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Offshore Trusts Report: MadeiraLegal Framework and Formation Rules and Fees Madeira is a civil law jurisdiction, subject in general to Portuguese law, and the trust thus does not exist as such. Portugal has not ratified the Hague Convention on the law applicable to trusts and their recognition. Nonetheless when the Free Trade Zone Legislation of Madeira was enacted provision was made for the creation of offshore trusts. Decree Law No 352/88 & Decree Law No 149/94 deal with the registration and management of offshore trusts whereas Decree Law 264/90 concerns authorization by Government of trust corporations and branches. There are no unit trusts in Portugal or Madeira. Portuguese residents cannot use Madeira offshore trusts. The law forbids a trust to hold immovable property situate in Portugal and to have either a settlor or a beneficiary who is a Portuguese resident. All trust property should be based outside Portugal and all trust income should be derived from non-Portuguese sources if the favorable taxation regime governing entities licensed to operate under the Free Trade Zone Legislation of Madeira is to apply.
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