Portugal increases its network of Double Taxation Agreements

The Portuguese Ministry of Finance and Public Administration recently announced on its official website that negotiations towards the conclusion of a Double Taxation Agreement between the Portuguese Republic and the Saudi Arabia Authorities have been concluded and that a Double taxation Agreement has just been signed with the United Arab Emirates.

The agreement between the Portuguese Republic and the United Arab Emirates has already been signed and the signature of the agreement concluded with Saudi Arabia Authorities is expected to take place on the forthcoming months.

The conclusion of these agreements, both under the OECD Model Convention, is noteworthy and extremely relevant, given the strong and increasing economic development that both Saudi Arabia and United Arabia Emirates have been witnessing.

Moreover, the conclusion of these agreements may render investments through the incorporation of a company within Madeira’s IBC even more attractive both to domestic and foreign investors wishing to invest in and from these countries, especially in Europe, since, besides the advantages of the IBC regime, they might potentially benefit from relevant instruments of tax relief.