Offshore Consultancy Services.

Den Lion Associates offers our clients Confidential Offshore Banking facilities through our Consultancy Services. We also offer Habitual, Tax and Legal Consultancy Services in Portugal. 

Please Contact Us for further information.

  • Offshore

Banking.

We are pleased to be able to make introductions for our clients to set up Personal or Corporate Bank Accounts, to be opened in various Offshore locations.

In particular Portugal and Gibraltar.

All our banking facilities provide a choice of credit and/or debit cards included as part of our package and all have telephone banking and of course secure on-line banking.

Secure Offshore Bank Accounts.

Our Offshore Personal or Corporate Bank Accounts are very secure and confidential and are ideal if you are trading Worldwide.

After the Banking crisis of the last few years, it is important that our clients have peace of mind that their Bank and funds are secure. Whilst we cannot give guarantees we can assure our clients that the public and private Banks we deal with are not “speculators” and take their responsibilities seriously.

In addition, and unlike some nominee service providers, we encourage our clients to be sole signatories on their accounts – having total anonymity and total control.

We are happy to discuss with all our beneficial owners their specific requirements, and tailor the structure and Bank Account accordingly.

The majority of our Offshore Banks offer the following Services:

Multi-currency account options.
Dedicated multilingual customer services teams.
Choice of credit and debit cards.
Secure on-line banking facilities.
SMS notification service.
Fixed term deposit options.
Escrow services.
Forex and commodity trading services.
Employee's corporate payment system by card.
Tailor made investment solutions.
Gold and precious metal investment services.

Please Contact Us for further information.

  • Portugal

Thinking of relocating to Portugal?

Den Lion Associates will assist you with your Residency, Visa, Bank Account or Legal requirements in Portugal. We also offer Tax Savings Consultancy for both European Union and Non-European Union clients. Start your Tax Savings immediately.

Please Contact Us for further information.

  • Offshore

Getting a Fiscal Number in Portugal.

In order to undertake any official process in Portugal, such as buying a property, opening a Bank Account or even setting up an account with a utilities company you will be required to have a tax card and Fiscal Number.

But what is a Fiscal Number? Why do you need a tax identification number in Portugal and how do you get one?

What is a Portuguese Fiscal Number?

A Fiscal Number is a tax identification number that is issued in Portugal to anyone who wishes to undertake any official matters in Portugal.

A Fiscal Number is known in Portugal as a Número de Identificação Fiscal (NIF), it is also sometimes referred to as a Número de Contribuinte.

Obtaining this number is the first step to be taken if you are intending to invest in Property in Portugal, live in Portugal, carry on a business in Portugal or establish any form of official presence in Portugal.

Who needs to have a Fiscal Number in Portugal?

You will need to obtain a Portuguese Fiscal Number in order to:

Buy Property in Portugal.*
Sell Property in Portugal.
Inherit assets in Portugal.
Open a Bank Account in Portugal.
Obtain a mortgage or other credit in Portugal.
Pay taxes in Portugal.
Receive income from work or a business in Portugal.
Study in Portugal.
Receive social security benefits in Portugal.
Buy a car or apply for a driver’s licence in Portugal.
Setting up utilities or telecommunications in Portugal.

*If you are buying a property in Portugal and more than one person will be registered in the title to the property each person will need to have their own Portuguese tax identification number.

You will need a Fiscal Number in order to undertake any of the above even if you are not and do not intend to be resident in Portugal.

How do you apply for a Fiscal Number in Portugal?

You can apply in person at your local Tax Office or instruct us to apply on your behalf.

We will usually need a copy of your passport and a Power of Attorney document which expressly gives your permission for Den Lion Associates to request an NIF number on your behalf. A Portuguese lawyer can easily prepare this power of attorney document for you which will need to be signed in front of a notary either in Portugal or in the UK.

You can also apply for a Fiscal Number in Portugal in person if you are an European Union resident. In order to apply for your tax card and Fiscal Number, you will need to visit a local Tax Office (Financas) with some official identification (such as a passport or European Union identification card).

How do you get a Fiscal Number for a company or business in Portugal?

In respect of companies and other corporate entities, the tax identification number for businesses in Portugal is the corporation tax reference number, the VAT registration number and the company registration number.

The Fiscal Number for business given to the company when it is set up or registers a permanent business establishment in Portugal. The tax identification number for businesses can be obtained from the National Company Registry office (Registo Nacional de Pessoas Colectivas), or online, through the “Company Portal” (Portal da Empresa). Documents evidencing that the company exists and the authority for the person applying to apply for the Fiscal Number in the company’s name will be required.

What are the costs involved in obtaining a Fiscal Number?

Den Lion Associates will be with you every step of the way when you make your Fiscal Number application. The cost is from € 200 and this includes being collected and returned to you chosen location. Our Consultants will accompany you to your nearest Tax Office and translate on your behalf during your application for a Fiscal Number (Please note your Passport and proof of Residency will be required at application).

Please Contact Us for further information.

  • Offshore

Residency Requirements.

If you are a national of a European Union country, Iceland, Liechtenstein, Norway or Switzerland and you remain in Portugal for a period of more than three months, you must request a Registration Certificate (Certificado de Registo) from the City Council of your area of residence. This document formalises your right to reside in Portugal.

After you have held a registration certificate for five consecutive years, you may request a Permanent Residence Certificate (Certificado de Residência Permanente) from the Foreigners and Borders Service (Serviço de Estrageiros e Fronteiras).

If you are a citizen of a third state (all other situations), and you wish to become resident in Portugal, you must hold a residency visa that is suitable for the purpose of your stay. This visa allows you to enter Portuguese territory for the purpose of requesting a residence permit from the Foreigners and Borders Service.

Notwithstanding any special legal provisions that may apply, the temporary residence permit is valid for a period of one year from the date on which the document is issued. It may be renewed for successive two year periods. After five years of temporary residence, holders of this document may request a permanent residency permit.

What are the costs involved in obtaining Residency?

Den Lion Associates will be with you every step of the way when you make your Residency application. The cost is from € 300 and this includes being collected and returned to you chosen location. Our Consultants will accompany you to your nearest City Council and translate on your behalf during your application for Residency (Please note a Bank Account and proof of current Portuguese address will be required at application).

Please Contact Us for further information.

  • Offshore

Tax regime for Non-Habitual Residents.

Competitive advantages:

For a period of 10 years, taxation related to IRS (personal income tax) on labour income in Portugal is at a fixed rate of 20%.
No double taxation for pension incomes or for employment and self-employment income obtained abroad.

How can you acquire Non-Habitual Resident Status?

Having not been a resident in Portugal for the last 5 years.

Register at the local tax office as a tax resident in Portugal (to do so you must have remained in Portugal for more than 183 consecutive or non-consecutive days, or having remained for less time, having, at 31st December of that year, a home in such conditions that would lead to the assumption that it is intended to be kept and occupied as your habitual residence).

The request for enrolment as a Non-Habitual Resident must be made, electronically, on the Treasury Portal, after registering as a resident in Portuguese territory and until the 31st of March of the year following the year you became a resident in this territory.

Once Non-Habitual Resident Status has been obtained, what is the taxation rate and incidence applicable to domestic source income?

In the case of dependent or independent work, the applicable tax rate is 20%.

Taxation applies to income derived from high added value activities of a scientific, artistic or technical nature:

Architects, engineers and similar technicians.
Fine artists, actors and musicians.
Auditors.
Doctors and dentists.
Teachers.
Psychologists.
Liberal professions, technicians and similar.
Senior managers.
Investors, directors and managers.

Registration as a Non-Habitual Resident confers the right to be taxed as such for a period of 10 years as from the year of registering as a tax resident in Portuguese territory.

Once Non-Habitual Resident Status has been obtained, in which cases is foreign income obtained by Non-Habitual Residents in Portugal exempt from taxation?

In the case of pensioners and retired people when:

Income is taxed in the source State, in accordance with the convention to eliminate double taxation, signed by Portugal and that State; or
Income is not considered to have been obtained through a Portuguese source, according to the criteria provided for in the IRS Code (personal income tax).

In the case of income derived from employment, when:

Income is taxed in the State of origin, in accordance with the convention to eliminate double taxation, signed by Portugal and that State; or
That income is taxed in another State with which Portugal has not signed any convention to eliminate double taxation, as long as the income is not considered to have been obtained in Portuguese territory, in accordance with the criteria in article 18 of the IRS Code (personal income tax);

In the case of income from self-employment (through the provision of services of a high added value, of a scientific, artistic or technical nature, or through intellectual or industrial property, investment income, rental income, capital gains income or other increases in equity), when:

The income may be taxed in the source country, territory or region, in accordance with the convention to eliminate double taxation, or;
When no convention to eliminate double taxation has been signed, the OECD model convention may be applied (taking into consideration the observations and reservations made by Portugal) and as long as the source country, territory or region does not have a privileged tax regime, and as long as the income is not considered to have been obtained in Portuguese territory, in accordance with the criteria in article 18 of the IRS (personal income tax).

What are the costs involved in receiving the Tax regime for Non-Habitual Residents?

Den Lion Associates will be with you every step of the way when you make your Tax regime for Non-Habitual Residents application. The cost is from € 1500 and this includes being collected and returned to you chosen location. Our Consultants will accompany you to your nearest Tax Office and translate on your behalf during your application for Non-Habitual status (Please note a Bank Account and proof of Residency will be required at application).

Please Contact Us for further information.

  • Offshore

The Golden Visa Permit. What is it?

The Golden Visa Programme launched by the Portuguese Authorities is a fast track for foreign investors from non-EU countries to obtain a fully valid residency permit in Portugal (“Golden Visa”).

Under the Golden Visa programme, non-EU citizens simply need to carry out one of the investments set out in the law to qualify to obtain a residency permit in Portugal. This residency permit will allow the investor and his family members to enter and/or live in Portugal and to travel freely within the vast majority of European countries (Schengen space).

Aimed at attracting foreign investment to Portugal, the Golden Visa is a very straightforward and flexible programme, with simple and clear legal requirements. With extremely reduced minimum stay requirements, the Golden Visa is clearly one of the most attractive residency programs for investors in the world.

What types of investments are allowed under the Golden Visa Permit rules?

The Golden Visa programme was recently widened to include further types of investment. As a result, the following types of investment now qualify for the Golden Visa programme:

Property Investments:

Acquisition of property above € 500,000.
Acquisition of property above € 350,000 - for properties more than 30 years old or located in areas of urban renovation.

Capital Investments:

Transfer of Funds above € 1,000,000.
Transfer of Funds above € 350,000 for research activities.
Transfer of Funds above € 250,000 for artistic or cultural activities.
Transfer of Funds above € 500,000 for capitalization of small and medium size companies.

Job creation:

Creation of a minimum of 10 jobs.

It should be noted that only investments effectively made after 8th October 2012 are eligible for the Golden Visa programme.

For how long is the Golden Visa Permit valid?

Once issued, the Golden Visa Permit will be valid for an initial period of 1 (one) year and then will be renewed for subsequent periods of 2 (two) years.

What are the general requirements that the investor has to comply with?

The simplicity of the Golden Visa Permit Programme implies an extremely reduced amount of requirements being asked from the investor. The Golden Visa Permit Programme sets out that the investor must comply with general requirements applicable to all types of qualifying investments and also with the specific requirements of each type of qualifying investment.

In general, all investors have to comply with the following requirements:

Keep the investment for a minimum period of 5 years.
Funds for investment should come from abroad.
Entry in Portugal with a valid Schengen visa.
Absence of references in the Portuguese Immigration and the Schengen services.
Absence of conviction of relevant crime.
Minimum stay in Portugal: 7 (seven) days during the first year and 14 (fourteen) days during each subsequent period of two years.

What are the specific characteristics for each type of qualifying investment?

Each type of qualifying investment has specific characteristics, as follows:

Property Acquisitions:

Acquisition of property above € 500.000:

Minimum investment of € 500,000.
Purchase of one or multiple properties.
All property types qualify.
Possibility of co-ownership.
Freedom to use, rent or lease.
Investment amount may be reduced by 20% (€ 400,000) in case such investment is made in low density population areas.

Acquisition of property above € 350,000:

For properties more than 30 years or located in areas of urban regeneration. This value includes not only the property but also the investment in the refurbishment works.
Possibility of co-ownership.
Freedom to use, rent for commercial or agricultural purposes.
Investment amount may be reduced by 20% (€ 280,000) in case such investment is made in low density population areas.

Transfer of Funds:

Transfer Funds above € 1,000,000.

Minimum investment of € 1 million.
Funds transferred from abroad to a bank in Portugal.
Total freedom to invest the funds.
Possibility of using the funds to invest in shares of companies.

Transfer of Funds of at least € 350,000 applied to research activities carried out by entities which are part of the national scientific and technological system:

Minimum investment above € 350.000.
Funds transferred from abroad to a bank in Portugal.
To be used in research activities conducted by public or private scientific research institutions involved in the national scientific or technologic system.

Transfer of Funds of at least € 250,000 applied to investment or support to artistic production or recovery or maintenance of the national cultural heritage:

Minimum investment above € 250,000.
Funds transferred from abroad to a bank in Portugal.
Investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage.

Transfer of Funds of at least € 500,000 for acquisition of participation unit's investment funds or capital investment companies for capitalization of small and medium size companies:

Minimum investment above € 500,000.
Funds transferred from abroad to a bank in Portugal.
Investment used for purchasing shares in investment funds or in venture capital.

Job Creation:

Creation of a minimum of 10 jobs.
No minimum investment value.
No limitation on areas/activities.
Compliance with Social Security obligations.
Possibility of grants/incentives/benefits.

Investment amount may be reduced by 20% (8 employees) in case such investment is made in low density population areas.

What are the main advantages of the GOLDEN VISA Permit Programme?

The Golden Visa Programme will provide investors with the following advantages:

No need to obtain a visa to enter Portugal.
No need to obtain a visa to travel in Europe (Schengen area).
Living and working in Portugal, even with Residency in a different country.
Residency extended to family members.
Extremely low minimum stay periods.
Low taxes (see questions 22 – 24).
Permanent Residency after 5 years.
Citizenship after 6 years.

What is the Schengen Area and what are the countries included?

The Schengen Area is a group of 26 European countries that have abolished passport and immigration controls at their common borders. With a resident permit from Portugal, the investor is entitled to enter and travel freely throughout all the countries of the Schengen area.

The Schengen Area includes the following countries: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.

Romania, Bulgaria and Croatia are currently candidate countries to the Schengen Area.

Is it possible to extend the Golden Visa Permit to family members?

Yes. Under the Golden Visa Programme, the investor’s family members may also apply and obtain a resident permit from Portugal by applying for “family reunion”. The Golden visa will be extended to family members, namely children, spouse and dependent family members.

The family members will also be eligible for Permanent Residency after 5 years Portuguese Citizenship after 6 years.

How can the investor and family obtain Permanent Residency after 5 years?

Under Portuguese Law any person that has held a valid Portuguese temporary residency title (e.g. the Golden Visa) for a period of at least 5 years, he will be entitled to obtain Permanent Residency in Portugal.

The investor and family members will have to meet the following criteria in order to be able to apply for Permanent Residency in Portugal:

Absence of conviction of relevant crime during the last 5 (five years).
Proof of income / financial independence.
Proof of accommodation in Portugal.
Basic knowledge of Portuguese.

How can the investor and family obtain Portuguese Citizenship?

The Portuguese legislation also sets out that any person who has been validly resident in Portugal for at least 6 (years (either under a temporary or permanent residency title), is eligible for obtaining Portuguese Citizenship.

In order to be able to obtain Portuguese Citizenship, the investor and family members will also have to comply with the following requirements:

Be at least 18 years old (or at least 16 but married or legally responsible).
Absence of conviction of any relevant crime.
Pass a simple Portuguese language test, which will serve to show sufficient knowledge of the language.

Which documents does the investor need to provide to apply for the Golden Visa Permit?

The application for the Golden Visa implies that the investor will have to submit the following documentation:

Proof of Investment.
Passport & Valid Schengen Visa.
Portuguese Fiscal number.
Criminal Record from country of origin and/or residency.
Portuguese Criminal Record.
Declaration from the Tax Department proving the absence of debts to the Tax Authorities.
Declaration from Social Security proving the absence of debts to Social Security Authorities.
Declaration from the investor confirming compliance with the investment requirements.
Health Insurance valid in Portugal (if living in Portugal).
Receipt of payment of the initial application fee.

The documents are not in the Portuguese Language. What does the investor need to do?

Any document that is not in the Portuguese or English languages needs to be translated to Portuguese. The translation needs to be certified.

Are there any specific requirements for documents issued by foreign authorities?

Document issued by foreign authorities need to be legalized before being submitted in Portugal. This legalization means obtaining the Appostille of the Hague Convention (when applicable) or legalization by the Portuguese Consular services.

What is a Fiscal Number? Why does the investor need one?

A fiscal number is an identification number before the Portuguese Tax Authorities (also known as the tax number). This number is required to carry out the investments.

What are the costs involved in obtaining a Golden Visa Permit?

The Golden Visa Permit involves payment of the following fees:

Processing fee (application and renewal) - € 1100 (plus € 200 per family member).
Initial Golden Visa - € 6,200 per applicant.
Renewal of Golden Visa - € 3,600 per applicant.

How long will the application take to be processed?

Once the application is submitted it will take a few months for the application to be processed (please note that this is just an estimate based on our recent experience).

 Are there any grounds for refusing the issuing of a Golden Visa Permit or its renewal?

The investor (or any family member) will only be refused the Golden Visa Permit (or its renewal) if:

He/she has not maintained the investment for the minimum period of 5 years.
He/she has not complied with the minimum periods of stay in Portugal.
He/she has been convicted of a crime punishable with a prison sentence of more than one year.
The investor is in a period where he/she has been banned entry into Portuguese territory following a removal measure of the country.
On the grounds of public health (this may only be based on diseases that have been defined by the World Health Organization or other infectious or parasitic contagious diseases which are the object of protection measures in Portuguese territory).
A Golden Visa may be refused on the grounds of public order, public security or public health.

What happens to the investment after 5 years – can the investor sell the property/transfer the money to another country/extinguish the job positions?

Yes, the investor only needs to hold the investment during the Golden Visa’s validity period – 5 years.

Can the investor sell the investment at any time if he no longer needs the Golden Visa Permit?

Yes, but without proof that the investment has been kept, the investor will not be able to renew the Golden Visa Permit.

Does the investor need to live in/use the property he is purchasing or can it be rented out?

No. The investor does not need to occupy the property and it can be rented out to obtain income.

What are the taxes and costs for property acquisitions and ownership?

There are three taxes in Portugal related to property:

Payable with the acquisition of the property:

IMT or Property Transfer Tax, which is the tax on transfer of ownership of property.
Stamp Duty.

Note: The exact amount of taxes to be paid varies according to the actual value of the acquisition.

Payable on an annual basis:

IMI or Council Tax, which is the annual municipal property tax; it is levied between 0.3% and 0.45% on the property’s tax value.

With the Golden Visa Permit does the investor need to pay taxes in Portugal on his worldwide income?

No. If the holder of the golden visa does not stay in Portugal form more than 183 consecutive days, he/she will not be required to pay taxes for income generated outside of Portugal.

What income taxes apply to income generated in Portugal?

Rental income and income arising from capital (e.g. interest, dividends, etc.) will be taxed at a rate of 28%.

Please Contact Us for further information.