Portugal

What are the financial complexities Americans face when they move to Portugal?

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.

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US Connected

Passive Foreign Investment Company

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

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US Connected

FATCA

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

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France

What is French Gift Tax (“Droits de Donation”)?

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

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France

Financial planning for retiring from the UK to France

  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

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Blog

REVIEWING YOUR FINANCES POST BREXIT

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

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France

DECLARING ACCOUNTS HELD OUTSIDE OF FRANCE

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

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Blog

Dealing with Scams

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

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France

Brexit changes in France from Jan 2021 – European Health Insurance Card

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

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France

Useful information re the Brexit changes in France from January 2021

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

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Portugal

Portugal Non-Habitual Tax Regime

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

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Portugal

Qualifying for Non-Habitual Tax Residency in Portugal

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

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Portugal

Statutory Residence Test Portugal

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

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France

(Provisional) French 2021 Tax Rates

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

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France

France Residency Card Online application portal now open

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

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Information

EXPENSES USD EUR GBP

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

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News

French residency card online application portal opening delayed | An announcement from the French Government

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

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Information

Meeting the Income criteria when moving to France

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

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News

Why the Assurance Vie?

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

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News

Update

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

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News

An update on French Residency after Brexit 02-Feb-2020

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

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Information

New Online Procedure is now in English for a French Residency permit (Carte de Séjour) in case of a NO DEAL Brexit

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

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News

France Tax Rates and changes for 2020

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

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Information

Minimum Income Requirements to be resident in France

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

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France

The Assurance Vie

For people living in France, the Assurance Vie (life insurance) is considered one of the best ways to invest money and organise your inheritance

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News

Revenir au Royaume-Uni

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:

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France

Taxes in France

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.

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Planning Your Finances Doesn't Need to be Stressful

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.

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