This document discusses investing in Mediterranean real estate, specifically in Portugal. It outlines several reasons for investing in Portuguese property, including being a member of the EU, a favorable tax framework for investment funds and companies, and expected growth in tourism. Before 2008, Portugal's real estate market saw annual growth of 30-150% due to high demand, but it has slowed since 2008 with decreased transactions and scarcity of funding. However, the market is still generating better returns than some other European countries. The document recommends considering distressed asset sales and trophy properties in prime locations, and outlines various investment vehicles like commercial companies, property investment funds, and property investment companies.
Investing in Lisbon - Presentation by Athena AdvisorsAthenaAdvisors
The Lisbon real estate market is currently one of the most attractive capital-city property markets in the world.
Cut-price prime properties and flexible immigration policies are attracting considerable numbers of experienced and first-time investors who are looking for acquiring an overseas property.
Beautiful, historic and cosmopolitan Lisbon is now extremely well-positioned to be Europe’s No 1 destination for second homes and property investment.
Watch one of our latest presentations on this unique market and find out more about:
- Unique Golden Visa programme providing non-EU investors with European residency
- The growth of the economy
- How investors are well positioned to benefit from a transparent buy-to-let market
- The best prime property opportunities available
Contact Athena Advisors for further information about property investment: more@athenaadvisors.co.uk / athenaadvisors.co.uk.
2017 veneziano and partners - european fund distributionAttilio Veneziano
Recent Numbers of Fund Management Industry in Europe
Fund Distribution Acronyms in Europe
UCITS
AIF
MiFID
PRIIPs
Marketing in Europe
The Passport
UCITS/AIFMD
Private Placement AIFMD
MiFID
The landscape of Fund Distribution in Europe is characterised by various acronyms for the applicable European directives on financial services
UCITS
The Undertakings for Collective Investment in Transferable Securities Directive represents the main framework for collective investment schemes offered to retail investors.
AIFMD
The Alternative Investment Fund Managers Directive. Recently introduced framework to regulate managers of alternative investment schemes offered to professional investors.
MIFID
The Market in Financial Instruments Directive governs the provision of investment services in financial instruments by banks and investment firms.
PRIIPs
The Packaged Retail and Insurance Investment Product regulation introduces a key investor information document for collective investment schemes and also other packaged investments.
Hendrik Putman, partner at the law firm Mythra, explained how cryptocurrencies in Belgian are (likely to be) taxed.
- what are the potential bases for taxation?
- what are indicators of "professional income"?
- what are indicators of "miscellaneous income"?
- is allocating the assets to (not ) for-profit corporations a good idea?
- how does the bitcoin tool (https://mythra.be/bitcoin/) work ?
- when is it reasonable to go for a tax ruling?
- when is it reasonable to go for a tax documentation preparation?
The context was the second (2019) edition of the Computational Law and Blockchain Festival (#CLBFest), Brussels' node.
Investing in Lisbon - Presentation by Athena AdvisorsAthenaAdvisors
The Lisbon real estate market is currently one of the most attractive capital-city property markets in the world.
Cut-price prime properties and flexible immigration policies are attracting considerable numbers of experienced and first-time investors who are looking for acquiring an overseas property.
Beautiful, historic and cosmopolitan Lisbon is now extremely well-positioned to be Europe’s No 1 destination for second homes and property investment.
Watch one of our latest presentations on this unique market and find out more about:
- Unique Golden Visa programme providing non-EU investors with European residency
- The growth of the economy
- How investors are well positioned to benefit from a transparent buy-to-let market
- The best prime property opportunities available
Contact Athena Advisors for further information about property investment: more@athenaadvisors.co.uk / athenaadvisors.co.uk.
2017 veneziano and partners - european fund distributionAttilio Veneziano
Recent Numbers of Fund Management Industry in Europe
Fund Distribution Acronyms in Europe
UCITS
AIF
MiFID
PRIIPs
Marketing in Europe
The Passport
UCITS/AIFMD
Private Placement AIFMD
MiFID
The landscape of Fund Distribution in Europe is characterised by various acronyms for the applicable European directives on financial services
UCITS
The Undertakings for Collective Investment in Transferable Securities Directive represents the main framework for collective investment schemes offered to retail investors.
AIFMD
The Alternative Investment Fund Managers Directive. Recently introduced framework to regulate managers of alternative investment schemes offered to professional investors.
MIFID
The Market in Financial Instruments Directive governs the provision of investment services in financial instruments by banks and investment firms.
PRIIPs
The Packaged Retail and Insurance Investment Product regulation introduces a key investor information document for collective investment schemes and also other packaged investments.
Hendrik Putman, partner at the law firm Mythra, explained how cryptocurrencies in Belgian are (likely to be) taxed.
- what are the potential bases for taxation?
- what are indicators of "professional income"?
- what are indicators of "miscellaneous income"?
- is allocating the assets to (not ) for-profit corporations a good idea?
- how does the bitcoin tool (https://mythra.be/bitcoin/) work ?
- when is it reasonable to go for a tax ruling?
- when is it reasonable to go for a tax documentation preparation?
The context was the second (2019) edition of the Computational Law and Blockchain Festival (#CLBFest), Brussels' node.
NERI Seminar Dublin: How much would a Financial Transactions Tax raise?NevinInstitute
In 2011 the European Commission outlined proposals for a Europe wide financial transactions tax (FTT). Since then the proposal has been pursued by ten countries under ‘enhanced cooperation’ procedures with plans evolving to introduce the tax during 2016/2017. To date Ireland has not signed up to adopting a FTT.
This paper estimates the revenue that Ireland would collect from participating in the European FTT. Drawing on data from official sources, it first establishes the size of the FTT tax base for Ireland. Subsequently, the paper estimates a baseline tax revenue and considers the robustness of this estimate using a suite of sensitivity tests.
The paper finds that were Ireland to adopt a FTT, the net revenue yield would be between €320m and €360m per annum.
Permanent residency in a series of countries that are the preferred destination of people interested by an economical or investment based permanent residency.
Real estate, as an immovable factor, tends to be overtaxed in most countries and Portugal is no exception. Tax structuring and optimizing is crucial to minimize total acquisition costs and maximize investment returns.
RPBA’s updated presentation deals with this challenging topic incorporating the latest developments, including tax incentives on rehabilitation, the OECD Multilateral Instrument rules on “real estate rich” companies and also the brand new SIGI company (the Portuguese equivalent of the REIT – Real Estate Investment Trust).
Slides from IBSA Webinar - Double Tax Treaties: Asia & Europe which took place on 18 September 2014, presented by John Timpany of KPMG China and Roy Saunders of IFS Consultants. To view the webinar on demand, please visit our Bright Talk Channel at https://www.brighttalk.com/channel/11641
The Portuguese Golden Visa provides free travel within the European Schengen area and the possibility to reside in Portugal. The beneficiaries of this Visa can also ensure that their family members obtain a fully valid residence permit in Portugal. Please take a look at RPBA’s infographic on the types of investment and requirements to obtain a Golden Visa in Portugal.
NERI Seminar Dublin: How much would a Financial Transactions Tax raise?NevinInstitute
In 2011 the European Commission outlined proposals for a Europe wide financial transactions tax (FTT). Since then the proposal has been pursued by ten countries under ‘enhanced cooperation’ procedures with plans evolving to introduce the tax during 2016/2017. To date Ireland has not signed up to adopting a FTT.
This paper estimates the revenue that Ireland would collect from participating in the European FTT. Drawing on data from official sources, it first establishes the size of the FTT tax base for Ireland. Subsequently, the paper estimates a baseline tax revenue and considers the robustness of this estimate using a suite of sensitivity tests.
The paper finds that were Ireland to adopt a FTT, the net revenue yield would be between €320m and €360m per annum.
Permanent residency in a series of countries that are the preferred destination of people interested by an economical or investment based permanent residency.
Real estate, as an immovable factor, tends to be overtaxed in most countries and Portugal is no exception. Tax structuring and optimizing is crucial to minimize total acquisition costs and maximize investment returns.
RPBA’s updated presentation deals with this challenging topic incorporating the latest developments, including tax incentives on rehabilitation, the OECD Multilateral Instrument rules on “real estate rich” companies and also the brand new SIGI company (the Portuguese equivalent of the REIT – Real Estate Investment Trust).
Slides from IBSA Webinar - Double Tax Treaties: Asia & Europe which took place on 18 September 2014, presented by John Timpany of KPMG China and Roy Saunders of IFS Consultants. To view the webinar on demand, please visit our Bright Talk Channel at https://www.brighttalk.com/channel/11641
The Portuguese Golden Visa provides free travel within the European Schengen area and the possibility to reside in Portugal. The beneficiaries of this Visa can also ensure that their family members obtain a fully valid residence permit in Portugal. Please take a look at RPBA’s infographic on the types of investment and requirements to obtain a Golden Visa in Portugal.
Business and Personal Migration to MontenegroEurofast
-Market entry services and business climate in Montenegro (risks, political & business situation)
-Tax, legal and banking aspects (system and benefits)
-Labour issues: Hiring new staff vs relocation of existing people and work permits
-Residency
Обзор заработных плат в сфере фармацевтического производства в Москве.Awara Direct Search
Цель этого обзора заработных плат – дать общее представление об особенностях рынка труда и уровне средних заработных плат в сфере фармацевтического производства в Москве.
Цель этого обзора зарплат – дать представление об особенностях рынка труда и уровне средних заработных плат в Санкт-Петербурге в период санкций и девальвации рубля.
Исследование Совокупного Налогового Бремени на Оплату Труда – 2014Awara Direct Search
Что мы хотели узнать? Какую часть из всех денежных средств, которые направлены на выплату заработной платы, работники в действительности получают на руки за вычетом налогов и всех отчислений на социальное страхование? Конкретный вопрос, который мы ставили перед собой: Каковыми должны быть совокупные расходы работодателя на оплату труда, чтобы работник получил на руки X евро (долларов США)?
Обзор заработных плат в области подбора персонала в КазаниAwara Direct Search
Цель этого обзора заработных плат – дать общее представление об особенностях рынка труда и уровне средних заработных плат в сфере строительства в Казани.
Обзор заработных плат в области подбора персонала в Санкт-ПетербургеAwara Direct Search
Цель этого обзора заработных плат – дать общее представление об особенностях рынка труда и уровне средних заработных плат в области HR в Санкт-Петербурге
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
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In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
2. Why Portugal?
• Member country of the EU
• High level of safety
• High quality infrastructures and good accessibility
• Cosmopolitan people with gentle attitude towards foreigners
• Very good food products, excellent wines
• Varied scenery
• Temperate climate
2
3. YES, but why investing in property?
• Property market highly developed and transparent
• High quality supply in all sectors (retail, offices, residences)
• Considerable presence of foreign occupiers
• Strong international contingent of developers and investors
• No foreign exchange risk vis a vis other European markets
• Annualised returns 2000/10 only outperformed in Europe by UK
• Fiscal framewok favourable to investment funds (FIIs) and property
investment companies (SIIMOs)
• Tax benefits for rehabilitation projects
• Golden residence visa
3
4. Market evolution-
Before 2008:
• Annual market growth of 30% to 150% due to high demand from domestic
and foreign investors
• Annual asset transactions over $1,3 billion
• Market dominated by retail sector due to excellent performance
• Prime yields very high on relatively low asset values
4
6. After 2008:
• Market progressive slow-down and decrease in value of annual
transactions
• Scarcity of funding for the property sector
• Increase in industrial and hotel sectors demand
• Increased matureness and significant resilience of property market with
owners reluctant to sell
• Market still generating better performance than some other European
countries
• Main foreign investors: Germany, UK, Netherlands, USA, France, Spain and
Brazil
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7. Market opportunities-
• Assets at discount from peak prices
• Expected increase in distress sales over the next few months in the leisure
& tourism sector
• Growth forecast in tourism of 4% p.a. until 2020
• Trophy products in prime locations in great demand
• Returns in the long/medium term still very competitive
7
9. Property Investment mostly used vehicles –
• Commercial companies (Plcs, Llcs )
• A- Property Investment Funds (FIIs)
• B- Property Investment Companies (SIMOs)
FIIs and SIMOs under the dual supervision of central bank and securities
market authority (CMVM)
9
10. Commercial Companies –
Plcs (minimum capital €50.000)
Llcs (minimum capital €1)
Common with
• Individual investments/family estates
• Small/mid size asset portfolios
Self management
Not subject to regulatory supervision
10
11. Property Investment funds (FIIs):
• Property investment funds industry in Portugal has currently around €12.3
billion ($16 billion) under management
• More than 250 investment funds (FIIs)
• Investment funds may be closed-end, open ended or mixed, depending on
whether the number of investment units is variable, fixed or variable and
fixed
• Closed-end funds (privately subscribed) most commonly used
• Management performed by third parties (property / securities
management companies or credit institutions)
• Minimum €5million ($6,5 million) assets worth within first year
11
12. Property Investment Companies (SIIMOs):
• Shall take the form of a plc with variable capital (SICAVIs) or with fixed
capital (SICAFIs).
• SICAVIs share capital equivalent at any point in time to net global value of
its assets
• Assets under self-management of shareholders or outside management
• Minimum share capital €375.000 ($450.000)
• Minimum assets global net value of €5 million ($6,5 million)
12
13. Tax treatment of property investment funds (FIIs)and property investment
companies (SIIMOs) –
Open- ended FIIs and SICAVIs and closed end ones with public subscription are
exempt from transfer tax (IMT) and stamp tax
Closed-end FIIs and SICAVIs whose units are held by qualified investors or
financing institutions pay only 50% of IMT and stamp tax.
Income tax on net rents 20% (exempt in case of rehabilitated properties)
Capital gains tax at the rate of 25% levied on 50% of the adjusted difference
between aquisition and transfer values (except in case of rehabilitated
properties)
Income paid to non-residents not subject to taxation
13
14. General tax treatment of non-residents on property –
• Transfer tax (IMT) on property purchases at a rate of 6.5% (urban assets)
on price value (plus 0.8% stamp tax)
• Property tax (IMI) annual payment at rates of 0.3%/0.5% on property’s
taxable value (may be increased in case of properties left vacant or owned
by residents in tax havens)
• Income tax on property obtained by non residents at a rate of 20%
• Capital gains tax obtained by non residents on the sale of property in
Portugal at a rate 25% levied on the diference between adjusted aquisition
value and transfer value
14
15. Tax treatment of rehabilitated properties –
Land tax – exempt (for 2 years after conclusion of works or 5 years in case of
residential use)
Transfer tax – exempt ( if works start within 2 years of purchase)
Income tax – 10% on units of property funds and 6% on rents received by
residents from rehabilitated properties and exempt in case of property funds
and companies (FIIs and SIIMOs)
Capital gains tax – 6% and exempt in caseof property funds and companies
(FIIs and SIIMOs)
15
16. Golden Residence Permit
Foreign nationals from outside EU will be granted a residence permit in case
of any of the following investments:
• Capital transfer of €1 million
• Creation of t least 30 jobs
• Purchase of real estate in a minimum value of €500.000 (20.750.000
RUB)
Visa is valid for 1 year renewable for sucessive periods of 2 years if investment
conditions are maintained
After 5 years investor is entitled to a permanent residence permit
16
17. большое спасибо!
Thank you for your attention!
Speaker: António Alfaia de Carvalho
Firm: Carvalho, Matias & Associados
Website: www.cmasa.pt
Tel: +351 21 8855440
Fax: +351 21 8855459
E-mail: acarvalho@cmasa.pt
17
18. Disclaimer
This presentation was prepared for general guidance only and was not meant to constitute professional
advice. Matters in it have been subject to simplifications and, therefore, information contained in here
does not replace specific professional advice.
No representation or warranty, express or implied, is given as to the accuracy and completeness of the
information contained in this presentation and the firm does not accept any liability and disclaims all
responsibility for the consequences of anyone acting or refraining to act in reliance on information in
here, or for any decision based on it.
Carvalho, Matias & Associados,
Sociedade de Advogados RL.
18