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: Banking: Americans who move to Portugal may face difficulties in opening a bank account due to strict Know Your Customer (KYC) regulations.
Americans overseas and the U.S-connected individuals obligated to file taxes in the United States frequently make a common mistake by buying or investing in a foreign mutual fund (including ETFs or other non-U.S.-based funds). These non-US funds are classified as PFICs, and they have serious tax consequences for the U.S. taxpayer. In simplified terms, PFICs
Most American expats have heard of FATCA. A few know what it means to them, but most don’t like it. But in reality, it’s the foreign financial institutions the United States obligates to report that like it far less than the taxpayer. Why? Because if the institutions do not comply, the U.S. government imposes a
We talk to Paul Flintham, an International Financial Advisor at Beacon Global Wealth Management about French Gift Tax. Gifts are made while you are still living. The Doner makes the gift, the Donee receives the Gift. The Donee is also responsible for paying any tax that is due (droits de donation) In the UK there
When it comes to retiring to France from the UK, one of the most imperative requirements for a successful visa application is for your financial circumstances to be in good order. We talk to Jennie Poate at Beacon Global Wealth, a wealth management firm specialising in providing expert financial advice for those looking to
We have seen recently a number of UK financial institutions change their stance for clients who live outside of the UK and companies including the likes of Aviva not allowing online access for clients which is causing confusion. https://www.aviva.co.uk/aviva-edit/in-the-news-articles/brexit-impact-on-policy-french-residents/ Due to Brexit, some companies no longer have a European licence for financial and insurance services
We have seen recently a number of clients be caught out on the above ruling, including those who use an accountant. If you are tax resident in France, you must declare each year your bank accounts, investment policies and insurance contracts. It does not concern accounts used to make payments for online purchases or deposits
You may have seen emails alerting you to a new fraud specific to the financial services advice industry. We are not aware of any of our clients having been targeted in the way described below, but it is our responsibility to do everything we can to educate our clients about these scams to avoid any
The UK left the EU on 31 January 2020. The transitional period ran until 31 December 2020 and the UK is now a “third country” and no longer part of the EU’s economic structures. This might affect how your UK investments or pensions are serviced in the future. If you live in the France
The European Health Insurance Card (EHIC) is to be renamed the Global Health Insurance Card (GHIC) For those in France whose health cover is supplied via the SI form when receiving the UK State pension, the new website for a replacement card is the following: https://services.nhsbsa.nhs.uk/cra/start A European Health Insurance Card (EHIC) gives you the
Post/Parcels Letters and large letters containing only correspondence, commercial invoices or shipping documents do not require a customs declaration, the rest do. They can be downloaded from the following sites. France: https://aide.laposte.fr/contenu/brexit-au-1er-janvier-2021-les-nouvelles-formalites-douanieres-vers-le-royaume-uni UK: https://www.postoffice.co.uk/mail/customs-forms Pension/ Healthcare Protection The European Commission President Ursula von der Leyen, states: “The provisions on Social Security Coordination will ensure that
Background and Taxation Summary This summary provides an initial overview and explains the main guidelines and possible implications of the non-habitual resident (“NHR”) regime for foreigners and Portuguese individuals settling in Portugal after an extended period of living abroad. It deals mainly with individuals receiving pension income, but also sets out other key points of
Qualifying for the NHR status and Registration as NHR Recognition of this status is not automatic and requires activation by attending to the following formalities: Application for a Portuguese taxpayer number Registration as tax resident Request the access codes to the Tax Authorities’ website Application for the NHR status. Nevertheless, in case the Portuguese Tax
If you are planning on moving to Portugal and you are leaving from the UK, then it is most sensible to ensure you leave the UK properly. This means you should take note of the Statutory Residence test rules. What’s new in Statutory Residence Test? On 19 March 2020 HMRC issued new guidance about how
The provisional bands and rates for 2021 for 2020 household income are below and are subject to parliamentary approval in December 2020. The income levels in each band will increase by 0.2% for inflation, but for two bands the maximum income figure has been reduced as a result of the reduction in the rate of
To apply for the new France Residency Card online, you need to go to the following French government site https://contacts-demarches.interieur.gouv.fr/brexit/brexit-demande-titre-sejour/, before you apply you will need to prepare the documents that are needed to accompany the application (each document file must have a different name and be less than 5mb in total). Further information can
If you are already France tax residents (or moving to France) and you take financial advice from the UK or your investments are still UK based, what do you need to think about as the end of the Brexit transition period approaches? Reassuringly, citizens’ rights for UK nationals legally settled in France by the 31st
EXPENSES U.S. $ EURO € GBP £ Rent $800 to $1,500 €712 to €1,335 £632 to £1,185 Electricity $100 €89 £79 Groceries (incl. wine) $600 €534 £474 Landline rental fee (excluding call costs) $60 €53.40 £47.40 Gas for heating/stove $60 €53.40 £47.40 Internet $40 €35.60 £31.60 Transportation (car maintenance plus diesel/petrol) $175 €155.75 £138.25 Cellphone
https://brexit.gouv.fr/sites/brexit/accueil/vous-etes-britannique-en.html “How to prepare for Brexit? Following the ratification of the withdrawal agreement, the United Kingdom’s exit from the European Union took effect on 1 February 2020. This agreement provides for a transition period to run until 31 December 2020, during which time all of your rights as a British citizen will be upheld. Pursuant
When I first became an advisor in France more than ten years ago, the single most important criteria for those moving to France was protecting capital due to the different inheritance rules here. Almost exclusively our clients were of a certain age and retiring to live their dream in France. How times have changed! Our
Well over one Trillion Euros (well over one Million, Million Euros) is now held in Assurance Vie (AV) policies and life insurance remains the preferred investment for French tax residents. Although the idea was born in the middle of the 17th century, the Assurance Vie today is a modern and tax efficient savings and investment
It’s not about timing the market, it’s about time spent in the market In today’s low interest rate environment (and if it is at all possible, interest rates now seem to be getting even lower!), to achieve any growth a measured amount of risk has to be taken, meaning that part of your investment may
The French Government have just issued the following update: Saisine des services de l’Étatpar voie électronique The website ONLINE PROCEDURE TO REQUEST A RESIDENCE PERMIT FOR BRITISH CITIZENS RESIDING IN FRANCE BEFORE THE UNITED KINGDOM’S WITHDRAWAL DATE FROM THE EUROPEAN UNION opened in the event of a no-deal Brexit (which has been ruled out) IS NOW CLOSED
I’ve been giving financial advice to English speaking clients who live outside of their home country now for the last 23 years (of which the last 13 years in France) and they certainly are a varied bunch of folks Some have settled into their new country and new lifestyle very well, others not-so-well and a
For whom is this service meant? This online service is meant for British citizens as well as their family members (spouse, children and parents of British nationality or third-country nationals residing on the French territory before the United Kingdom’s withdrawal date from the European Union, in case of a no-deal Brexit. As of when will the residence
It is the time of year when we find out what tax changes we will charged in the following year and wait for parliament to debate and finalise the proposed budget. President Macron’s government has announced €9 billion worth of tax cuts for families in France. France’s draft budget for 2020 was revealed at the
Up until now, British passport holders have been able to live in France and elsewhere in Europe with no Visa and no formal requirement to prove they have the means to live here. This is all likely to change with the UK leaving the EU. Current guidelines state that there are certain levels of income
If you’re an expat living in France and wish to remain there post-Brexit, here are a few pieces of information you should know from the UK government website:
When your main home/principal residence is in France and you are a tax resident in France it is a legal obligation that you declare all your world/global income and capital gains
Rental income is always taxed in the UK using individual personal allowances 2018/19 = £11,850. So, you can receive £23,700 between you with no income tax to pay.
Did you know that there are different type of financial advisors?
When you search for a financial advisor, how can you be assured that they are right for you?
Understanding your appetite for risk is key when you are considering an investment strategy. Risk profiling is the process that we use to find your correct level of investment risk.
Increasingly we find our clients interested in ethical and sustainable investments and we have undertaken much research and work in this area.
For people living in France, the Assurance Vie (life insurance) is considered one of the best ways to invest money and organise your inheritance
Understanding your appetite for risk is key when you are considering an investment strategy.
If you receive a French based regular income such as salary or pension, PAYE (pay as you earn) a tax payment at source is to be introduced.
Bad financial advice can be devastating, here are 5 points to consider when looking for a financial planner.
In all the excitement of moving to France, it’s easy to forget something important. So here’s a list of some of the things you should do before leaving the UK
As an expatriate moving to France or buying your dream holiday home, the last thing most of us would think about is succession planning
Si vous êtes un ressortissant français et que vous envisagez de déménager du Royaume-Uni vers la France, voici quelques questions qui pourraient être pertinents pour vous aider dans votre déménagement.
Investissement:
L’impôt sur la fortune (ISF) – has now become l’impôt sur la fortune immobilière (IFI)
In 2018 there will be a number of new EU directives and regulation implemented by various regulatory bodies ,
Most people are pleasantly surprised to pay less income tax or “impôts sur le revenu” in France than they would as a resident of the UK.
Inheritance Tax Rates per beneficiary
(Droits de succession) – there is no inheritance tax between spouses or couples with a PACS.
For anyone who has interests in various countries of the world, your place of residence can be a major cause of confusion.
There is now great news for those planning to move to move on a permanent basis and are not yet in receipt of a pension.
An instant access savings account is a “Compte sur Livret”. Banks can also offer fixed term deposits, for over one month, which offer better interest rates, called “Comptes à Terme”.
The draft French budget for 2018 was presented to the French Parliament on 27th September 2017. The budget will now work its way through parliament before being approved at the end of the year, so changes are possible.
Most expats want to know their financial future is secure. For the past 20 years we’ve been using our Expat Wealth Plan™ to make your money work for you, so you can enjoy your future whatever it holds.
The financial advisers trading under Beacon Global Wealth Management are members of Nexus Global (IFA network). Nexus Global is a division of Blacktower Financial Management (International) Limited (BFMI). All approved members of Nexus Global are appointed Representatives of BFMI. BFMI is licensed and regulated by the Gibraltar Financial Services Commission (FSC) and bound by the rules under licence number 03647
Nexus Global EU is a division of Blacktower Financial Management (Cyprus) Limited (BFMCL) and Blacktower Insurance Agents & Advisors Ltd (BIAAL). Beacon Global Wealth Management is an Appointed Representative of BFMCL which is licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC) – Licence No. 386/20. Beacon Global Wealth Management is an Appointed Representative of BIAAL which is licensed and regulated by the Insurance Companies Control Service (ICCS) – Licence No. 5101
