Ireland's Sunday Tribune reported at the weekend that expatriates who have purchased homes in Portugal via offshore companies established for the purpose are facing a tax crackdown by the Portuguese authorities.
A new tax, set to come into force in January 2004, will levy 5% annually on the value of such properties, leading some wealthy expats to consider dismantling their offshore companies.
However, according to the Tribune, such a course of action would likely to expose them to one-off charges in the form of capital gains tax, stamp duty, and legal fees.
Although the details of the legislation have not yet been finalised, the move is likely to have a far-reaching impact on Irish expatriates in the country, three quarters of whom have used offshore companies to purchase their Portuguese homes in order to avoid local capital gains tax, according to figures obtained by the Sunday Tribune.
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