Bluegoose

Hi all,
As a first post could any one advise on the pitfalls of moving a small company from Cyprus to Portugal. Currently we run a small recruitment agency and specialist consultancy from Cyprus. Having decided to move to Portugal, we would like to move everything there for ease of operations.

We have to be VAT registered as we provide staff to EU companies,
Any advice would be welcome

barlaventoexpert

You really need to find an english speaking accountancy firm here.

Portuguese law is highly codified based on Napoleonic law and may well be more complicated than Cypriot Law.

Portugal has also in the last 10 years really tightened up on tax affairs and one cannot play "fast & loose" with business management.

VAT in Portugal is rated at 23%.

Personally, as Cyprus Nicosia is in the EU is it not possible to maintain the company there?

Bluegoose

Hi, thanks for the reply,
We have been operating as a offshore company in Cyprus thru an IBC for 16 years, rather than a Cypriot registered company.

All of our work has been in Asia, Africa and the Middle East in the past. We now in the process of placing people in the EU. This has prompted the discussion on moving everything to Portugal for ease of management, as we are planning to move there full time from next month.

Our bank this morning has supplied us with an English speaking accountant contacts details, we will contact him for further advice.

barlaventoexpert

Have you considered E-residency in the Baltics, BTW?

Bluegoose

No actually, I will give it a look over see what the options are. The main thing is decent banking, as we have contractors to pay worldwide, at a reasonable cost per month, Cyprus IBC is expensive banking for what they actually provide