Find out what’s happening in the property investment arena both in the UK and internationally
Madeira May Shelter UK Tax Exiles
June 12, 2009Article by Ray Withers
British entrepreneurs threatening to quit the country over the 50% super tax are looking at Madeira as a new tax haven – and this might boost Madeira property prices.Tax planners are looking at the island’s free trade zone as a possible base for businesses because of an alluring 3% corporation tax rate.Governed by Portugal, the island has a double taxation treaty with the UK.Often it is not practical to move lock, stock and barrel abroad due to complex personal and business commitments – so tax planners are looking to set up companies in Madeira to take advantage of low personal and corporation tax.
The attractive Madeiran tax regime applies to new trading from the island’s International Business Centre until 2020.Companies also get exemption from withholding taxes on the distribution of dividends, royalties and interest payments.Particular businesses running the rule over Madeira are hedge funds and property companies.Other tax havens, like several Caribbean islands, have found that establishing tax haven status has had a knock-on effect on tourism and property investment as wealthy business people visit for meetings with tax advisors and accountants.
If you are thinking of investing in property in Madeira, Portugal, Property Frontiers has secured an exclusive deal at the five stars Azulara Resort .With 70% of the island’s land protected from development or unsuitable for real estate, Madeira is safe from overcrowding and congestion and makes Azulara Resort an excellent investment. The project has high rental returns and with the added bonus of a 13% gifted deposit; clients can purchase these top quality apartments with only a 2% deposit of £4,320.
The properties inclusive to this deal are spectacular one, two and three bedroom apartments. Each comes with an en suite bathroom and the two and three beds also come with their own private veranda. The Azulara Resort is expertly sculpted into the surrounding landscape with the apartments designed to make maximum use of natural light.
The position of the resort allows 180-degree sea views from Funchal Bay to Camara Do Lobos.
The apartments come with full air-conditioning, underground parking spaces, excellent management services and security systems.Madeira is an easy flight from the UK with flight times of three hours or.
The Azulara Resort is situated a few kilometres outside of the centre of Funchal and only a 20-minute drive from the island’s airport. Fine wine and dining are available on site and the seafood cuisine across the island is to an excellent standard thanks to the abundance of fish in the clear local waters.