Off shore properties

[Mike N]

Hi,has anyone heard anything about a potential problem for Delaware Corporations and the possibilty of the Portuguese blacklisting Delaware companies?

[EMM]

Soveriegn in Lagoa have mentioned offshore in their news letter. certainly owners of E1million plus villas and some offshore owners could be in for a shock.

[sunman]

Soveriegn in Lagoa have mentioned offshore in their news letter. certainly owners of E1million plus villas and some offshore owners could be in for a shock.

I shouldn't have thought there were many properties worth €1m left

[Mike N]

Thanks for your reply.I have read the Sovereign newsletter and the referal to blacklisted properties. At the moment Delaware is not blacklisted, my concern is that they are about to be and was wondering if anyone else had heard anything along those lines?

[Rampage]

There are no plans to blacklist Delaware. There are concerns by some Portugal lawyers that if the administrators of Delaware registered companies have their offices located in blacklisted locations (e.g. Guernsey) then this will, in a rather tenuous-guilty-by-association way, attract the 7.5% penalty charge. This is, as yet, only an unproven rumour and there has been no formal announcement that this might happen. Sovereign are well aware of the situation and are monitoring it carefully. If you have concerns talk to them and your company administrators.

[Mike N]

Thanks Rampage. I have already talked to Sovereign as they are are fiscal reps and they confirm what you say. What is more interesting is your comment re Guernsey and that is something I may have to look into further. Thanks again for your reply