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Moving to Portugal – Money

So, you are moving to Portugal!

So you are moving to Portugal! Make the transition work better with this free-to-download, full-colour guide. Your Guide To Living In Portugal provides you with guidance on the issues you will need to address as you plan your move, whether that is to retire, buy a second property or simply enjoy a whole new life.

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The UK Tax Residence Test And Expatriates – Are You Sure You Have Escaped UK Taxation?

The UK statutory residence test determines whether or not individuals are resident in the UK for tax purposes. It can continue to impact British expatriates more than you realise, so it’s important to understand the rules and follow them carefully where necessary. Written by Jason Porter of Blevins Franks You may be settled in a…

Non Habitual Resident Regime, Out With The Old And In With The New

The surprise announcement by the Portuguese prime minister that he saw no value for the Non Habitual Resident regime (NHR) and it would cease at the end of 2023 was swiftly followed by the surprise announcement that he would be resigning. The new rules regarding NHR were to be included in the budget so there…

65% Would Reconsider Moving To Portugal If Non Habitual Residence Scheme Removed

A recent survey conducted by Portugalist.com among more than 300 prospective expats reveals that Portugal’s announcement that it will end its Non-Habitual Residency (NHR) tax regime could have a significant impact on their decision to move to Portugal. A significant 33% stated that without the NHR benefits, they probably wouldn’t move to Portugal. Another 32%…

Is The Cost Of Living Still Low In Portugal?

Portugal has traditionally been seen as enjoying a low cost of living – a compelling reason for retiring there. But low prices do not apply across the board, and the reality is that – apart from in certain key sectors – Portugal is not a particularly cheap country to live in any more. In common…

Long Term UK Expats May Face Huge UK Tax Charges

UK expats who have lived abroad for many years often remain UK-domiciled and therefore liable to UK Inheritance Tax (IHT). The rate of this tax might be considered penal. It is currently 40% on the total value of the estate of a deceased after the exemptions. It is an additional tax payable on capital accumulated…

Portugal’s Non-Habitual Residence Scheme To End

Portugal’s Prime Minister, Antonio Costa, has announced that the Non-Habitual Residence Scheme will end at the end of 2023. The scheme which gave non-EU residents in Portugal tax advantages has been ended by the socialist government due to its impact in driving up house prices following public protests about high house prices. The Non-Habitual Residence…

Strategic Financial Planning For Living In Portugal

Check your financial planning is on track to meet your needs and protect your family’s long-term financial security in Portugal this year. A key reason to review your wealth management is to check it’s all up to date. You need to establish whether any changes in tax rules, financial regulations, or your own personal circumstances…

Opening A Bank Account In Portugal

Expats living, working or retiring in Portugal may benefit from opening a bank account in Portugal to receive salaries, pensions etc and to pay regular bills and access cash machines. There are options to open a Portuguese bank, an account with an international bank with branches in Portugal or a mobile/digital bank account. …

UK Inheritance Tax And Domicile – What You Need To Know Today

UK inheritance tax follows you around the world since it’s based on domicile, not residence. You could live abroad long term and still be liable for this legacy tax. Here, Blevins Franks look at key facts about UK inheritance tax and domicile and how it could affect your intended heirs. Written…

How Will Your UK Pension Be Taxed If You Move To Europe?

Many Britons have been putting their retirement plans to sunny southern Europe on hold for two or more years while the UK extracts itself from the EU. Covid lockdowns mean the opportunities to sell a UK home and buy a property in Europe have been limited. The ending of travel restrictions will release pent-up…