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Americans who move to Portugal may face several financial complexities related to taxes, investments, banking, and currency exchange rates. Some of the key issues that Americans may encounter when moving to Portugal include:
Americans who move to Portugal may face difficulties in opening a bank account due to strict Know Your Customer (KYC) regulations. They may also find it challenging to transfer funds between their US and Portuguese accounts due to different banking systems and currency exchange rates. It is advisable for Americans to research banking options in Portugal before they move.
Americans who move to Portugal may need to reconsider their investment strategy and estate planning. They may also need to think about how to manage their retirement accounts and investments when living abroad in order to maximise tax efficiency in their financial planning.
Americans who move to Portugal may be subject to different tax rules and regulations than they are used to in the United States. For example, Portugal has a different tax system, including income tax rates, social security taxes, and capital gains taxes. It is important for Americans to understand these differences and to seek advice from a tax professional who has experience working with Americans in Portugal.
Americans who move to Portugal may find that the exchange rates between the US dollar and the Euro can be volatile. This can impact the value of their assets and investments, as well as the cost of living in Portugal. It is advisable for Americans to have a plan in place for managing currency exchange rates, such as using a reputable currency exchange service.
Overall, moving to Portugal can be a complex financial process for Americans. It is important for Americans to do their research, seek advice from professionals, and have a plan in place to manage their finances in Portugal.
Beacon Global Wealth has experienced cross-border advisors in Portugal who can help you navigate the complexities of cross-border financial planning.
Before you engage us, we’ll get to know you to make sure we’re a good fit in terms of understanding what is most important to you.
After our discovery call, we will summarise our understanding of your current situation and the key objectives which will ensure we're aligned with your goals.
Once you’re happy that we’re right for you, we’ll provide our recommendations and implement them for you. But there’s never any pressure from us to proceed – that’s just not our style.
We will implement your plan, constantly monitor and report on the performance to ensure your private wealth is optimised and aligned with your goals and working for you. Additionally, we’ll provide you with regular statements and a half yearly review to ensure that you remain up to date with any investment or tax changes and that we continue deliver for the long term.
