Sovereign Group
After three years of uncertainty the UK has now left the EU! How will this affect UK residents that have assets in Portugal?
Since 2002 it had been obligatory in Portugal for any non-resident person who owned property to appoint a fiscal representative to receive correspondence from the tax department and ensure that the fiscal responsibilities of clients are fulfilled – submitting the necessary tax returns and paying all taxes.
Many foreigners have chosen to live or to buy holiday homes in this wonderful country. But how many have reviewed their estate planning to protect these Portuguese assets? The future has never been so uncertain during the current Covid-19 pandemic, so there has never been a more appropriate time to ensure all your paperwork is in order!
Staying on top of the latest currency news can help you time your transfers more effectively, so find out what you should be looking out for over the next couple of weeks…
Most people prefer not to think about their own mortality but the current coronavirus crisis has made that impossible. It is estimated that over 50% of people do not have a will and have made no plans regarding their estate. This leaves their loved ones vulnerable and unprotected. Surely now is a good time to sort that out?
Despite upcoming reform, Britons moving to Portugal can still enjoy ten years of tax benefits under the special NHR scheme.
