Living In Portugal and being a director of UK/Maltese companies

[Juoffshore]

Hi Everyone,


I need some advices for one of my customers who own E-commerce websites.

He holds a European passport and got the NHR status in Portugal where he lives.
He is a shareholder of a UK company as well as Maltese company.
Companies have offices, Staff and enough substance as well as Local directors in the UK and in Malta as well.


As he is travelling a lot to the UK (once a month) as well as in Malta, and when he is in those countries, he works for his companies, he would like to terminate the appointment of his local directors and become the directors of his UK and Maltese companies.


He is aware that he has to avoid working for his UK and Maltese companies, when he is physically in Portugal, even if the risk is low.

Do you think being UK director and Maltese director can be a problem for someone who live in Portugal?

Any advices would be more than welcome!

Thanks for your help!

 

[Martin Everson]

No. Why would it?

 

[Juoffshore]

Thanks for your quick reply‌ !
I just wondering how a director of UK companies can live abroard and still‍ be appointed as a director a foreign company.
Do you recommand him to travel in⁠ the UK to show that all the works are done in the UK and not⁤ in PT ?

 

[Martin Everson]

Being a foreign‍ director of a UK company is not a problem. Only the banks will express concern⁠ if the company banks in the UK with a high street bank and all directors⁤ are foreign residents.

He needs to read the Double Tax Agreement between UK and Portugal︀ to get a base understanding before doing anything. If he is not willing to do︁ that then he needs to hire a Portugal tax consultant who will read it for︂ him and apply it to his situation.thu&¤#

 

[Juoffshore]

You are completly right, I am sure living abroard can be a problem for︀ bank like HSBC, Barclays UK ect, so he needs to move his money to TW︁ or Revolut, or otherwise keep a UK address for "high street bank"

 

[Martin Everson]

Exactly those high street banks in UK won't have it. He should definitely move⁤ his money to TW etc before informing them of any change of residency of the⁣ directors. If all goes smoothly them move it back slowly. Account freezing is a sport⁢ for staff at HSBC especially.

 

[Juoffshore]

Thanks @martin for your help !

 

[Juoffshore]

Also, @martin do you see any advantages to use local director? Or my client can‌ be the director of the Maltese or UK structures?

 

[Martin Everson]

He can be director of both structures but do check the DTA's to make sure this‍ is an informed decision.