Madeira as offshore

[EliVonC]

Hi! What are your thoughts on incorporation and opening a bank account in Madeira? From what I understand the taxes are low and process pretty straight forward. What are the benefits and costs compared to Cyprus?

 

[plotoffshore]

You mean Madeira, Portugal taxes or is it a different island?


If it is portugal you think off, then they have a different tax regime than Cyprus, also it's not that easy to incorporate a company in Portugal and keep your privacy, furthermore, the corporate tax is much higher than in Cyprus.

 

[Spinat]

Do you mean the banking actually or do we speak about company incorporation? The thread is posted in "offshore banking" forum.

 

[EliVonC]

​Thank you for the replies. Yes, I mean the Archipelago of Madeira (it is an autonomus region though). I posted this question, because lately I have seen it emerging in the "Top 10 places of offshore banking" lists together with Morocco, but not too many reviews on the topic. Basically I have heard many Italians looking for the alternatives (both in terms of banking and incorporation outside Italy). Their main questions are always VAT and banking accessibility (so that they don't have to provide a proof for source of income if cash deposit exceeds 1000 EUR). For that reason the banks in the Caribbeans are not an option. So I figured in this case incorporation and banking sort of might go together provided some tax can be reduced (from some sources I understand it's 5%?). However. do you have any information, whether banks in Madeira would open an account for Caribbean registered companies?

 

[JohnLocke]

Well, do you know if they have any banking secrecy or if they apply to common banking laws in Europe? Just wonder..