Questions are my business. I love questions. These days, very few are simple; most are complex. Across sectors in which we provide guidance, we continue to see an increase in complex questions from prospective clients. It’s a tough start for a novice writer, like me, so I thought I would report on the common questions posed across the investment, taxation, legal and immigration sectors.
How do I balance my personal privacy and compliance?
Transparency obligations are being intensified by governments. Protecting your personal information and balancing compliance is a growing concern. This is a question that is relevant to all of us, regardless of our wealth. Ensuring that information shared by financial institutions is correct so as not to trigger penalties or audits. Understanding specific legal and regulatory requirements governing privacy rights and tax compliance in the jurisdictions relevant to your life. Our geographical mobility has grown, and for individuals who hold assets, the rise of data security has increased. What makes a real difference is the bringing together of your investment, tax and legal advisors where they work holistically, communicatively, and the flow of information is managed for you.
Is NHR ending?
The end of the NHR regime was determined by the State Budget Law 2024. The end date was determined from 1st January 2024. Do I fall under the criteria still available to apply until March 2025? That’s the question!
I am a non-resident with capital gains arising. What should I do?
Clients are individuals first and foremost. How to help depends on the direction of their future, complexities, priorities and lifestyle. Advice should always be bespoke and not universal. For example, are gains arising from the sale of a holiday home held for many years? Are you selling a holiday home in order to upscale to a larger property as you have decided to move permanently? Are you selling a rental property? Many individuals receive blinkered advice because their advisor did not ask them enough questions.
Is there a replacement for NHR?
There is a new program. ITS – Incentivised Tax Status Program or Tax Incentive for Scientific Research and Innovation. This program was proposed in the State Budget. The criterion for this program differs from NHR. Would it be the right fit for you? Perhaps. Take advice.
Basic advice for a US citizen moving to Portugal?
Portugal is on the radar for US citizens, and rightly so. Basic steps to consider include visas, location and taxes. US citizens are required to obtain a visa to relocate. Depending on your eligibility and circumstances, there are options for suitable visa types.
Location, location, location. Finding the right location to settle is tough in Portugal. Far too many wonderful options in all regions. Buy or rent?
Taxation. Navigating the US and Portuguese systems is a challenge. Having a dual handler managing both accountants in their respective jurisdictions is a great benefit.
What should I be looking for when seeking any advice in Portugal?
Rapport. The rapport between you are your advisor and beyond, between each and all your advisors across sectors. Without that rapport, the ability to uphold each individual client’s needs can disintegrate. Should you be an entrepreneur with apartments in different countries, with revenue arising from multiple sources, that quality of rapport expands to help consolidate assets, taxation and others. I value rapport.
This article is not Financial Investment nor Legal Advice.
