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

Juoffshore

Building Trust
Entrepreneur
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!
 

Juoffshore

Building Trust
Entrepreneur
No. Why would it?
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

Offshore Consultant
Business Angel
I just wondering how a director of UK companies can live abroard and still be appointed as a director a foreign company.
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.

Do you recommand him to travel in the UK to show that all the works are done in the UK and not in PT ?
He needs to read the Double Tax Agreement between UK and Portugal to get a base understanding before doing anything. If he is not willing to do that then he needs to hire a Portugal tax consultant who will read it for him and apply it to his situation.thu&¤#
 

Juoffshore

Building Trust
Entrepreneur
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 Portugal to get a base understanding before doing anything. If he is not willing to do that then he needs to hire a Portugal tax consultant who will read it for him and apply it to his situation.thu&¤#
You are completly right, I am sure living abroard can be a problem for bank like HSBC, Barclays UK ect, so he needs to move his money to TW or Revolut, or otherwise keep a UK address for "high street bank"
 

Martin Everson

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