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In the higher price ranges, usually in excess of €750.000, properties can be bought offshore and the company will own the property rather than an individual. If the property is bought by more than one person, all owners become shareholders of the company.
The advantages of using this method are that the property is the sole asset of the company and no transfer tax, capital gains tax or inheritance tax are payable. No Notary fees are due and it is a very quick, confidential way to sell on a property as it only involves selling shares in a company.
This is still a viable option for many with high net worth property owners and currently the ‘white’ listed locations are Malta and Delaware. Under the new legislation Offshore ownership now incurs some taxes and it is recommended to speak to your Lawyer.
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| Apartado 2096 - 8135-024, Almancil, Algarve, Portugal - Government Licensed Agent No. 7220 - Email: info@quintasales.com - Tel: +351 289 350 140 - Fax: +351 289 350 149 |
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