The "trusts" set up according to a foreign law are recognised and considered "offshore" when the founder and the beneficiary are not resident in Portugal.
The founder and beneficiaries' names are under pledge of secrecy and can only be revealed after enforcement of a judgement; the breach of secrecy will be subject to the same penalties existing for the breach of bank secrecy.
The trust companies will necessarily be corporations with at least 51% of their shares issued as nominative shares and a minimum share capital of Esc. 20 million.
The trust branches are subject to previous authorisation to operate as such within the Madeira Free Zone and subject to unlimited liability systems with the parent company.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information please contact:
Christina Perriera Madeira Fiducia Management LDA Rua 31 de Janeiro No 81-A 5E -9050 Funchal Madeira Portugal
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