Financial Planning When Moving To Portugal

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Financial Planning When Moving To Portugal

Overview of the tax system in Portugal and the requirements and benefits of the Non Habitual Residence Scheme. What are the issues you need to address before you move to Portugal. Advice on issues around pension and inheritance planning when living in Portugal.

Matthew Krystman of Blevins Franks in Portugal explains the tax system in Portugal and the financial issues that you should consider as you plan your move to Portugal. It is important to understand the rules on tax residence and their implications before you leave to set up your new life in Portugal.

Financial Planning When Moving To Portugal

Click here to watch the recording of th e webinar Financial Planning When Moving To Portugal

Please note that the Portuguese Government have announced that the Non Habitual Residence Scheme will close to new registrations from 1st January 2024. See this article for more information: Portugal’s Non-Habitual Residence Scheme To End

If you need assistance with your move to Portugal Property Finder Portugal can assist you in finding your new home whether that is to rent or buy, but also can help you with all the formalities of the move:

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.