Expat financial advice from the experts

Financial planning in Portugal for Expats

Finanacial Planning in Portugal

Portugal has been a favourite destination place for a lot of British tourists. The city of Algarve, for example, has been on many must-see places lists. A lot of Brits have already been or started settling in this beautiful southern area. So what makes this country an attractive destination? If you have decided to move to Portugal, you need to make sure your financial planning is in order. You require sound financial advice to make sure your money is working as hard as it should. An independent financial adviser can advise on the best investment plans suited to your needs. They will be able to advise on investment solutions,  fund selection, education savings and overall retirement and financial planning in Portugal.

NHR: Non-Habitual Resident tax regime 

Firstly from an investment point of view, the non-habitual tax regime increases the Portuguese international attractiveness. It is a competitive tax regime. It focuses on non-residents who are looking for a permanent or temporary residence. Achieving the correct conditions means that there is an exemption on foreign source income. Furthermore, there is a limited 20% taxation on income derived from employment from listed high value-added activities.

Golden visa in Portugal for financial planning

This regime allows non-European Union investors to access the entire Schengen area. Furthermore, it is a residency by investment programme. The qualifying investors will be granted with a Portuguese residence permit. This will be for themselves but also for their immediate family. The procedures of eligibility of this regime are quite transparent. There is a lot of information you can consult on this online. One main advantage is that there is a possibility of obtaining permanent residency. This is after having gone through 5 years of a temporary residency permit. There are certain investment requirements that need to be taken into consideration. We have already covered these in a previous article we have written which contains useful information.

Independent financial adviser at Harrison Brook

As mentioned before you require sound financial advice to ensure your money is working as hard as it should for your retirement and financial requirements. Working with the right financial adviser is of utmost importance. 

  • Independent:  We are not tied to a single provider or product. We search the whole market to find the best solution for your requirements.
  • Quality solutions: by using the worlds largest, well known and reputed financial institutions and fund houses.
  • Transparency: Your initial consultation will be free of charge and without obligation. We use a fee-based charges model, similar to the ones used in the U.K. You can easily view our fees on our web page. There are a lot of offshore financial advisers who charge commission with hidden charges structures and high exit penalties. 
  • Independent client reviews: We use an independent website reviews provider called Feefo. They are committed to collecting real customer feedback and publish it to our website whether that information is good or bad. You can view client comments on our webpage.
  • Value: Our online advice system reduces our costs and fees. This allows us to pass this saving on to you. We have very competitive fees.

General attractiveness of Portugal

  • Dual Tax Treaty between Portugal and the U.K: You will not be double taxed if you have earned income in the UK and now live in Portugal. You will only be taxed on your foreign-sourced income in Portugal. Residents can benefit from 10 years tax-free, meaning pensioners can draw-down their pension tax-free. 
  • Quality of life: Portugal has an affordable cost of living. As English is widely spoken by the natives themselves, this allows expats to integrate more easily in their new country of residence.  A lot of foreigners have lived years without even learning Portuguese. Therefore, if learning new languages does not come easy to you then this should not be an issue.
  • Cultural advantages: Needless to say there is rich and diverse gastronomy to be enjoyed. Fortunately, Portugal is a country that has maintained its traditional values and authenticity and this can be experienced throughout the country.
  • Weather and landscape: Portugal holds 16 UNESCO cultural sites so there is plenty to see. The sunny and warm summers in Portugal are full of festivals and parties of all sorts for all age groups. These offer you opportunities to discover the culture.
  • International school choice: There are different advantages to both private and international schools. For example, international schools offer better opportunities for international universities acceptance. This article goes in more depth and will provide more of an insight into the Portuguese education system. 

What is the next step to get financial planning in Portugal?

If you require help with financial planning in Portugal and don’t know where to begin it is best you look for advice from an independent financial adviser. We believe it is important to be well-informed of the options available to you in order to make the right decision.

If you are looking to have a durable and personal relationship with your adviser, it is best you search for a small independent financial advisory firm. They will be able to assist with your financial planning in Portugal. Harrison Brook specialise in providing financial planning advice to expats in Portugal. We recommend you get in touch today to see how we can assist with your financial needs.

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