Fitch Ratings has affirmed Portugal's Long-term foreign and local currency Issuer Default Rating (IDRs) at 'BB+'. The Outlook is Positive.
The issue ratings on Portugal's unsecured foreign and local currency bonds have also been affirmed at 'BB+'. Fitch has also affirmed Portugal's Short-term foreign-currency IDR at 'B' and Country Ceiling at 'A+'.
Do you keep large deposits in bank accounts? If so, you need to understand to what extent you will be protected in event of bank failure.
For peace of mind you should establish what investor protection you have with each of your banks, and how it works. The same applies for capital you have held in other financial institutions like investment firms, insurance companies etc in the event of institutional failure. If you have any concerns about the level of protection you should establish if there are other institutions or investment structures which offer a higher level of protection, or if there are steps you can take to feel safer.
RETIREMENT PLANS WRITTEN UNDER TRUST OR CONTRACT - Recent action has been taken in various civil law countries legislating directly against, what are seen as, tax avoidance schemes. As a result of this a lot of standard trust based plans, such as pensions, have been caught. For example, new legislation in France has created highly complex wealth and inheritance taxation rules and the exemptions available for pension trusts are limited, while recent legislation in Spain has resulted in “look through” provisions for trusts.
This month's Market Insight Newsletter is centred upon the UK Budget, and in particular the changes to be adopted to the taxation of Dividends starting in 2016.
We would also like to take this opportunity to restate our investment service offered by Rathbones of Mayfair, London. Upon introducing this service to Portugal at the start of 2015, we have been overwhelmed with the demand.
People thinking of setting up or taking over a business abroad are being urged to do their research before taking the plunge.
Overseas property and finance expert Simon Conn has been arranging foreign mortgages for more than 30 years. He says the one area of the industry he gets increasingly frustrated about is clients who wish to set up or take over an existing business abroad, with no thought or plan of how this is going to be achieved.
As part of their pre-election campaign, the Conservative Party had promised to effectively raise the threshold for inheritance tax from £650,000 to £1 million for a married couple, where a family home is involved.
This was not included in the Queen’s Speech on 27th May, but now the Treasury Minister, David Gauke, has confirmed to parliament that it will go ahead.
In this issue, we cover two major important issues that will affect the majority.
The first main issue is the forthcoming UK referendum on the European Union, known by many as the potential "BREXIT", and also, the new EU legislation on Inheritance Succession Rules, being implemented on 17th August this year, which will affect all of us.
Switzerland has agreed to automatically exchange information with the EU, bringing an end to banking secrecy.
A new tax transparency agreement was signed on 27th May 2015 by Jacques de Watteveille, the Swiss Secretary for International Finance Matters, EU Tax Commissioner Pierre Moscovici and Latvian Finance Minister Janis Reirs (on behalf of the Latvian Presidency of the EU Council).
