Best setup for our situation

[IDinternational]

My partner and I live in Portugal (both foreigners) and we need a payment gateway and a bank account with credit card. Preferably the bank would offer a payment gateway for our online business. We need to be able to bring money into Portugal for our personal salaries and pays. We looked at Mauritius but it's listed as a black listed country by the Portuguese government (seen as a tax haven). Cyprus isn't listed as one, would that be a good option?

What do you think would be the best setup?

 

[Martin Everson]

Are you living in Portugal under any special tax program? If not then whats wrong with local bank and PayPal for example?

Last edited: Oct 22, 2019
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[IDinternational]

Well the corporate tax in Portugal is relatively high, I'd like the business activity to be run outside of Portugal so there's a proxy of protection. I'm not under a special tax program but my partner is.

 

[Martin Everson]

You ideally want to be part of Portugal's Non-habitual Residency program. Then you want to structure your offshore activities around that program to be compliant.

Failing that then the only options are limited. Portugal has CFC rules where undistributed profits of non-resident companies in low tax countries are taxed in proportion to your holdings in that company. This includes direct and indirect holdings you may have in an offshore company.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[IDinternational]

Can we jump on a private meeting together @Martin Everson

 

[Martin Everson]

Sure send me a message.

However I don't always respond straight away as I am floating around.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.