Tax advice - you have until Feb 22nd to act.
Here is another good reason to join the thousands of afpop members who benefit from timely advice sent by the association that specialises in providing information services and support to foreign residents and visitors to Portugal.
The advice note below, concering the new February 22nd Finanças deadline, has just been sent to members and is reproduced with permission and thanks.
In our February issue of Monthly Market Insight, we cover a number of important topics that every investor should read, including another banking crisis developing in Europe with a major German bank, and the little reported run on the banks in Italy.
We also look at 2016 and what it is likely to bring for investors, the impact of an increased interest rate in the US and the "u-turn" on interest rate policy by the Bank of England. Not forgetting the EU where we review their current economic policy.
Finally, and as we have experienced thus far in 2016, we consider the approach investors should take during periods of investment uncertainty with our article "Weathering Market Storms".
It has been the worst start to a year on record, but a flurry of economic data due this week might show fear has driven sellers too far. The oil price tumbled to below $30 a barrel last week as sanctions on Iran were lifted; the country is now free to pump its share of oil into the already oversupplied market. Also, we should not forget that the US has started exporting West Texas Intermediate crude to the world as well, for the first time in 40 years.
This is the first in a 3 part series on Residency status in Portugal.
Increasingly, countries challenge former residents who attempt to move to another. Although the rules vary, most states define a “resident" as an individual who is in the state for other than a temporary or transitory purpose. Countries consider a person’s “residence" or home to be the place of his or her permanent home to which he or she intends to return to whenever absent from the state for a period of time.
Most claim the right to tax an individual’s income if they are believed to be a resident. Usually, they also impose tax on 100% of a resident’s income from all sources, including investment portfolio income.
In this issue, the major stories that we look at are:
• Bank of England's decision to retain interest rates increases and why the "U turn"?
• S&P warns the UK will loose its "AAA" rating on an EU exit
• The new Dividend tax regime in the UK - more taxes for all?
• The HMRC failure in collection of taxes - only 11 prosecutions for offshore tax evasion since 2010 to date
• Bank deposit compensation reduced from £85,000 to £75,000 on 1st January 2016
As always, if there is any aspect within this month's Tax Insight that you wish to attain further detailed information on, or you would like to have any of our previous issues of Tax Insight, please feel free to contact us.
T: +351 289 392 484
W: privatefundmanagement.com
CLICK HERE to read the November 2015 Market Insight.
An insight by into what's happening with the current Financial Market by Private Fund Management, including the Euro falling as ECB plans new QE, plus the latest news on Commodity Markets and Volkswagen.
CLICK HERE to read.
If there is anything that concerns you with your financial affairs, or would like a second opinion, please contact us for a no obligation and confidential discussion.
E: info@privatefund.management
T: 289 392 484
Pensioners who were born before 6 April 1951 (6 April 1953 for women) now have a limited period in which to boost their entitlement to their current state pension. They will be able to buy extra entitlements to their state pension of up to £1300 a year, for life. This will be achieved by making a lump sum payment in the form of voluntary class 3A NIC, between 12 October 2015 and 5 April 2017.
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+'.
