Doing Biz in europe
Allied firms from Madrid, London and Paris assist The Latin Lawyer ‘s activities in Europe.
The firm edits several industry reports for Thomson Reuters European headquarters to explain in detail new regulations, trade opportunities, tax advantages, Brexit’s evolution, foreign investment provisions along with diverse market conditions to ensure the success of your company expansion to Europe. Potential dual taxation implications are usually determined for Canadian and US corporations before defining any strategy.
Brexit is a source of business immigration activities among Europe. For instance, Fintech, the jewel industry of the United Kingdom is constantly valuating risks, costs and other legal implications to relocate headquarters, specific operation and innovation sandboxes to different European countries. The Latin Lawyer advises in different legal areas depending from Brexit’s evolution.
Portugal, Greece, Italy and Spain have legislated new investment platforms permitting real estate purchases combined with residency.
Portugal has created a golden visa for individuals, permitting citizens from non-EU members to get a residence permit to invest a minimum of 500,000 Euros, and become permanent residents after a period of 5 years and one year later, get Portuguese nationality. Labor income obtained in Portugal has a 20% flat rate tax and any other income obtained out of Portugal is tax exempted. Portugal has no inheritance or donation tax, which allows a free transfer of assets for residents. Regarding corporations, there is a participation exemption system that is attracting foreign investments: capital gains and dividends are exempted for Portuguese corporations when hold for at least 2 years. Many productive investments are promoted for research and development every year.
Greece enacted in 2013 an optional acquisition of a five-year residence permit for non-EU citizens when purchasing a real estate property for a minimum of 250,000 Euros. That benefit extends to family members of the owner.
Italian investor programs have three different schemes with a minimum threshold of 500,000 euros. An initial permit of 2 years is given with the investment, extendable for up to 10 years if it is maintained. After 10 years Italian citizenship is available for non-EU citizens. The programs include a flat tax rate on all sourced income over 100,000 euros plus 25,000 euros per year for any additional family member for a maximum of 15 years. The applicant must rent or purchase a house.
The Spanish residency for non-EU citizens investors can be obtain by purchasing a 500,000 euros real estate property or depositing 1,000,000 euros in a Spanish bank account. The investment visa lasts 1 year, then extended 2 more years and finally for 5 more years. After 10 years the applicant can obtain the citizenship. There is a minimum family income requirement as well. A self-employed residency is available for entrepreneurs, starting up a business in Spain, the amount of the investment depends on the type of business but in average 100,000 euros can suffice.