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Thinking of Immigrating to Portugal? (for Edit)

Thinking of Immigrating to Portugal? (for Edit)

If you are new to living in Portugal or planning your move here, this article is for you. When you relocate, it is crucial to adjust your wealth management to your new life.

A fiscal number is the first thing you will need to get once you in Portugal. It’s a tax identification number required to do things like open a bank account, buy or invest in property and receive income. In Portugal, it’s known as a “Número de Identificação Fiscal” (NIF).

As Brexit approaches, residence has become an even more important issue for UK nationals in Europe. it is sensible to prepare for the original Brexit cut-off date of March 29, 2019, If you are planning to live, work and bask in the Portuguese sun for more than three months, you will need to apply for a residency permit. This applies to everyone; working, students, self-employed, or retired, everyone must have one.

Whilst a lot of people are going the Golden Visa route which is a Programme in Portugal has proven to be the most popular scheme in Europe with Investors attracted to its ease and flexibility to obtain along with all the benefits it provides, there are several ways to obtain the visa with the most popular being an investment of 500,000 in to a freehold property in Portugal.

 

Brexit should not affect Britons’ ability to apply for and enjoy significant tax advantages through Portugal non-habitual residency (NHR) scheme. NHR benefits include a special low-income tax rate and the ability to receive foreign income, including certain UK pensions, tax-free for 10 years.Even outside the NHR regime, Portugal can offer attractive tax benefits, especially for capital investments.

 

Portugal has very different inheritance tax and succession law to the UK. Your estate plan should also be set up to achieve your wishes in the most tax-efficient way possible. If you remain UK domiciled – as many expatriates do – you continue to be liable for UK inheritance tax, so you should plan to reduce this liability for your heirs.

 

Public schools in Portugal offer free education for children. As an expat, you can enroll your child into the public school within the catchment area of your address. The curriculum is taught exclusively in Portuguese, so integration can be harder for older students who do not yet have the language.

 

 

Portuguese residents can currently transfer UK funds to an EU/EEA-based Qualifying Recognised Overseas Pension Scheme (QROPS) tax-free. While this can unlock various tax and flexibility benefits, taking personalised, regulated advice is essential to establish the best approach for you.