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