Caiado Guerreiro & Associados: Newsletter July 201307/22/2013

LEGAL

NEW DECREE-LAW ENCOURAGES INVESTMENT
Once again the Portuguese Government launches legislative measures to encourage investment in the country, following a "strategy directed to strongly stimulate direct national or international investment in Portugal, or Portuguese investment abroad." Through Decree-Law n.º 82/2013, of the 17th of June, the Government, based on the Economic and Financial Adjustment Programme for Portugal, aims to streamline the economy and boost employment, through the reduction of public spending and the creation of tax conditions truly conducive to economic development. This law presents itself as a legal consolidation of the Investment Support and Research & Development Tax Benefits System taxation regime, foreseen in the Investment Tax Code.
For any further information regarding this matter, please contact: Ana Castro Gonçalves

PRIVATIZATION OF CAIXA SEGURO APPROVED
The process of sale of shares of the group Caixa Geral de Depósitos in insurance companies such as Fidelidade, Multicare and Cares was approved by Decree-Law n.º 80/2013 of the 13th of June. The basic model of this privatization consists in the direct sale of the shares to investors of reference, nationals or foreigners, or to one or more interim purchaser’s subject to the obligation of the same to sell shares to reference investors. In the case of Fidelidade, there will also be made a Public Sale Offer to the workers in a maximum of 5% of the share capital of the company. Each of the concerned insurers may be sold to different entities or to the same entity, and in equal or different ratios. The final terms and concrete operations necessary to fulfill this privatization will be established by resolution of the Council of Ministers, with the revenues obtained applied exclusively in Caixa Geral de Depósitos.
For any further information regarding this matter, please contact: Ricardo Costa Macedo

ADMINISTRATIVE COOPERATION IN THE TAX FIELD
Decree-Law n.º 61/2013, of the 10th of May, has as its objective the transposition to the national law of the Directive n.º 2011/16/EU, of the Council of the 15th of February of 2011, concerning administrative cooperation regarding taxation. Directive n.º 2011/16/EU, identified above, is based on the results of Directive n.º 77/799/EEC, referred to above, however it establishes clearer and more developed rules to govern the administrative cooperation between Member States and provides tools that are likely to ensure a more efficient action against tax and fraud evasion within the international context, thus avoiding significant losses of tax revenue. The new elements incorporated in this policy are among others: (i) a substantial extension of the scope of administrative cooperation in tax matters and cooperation arrangements, (ii) the inclusion of information held by banking or financial institutions, (iii) the introduction of mandatory and automatic exchange in certain areas, (iv) setting deadlines to proceed with the transmission of information, (v) the feedback and the use of normal forms and channels of communication.
For any further information regarding this matter, please contact: Susana Alberto
 

BUSINESS

GOLDEN VISA AND THE INVESTMENT IN PORTUGAL
The amendments to the legal requirements regarding the entry and residence of foreigners in Portugal has permitted the creation of a new mechanism that enables foreigners to obtain a residence permit in Portugal, through investments in the country, called the Golden Visa. This Golden Visa has attracted hundreds of investors in recent months to Portugal, having these wagered mainly in the acquisition of a property in Portugal with a value equal to or greater than €500,000.00 and a stay in Portugal for 7 days in the first year of assignment. Caiado Guerreiro has been supporting investment in Portugal of foreigners of various nationalities including Angolans, Brazilians, Chinese, etc. also supporting in obtaining the Golden Visa for several of these investors.
For further information regarding this matter, please contact: Hugo Sousa

FERCONSULT WINNING WORKS FOR SUBWAYS OF ALGIERS AND SÃO PAULO
Ferconsult a subsidiary company of Metropolitano de Lisboa, recently secured 18 million euros of contracts for subways systems and light subways in Algeria and Brazil. The company is increasingly focusing in internationalization and is participating in new tenders for design of studies and projects, consultancy and supervision for other subway systems in markets such as Qatar, Panama and Colombia. The works recently gained in Algeria will require subcontracting that will mostly benefit domestic companies that, such as Ferconsult, will export domestic engineering.
For any further information regarding this matter, please contact: Tânia Pinheiro

ANGOLA INTERESTED IN VIANA DO CASTELO SHIPYARD
Angola may be interested in Viana do Castelo Shipyard, more specifically in their potential according to the Angolan Ministry of National Defense Cândido Van-Dunem. Since José Pedro Aguiar Branco, the Portuguese Minister of National Defense, is on official visit to Angola, in his entourage there is a delegation of EMPORDEF, a "holding" of the Portuguese defense industries, therefore, EMPORDEF may present all of its intervention area, experience and know how in the shipping area, including the ability to provide training and teach their expertise in this area and specifically present the possibilities concerning the Viana do Castelo Shipyards and present subconcession that will occur.
For any further information regarding this matter, please contact: Ricardo Rodrigues Lopes