IMI

Guest · Post by **Guest** » Fri Oct 10, 2003 2:42 pm

Having made enquiries through AFPOP it is understood that the budget 2004 should be posted by the end of this month. Does anyone know anything different?

MIKE VERRAN · Post by **MIKE VERRAN** » Fri Oct 10, 2003 3:27 pm

For me i have not heard anything but as i intonated before this needs cranking up before more money goes over the side pehaps we might here from the likes of biffa later he might have some imput, in the meantime i will be talking to sovereign in lagoa later as they have my papers and on my instructions are about to launch me into a costly transfer which i dont want to enter into if its not necessary.

guest3 · Post by **guest3** » Fri Oct 10, 2003 3:55 pm

Biffa is Sovereign!!

but yes clarification for all those in the midst of a costly transfer is needed very quickly.

Guest · Post by **Guest** » Fri Oct 10, 2003 3:58 pm

well if there is an amnesty..take it and get out of offshore..it will save a fortune in accountants fees thats for sure.

those that have campaigned about it all should be given a pat on the back for at least (we hope) making the government think carefully about its ramifications

Guest · Post by **Guest** » Fri Oct 10, 2003 4:32 pm

The "News" report states that there are approximately 20,000 homes in the Algarve owned offshore.

Apparently one pressure group has been the Alamancil Business Association and whose Chairman, Anibal Moreno, has been involved in discussions with the Finance Ministry.

It would also appear, according to the "News" that the inheritance tax will also be reformulated and will include total exemption when the heirs are spouses or related to the deceased by a difference of no more than two generations.

MIKE VERRAN · Post by **MIKE VERRAN** » Fri Oct 10, 2003 4:45 pm

Sorry i didn,t realise biffa worked for sovereign however now i do i would like to personally thank him for the wealth of information that he has provided to this forum foc,however forgetting the potential loss of money as earlier posted we are all fast running out of time to make firm decisions and so why can,t the goverment make an early statement as to whether the meda stories are rumour or fact.on a final note a villa owning freind of mine said to me not so long ago during the fires - The algarve is burning and so will the hopes and apirations of many people that have invested in portugal if the goverment don,t cut some slack.

guest 5 · Post by **guest 5** » Fri Oct 10, 2003 6:08 pm

C'mom Biff - give us yer spin on the latest goss. It does seem that an awful lot of people have a golden opportunity to get out of offshore,but we need to know very very soon what our options are.

Offshore Owner · Post by **Offshore Owner** » Fri Oct 10, 2003 6:31 pm

By transferring onshore it would appear that this trigger the revaluation process andyou will have to pay SISA on the full amount less the appropriate rebates. Even if you come onshore exempt of CGT you will still be liable for the full amount at point of sale - 25 days after, based on declared price. Therefore it is not as clear cut as it would first seem, and staying offshore in a whitelisted jurisdiction may well still have its advantages longer term for certain individuals who have a low declared value.

Let's see what Biffa has to say as he is always worth listening to, and as Mike said earlier has been fantastically helpful to so many via this forum.

G

offshore owner · Post by **offshore owner** » Mon Oct 13, 2003 11:02 am

Having now read the article in The News, the point that interested me most was the one relating to the possible 'whitelisting' by 2005, of the currently black listed tax havens. Again for those in the process of transferring to say Delaware or Malta this is key, especially if the amnesty on CGT is granted for a long enough period.

Guest · Post by **Guest** » Tue Oct 14, 2003 11:07 am

a news report from the magazine "the week" which is very good summation of all thats happening repeats the sunday times article
under the title "portuguese nightmare" but goes on to say and here is something new that in adddition to delaware malta there is also new zealand available to go to...anyone know about this?

with the "news " report this week on an amnesty the whole thing is now like a farce

Tom Gibson · Post by **Tom Gibson** » Wed Oct 15, 2003 1:12 pm

There is an old saying 'you pays your money and you takes your chance'
(well broadly interpreted)

I for one have taken professional advice and am coming onshore. My 'gut' feeling is that this is right. But as they say 'Horses for Courses'. Remember we are all different and what may suit one will not suit another.

Tom Gibson

biffa · Post by **biffa** » Wed Oct 15, 2003 1:55 pm

Thanks for the compliments! I can't guarantee anything but we try to keep abreast with what is happening in a very confusing, and from some commentators alarming, arena.

The Budget will be presented today in Parliament. That will as usual outline Government plans. The actual law dealing with the changes to property taxation as set out in the proposals should be published by the end of October. Only then wil we know the full truth and whether some sort of "amnesty" has been inserted. Unless the reporters concerned have influential friends it is premature to promise anything. The best I am hoping for is an extension of time for people to get sorted out. Lets see.

If you haven't already made a decision then probably best to hang on in and wait for the published law now.

One correct comment on this page is that the tax department can of course come back later for extra sisa if they feel an underdeclared value has been made. Tax depratments vary rather from area to area. I have not known an upward reviewed sisa claim lead to a further claim of c.g.t. but I guess it could happen.

Finally there are probably dozens of places you could migrate a company to. Fisrt you need the legislation in place to allow it and more importantly you need the infrastructure in the new country to administer the company. We are looking at New Zealand actually but at the present time Malta and Delaware are tried and tested. My preference is Malta as being a future EU partner of Portugal precludes any danger of addition to a blacklist as some fear.

As to the future "whitelisting" of some presently blacklisted jurisdictions - this is all due to exchange of information being forced on offshore centes by the OECD but the present Portuguese list is not based on that criteria but rather on corporate tax rates.

Once I have info on Budget/Law CVO.com will be first to hear!

Guest · Post by **Guest** » Wed Oct 15, 2003 2:35 pm

thanks for the info biffa...we await any news with interest

martin · Post by **martin** » Wed Oct 15, 2003 11:30 pm

maybe we can for all your hard work reward you and make you the patron saint of all us offshories.

saint biffa of offshore

is that ok?

biffa · Post by **biffa** » Fri Oct 17, 2003 11:42 pm

Gulp!

Just trying to help all you guys! Lets wait and see. Soon all will be revealed.

Off-shore companies

Off-shore companies

Offshore/Onshore

IMI etc

IMI