The seminar “Tax Optimisation in the Imminent CFC Environment – Portugal-Madeira” was organised by GESSEL in cooperation with Dixcart, a firm offering corporate services in the United Kingdom, Portugal (including Madeira), Switzerland, Ireland, Guernsey, the Isle of Man, Malta, Cyprus, Nevis, and in South Africa and held at out offices on 15 January.

The goal of the event lay in presenting the various possibilities for tax optimisation available under Portuguese law, with especial emphasis on the special company law regime in place on the island of Madeira – the Madeira International Business Centre. For entities whose operations have a Polish aspect, such possibilities may be of particular interest given the coming into force of new Polish laws concerning Controlled Foreign Corporations, or CFCs.

Portugal offers a unique system of ten-year tax exemptions for persons assuming tax residency in the country - the Non-Habitual Tax Regime - which may cover income from most sources outside Portugal. Apart from that, individuals from outside the European Union may benefit from a special Golden Visa programme, which also proffers tax advantages. The Portuguese island of Madeira, meanwhile, has a programme of its own, offering a special, reduced tax rate for companies operating within its special economic zone as well as no taxation at source on interest and licence fee disbursements – all this in conjunction with the full scope of tax exemptions provided for in the European Union Directives (for example on trans-border disbursements of dividends, interest, and licence fees). The seminar also involved comparing and contrasting the tax optimisation possibilities available under the laws of Portugal and of Malta.

Speakers at the seminar included Dr Janusz Fiszer – partner in GESSEL, Mr Carlos Santos – Managing Director of Dixcart Portugal, and Mr Sean Dowden - Managing Director of Dixcart Malta.

After “Malta Business 2014” and “The Luxembourg/The Netherlands Business 2014 Seminar” (held, respectively, in September and November last year), “Tax Optimisation in the Imminent CFC Environment – Portugal-Madeira” was the third in the series of tax seminars held at our firm. GESSEL already looks forward to hosting similar events over the coming months.