offshore companies

[colin cheetham]

hi there we have an offshore company,we recently had a letter saying our documents had been sent to a person who is a friend of ours,we asked her and she tol us she had nevor received them,the company now wont us to enter into a new LLC agreement,since then we have found the old ones which are not signed,no directors named,we wish to cancil this,anyone any ideas?? regards colin cheetham.

[shanagarry]

Where is the company domiciled?

[shanagarry]

Hi Colin - slow down - there's a myriad of questions in here;

1.Who is the letter from?
2. When you say the company want you to enter into a new LLC agreement - what company want you to enter into the new agreement?
3. Why was the letter sent to a friend of yours - are they your fiscal representative?
4. Are you sure the company is offshore and not a Portuguese LDA - I realise it sounds odd?
5. Who manages the Offshore company on your behalf?
6. Have you spoken to them?
7. I am mystified when you say 'since then we have found the old ones which are not signed,no directors named'[/i] surely you must have submitted annual returns to somebody, somewhere and paid your annual fees? You have, haven't you?
8. If the existing company is offshore - it is not a matter of canceling - it will be a matter of bringing the company on-shore and that is not cheap (depending on the value of the property and a whole host of other complicated issues)
9. If you have a lawyer (and they are the same as those who represented you when you acquired the property) - I suggest you have a brief conversation with them to get a better understanding of your position.If they are not, get one and take care to ensure they are a competent English speaking and understanding lawyer as soon as you can to get an opinion and by the sounds of it advice.

A lot of questions, that you need to answer and to get answers to - pronto.

[colin cheetham]

Where is the company domiciled?

Hi thanks for reply and good advice,yes as you say i think we need a lawyer,the one we had when purchasing property 10 years ago no longer exists, can you recomend one.regards colin cheetham.

[shanagarry]

Hi Colin

I have been away all week without access to e-mail - so apologies for not being able to reply to you sooner. I am happy to provide you with the name of my lawyers - but they are expensive. I keep planning to go elsewhere but it becomes a bit of 'the devil you know' and they do get the job done.

I will pm you their details.

[colin cheetham]

Hi thanks to all with regard to offshore company we will let you know the conclusion regards to all,colin cheetham.

[pickwick]

Dear Colin

Paula has an office in Carvoeiro, she is an excellent solicitor and more than capable of advising you without breaking the bank! See details below

Pickwick

Paula Meireles
carvoiero_advogados@hotmail.com
Urb. Colina Verde
Lote 10 Loja B
8400-508 Praia do Carvoeiro
Lagoa
00351282350010

[colin cheetham]

Hi many thanks for your reply,thats the person i went to see and she is now my Lawyer ans fiscal rep,it appears to me now there is no point in being offshore you still have to pay capital gains tax,over tha last ten years the goal post keep moving regarding tax,i can see i will get replies from others saying no you dont,but we have decided to take it out of offshore,many thanks for your reply,colin cheetham

[thepropertydoctor]

Colin
Bringing "onshore" can create high costs. Make sure you get an accurate quote of the present costs - and the future costs when you come to sell again. Many have had a double whammy and lawyers are not always the best advisers on those tax matters I regret.

[colin cheetham]

Hi there thanks for your advice i understand what say and will explain the full story to you,as soon as the lawyer has looked over there fee gharge is a one of £2000.00 but this is in dispute,we return home tomorrow when we shall look through all the paperwork transfering from Gibralter to Delaware is the problem,will keep in touch ,thanks for your concern,colin cheetham.