Welcome to ILS World

Isle of Man

Secure, efficient and business friendly, ILS World's approach is defined by our home jurisdiction, the Isle of Man.

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British Virgin Islands

ILS World opened its doors in Road Town, Tortola in 1994. From this central location in the British Virgin Islands we provide a timely and efficient service, drawing upon locally cultivated knowledge and applying it within an independent, global network.

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China

From our Shanghai office, ILS World provides commercial and private clients access to the right global network to meet their ambitions.

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Dubai

The ILS World independent network expanded into the Middle East's vibrant economic and cultural centre in 2005. Since then, we have combined Dubai's excellent reputation as a business friendly and well regulated economy with our significant experience in the jurisdiction to deliver peerless fiduciary, regional incorporation and corporate administration services to clients operating in this exciting marketplace.

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Hong Kong

ILS World combines a straightforward and efficient service with Hong Kong's business friendly environment to offer our private and commercial clients confidence and peace of mind in a dynamic marketplace.

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London

Our London office is ideally situated to serve a large local client base. It is the hub of ILS World’s administrative function for our UK client companies and an excellent location from which to liaise with a global client portfolio.

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Portugal

Our expansion into Portugal in 1999 was in response to the needs of our clients. We’re here because you need us to be. Since then, ILS World’s presence in this exciting marketplace has enabled us to better meet considerable demand for offshore wealth management and protection services and do so with the care and pragmatism expected of all ILS World locations.

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Switzerland

ILS World opened its doors in Geneva in 2005 and offers a full range of corporate and fiduciary services. With expertise in international holding and trading structures and the ability to manage those structures from within one of the world’s most respected and stable jurisdictions, the business has grown organically and rapidly.

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Uruguay

We draw upon Uruguay’s reputation as a strong economy with a stable fiscal and political environment and robust regulatory practices to offer clients wishing to invest in and manage wealth within South America the perfect regional platform.

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Property Structuring

It is usually beneficial to structure the purchase and holding of real estate through non-resident companies.
Posted by Paulo Refega
on Monday 26th September, 2016

It is usually beneficial to structure the purchase and holding of real estate through non-resident companies.

Indeed, substantial tax savings may be obtained by individuals who purchase property through a non-resident company and thereafter effect any subsequent transfer of the property by way of a transfer of the shares in the property owning company, leaving the title to the property unchanged.

Main Advantages

LOWER PURCHASE COSTS

A purchaser of property will usually have to pay a real estate acquisition tax and also Notary and registration fees. The purchase of shares in a non-resident company owning a property will avoid these expenses, making the purchase a more attractive proposition for the purchaser and allowing the seller to charge more for the property.

EXEMPTION FROM CAPITAL GAINS TAX

Income derived from the sale of a property will be subject to tax irrespective of the tax residency of the seller. This tax will be avoided by transferring the shares in the property owning company so that no transfer takes place in the country where the property is situated.

EXEMPTION FROM INHERITANCE TAX

Inheritance tax is payable on the death of the owner of a property irrespective of the tax residency of the owner. The rates of tax applicable naturally vary from country to country depending on the size of the gift and of the relationship between the deceased and the recipient. The more distant the relationship, the higher the rate of tax. A property owned by a company will not be subject to inheritance tax.

EASE OF SALE

There is very little bureaucracy involved in the process of transferring the shares of a non-resident company and thus the bureaucratic and lengthy procedures which are necessary to purchase a property and register a new title in some countries are avoided. Buying and selling can therefore be done much more cheaply, quickly and easily.

ASSET PROTECTION, CONFIDENTIALITY AND PRIVACY

Legal ownership with the property lies with the company, which has limited liability, and not with the individual. It is fairly simple to protect the beneficial ownership of the property with the advantages referred to above.

It is important to choose carefully the jurisdictions of the company that is going to acquire the property and to obtain local advice. Some countries forbid or penalise the purchase of real estate by offshore companies. These jurisdictions are usually on the so-called 'black-list', so it is advisable to choose a 'white-listed' jurisdiction.

On the other hand, some countries only allow for the acquisition of property if beneficial ownership is revealed, or do not allow property to be bought by non-resident companies at all. Care should be taken about having a trust owning a property in some countries, particularly those with civil law based systems. A trust might not be recognised and it will be considered that the trustees are the owners of the property.

We cannot emphasise enough how important it is to obtain good advice in order to select a solution that effectively works and fulfils the need of clients.

How can we help?

We can advise on the best jurisdictions to set up a property holding company, obtain local advice so that local legislation is complied with and give full support to the acquisition of the property and the subsequent management of the company that holds the property.

Paulo Refega
Paulo Refega
Managing Director Portugal
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