Has anyone experience with purchasing real estate through a foreign trust (created outside Portugal)? Is it possible?
My understanding is that trusts are not legally recognised in mainland Portugal.
However, under Decree Law no. 352-A/88 of 3 October, which applies in Madeira, it is possible to incorporate offshore trusts established under a foreign law, if the activity carried out by the vehicle is within the institutional framework of the Madeira Free Trade Zone. Offshore trusts incorporated under a foreign law are recognised for all purposes in the Madeira Free Trade Zone.
Is there any possible workaround here to have a company created in Madeira that is wholly owned by the foreign trust and to acquire the real estate via the Maderia company? Or otherwise, can the Trust incoprorated in Madeira can then purchase property in Mainland Portugal?
Or are there lawyers known that specialize in this area?