Member Services:
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Q When do I get my rates bill for 2004?
A: Rates are paid in arrears. Whoever owns the property as at 31st December 2004, will get the bill.
Q: What exactly does re-domiciliation mean, and can it be to any country?
A: It means that the registered office of the company moves from one jurisdiction to another. Some jurisdictions do not allow re-domiciliation out of their areas, most do not allow companies to be re-domiciled into their jurisdictions.
Q: If I re-domicile to Malta, for example, is that a long term solution?
A: Probably not. Any country that has a double tax treaty with Portugal, either now or in the future, will enable the Portuguese government to collect taxes due to them. You will not be moving your property out of their reach.
Also, if you are thinking that it might be a medium term solution, you are creating problems. Once your property is revalued for rates, you will be stuck with that valuation. This will then affect CGT, IMT etc
Q: Most of the talk is about offshore owned property. Does it concern me if I own the property in my own name?
A: This is a very pertinent question. All the press coverage is about how current legislation affects offshore owned property, as it is the most sensational news. It does not demonstrate the depth of the new laws.
Legislation affects nearly all owners of holiday homes. Once the net has caught the big fish, it is bound to catch the smaller fish.
Q: What happens if my property is owned offshore and the authorities are not aware?
A: You are required to inform them. If not, there is a fine. There is an even bigger fine if you do not have a fiscal representative, and you have not informed them.
Q: Am I putting myself in the firing line by being amongst the first to do something?
A: Very good question.
Q: As rates are paid in arrears, have I got the whole of 2004 to decide what to do?
A: You are still likely to get a higher rates bill, but there are definite merits to leaving any decision for the time being.
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