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CURRENCY RRENCY AN AND F D FOR OREI EIGN GN EX EXCHA HANGE NGE Pr Prem m Raj aja, a, Curren rencies cies 4 You
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PLANNING AHEAD FOR PORTUGAL’S NON ON HA HABI BITUAL AL TAX AX RE REGI GIME ME Geoffrey Graham, Edge International
MOVING TO PORTUGAL Planning Ahead for the Non Habitual Tax Regime Pestana Chelsea Bridge Hotel, 31 st October 2018
Planning Ahead for the Non Habitual Tax Regime Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ International Law Firm with over 25 years of experience in foreign investments I. EDGE ‣ Leading Portuguese firm advising individual and corporate clients on their investments ‣ 6 Offices Worlwide, including Lisbon, Porto, Algarve, United Kingdom and Cape Verde Employment Family & Probate ‣ Pratice and specialize in the following areas: Tax Planning Banking & Insurance Litigation & Dispute Resoluition Private Clients Corporate & Commercial Foreign, Investments & Tourism Residency by Investment Property nonhabitualresidents.com www.edge-il.com
Planning Ahead for the Non Habitual Tax Regime Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ In recent years, Portugal has attracted an increasing number of II. Destination: new residents who come to invest or make it their new home ‣ Portugal is the 4 th safest country in the World according to the Global Peace Index 2018 Portugal ‣ Its investor friendly environment has helped make it the home of Web Summit three years in a row ‣ Is considered the best country in Europe for a foreigner to live (according to InterNations) ‣ The Non-Habitual Tax Resident, Golden Visa, Urban Rehabilitation and Start-Up programmes created by the Portuguese Government have been key components in the country’s financial recovery
Planning Ahead for the Non Habitual Tax Regime Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ The Non-Habitual Tax Residency was introduced in 2009 to attract individuals III. General and their families to Portugal, making it beneficial from a tax perspective ‣ NHR status can result in pensions, dividends, bank account interest and some Overview royalties originating in a non-Portuguese source being exempt from, or being subject to a preferential rate of, personal income tax ‣ Portuguese contract salaries for High Added Valued Activities (“HAVA”) will be taxed at 20%. Examples of HAVA include medical and I.T. specialists. ‣ Only requirements to benefit from the NHR status: become a Portuguese tax resident; not having been a Portuguese tax resident in the previous 5 years ‣ The NHR status can be maintained for 10 years ‣ No minimum investment required ‣ Open to all nationalities with a valid resident visa
Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ Successful NHR applicants will be exempt from income tax on: IV. Legal Salary if subject to tax in the country of source under an existing Information Double Tax Treaty Pension provided that it does not originate in a former public employment Dividends , Interest and certain Royalties which may be subject to withholding tax on the source country
Planning Ahead for the Non Habitual Tax Regime Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ To become a Non-Habitual Resident it is necessary to be a V. Portuguese tax resident. In order to be a Portuguese tax resident Requirements your Portuguese address must be your main address worldwide. ‣ Not having been a tax resident in Portugal for the past 5 years. ‣ The application process normally takes less than a week.
Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ A valid resident visa (EU Residency Certificate) obtained before Brexit is VI. NHR valid for 5 years and ‣ Holders of a valid resident visa obtained before Brexit will be in better position to renew or obtain permanent residency Brexit ‣ Part of our services includes obtaining the EU Residency Certificate ‣ EU Residency Certificate is a mandatory document to become Portuguese tax resident and NHR ‣ In a hard Brexit scenario, this could require replacement with an equivalent document
Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ Portugal is very receptive to outside investment: qualified workforce, VII. foreign languages skills, telecommunications, infrastructures. Entrepreneurs ‣ Network of tax treaties facilitates the use of tax efficient structures. and Start-ups ‣ Straightforward company set-up (a company can be created in less than 24 hours). ‣ Grants/benefits may be available for start-ups (average of 30,000 new start-ups per year in Portugal). www.nonhabitualresidents.com www.edge-il.com
Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ We will provide you with a complete range of legal services for the application VIII. Our for NHR status, enabling clients to deal with all legal matters under one roof. Services ‣ Includes NHR application, further tax advice, related corporate structuring, advice on property purchase/rental and on succession. ‣ This will also include: undertaking an initial fact find; due diligence on current tax status; preparation and submission of initial application; representation before the Portuguese Tax Authorities; regular contact with the Authorities; regular updates in relation to the process; other related advice. ‣ Our services include a number of necessary administrative services, such as registration at the Local Health Centre, registration of driving licenes, opening of local bank accounts, etc. www.nonhabitualresidents.com www.edge-il.com
Planning Ahead for the Non Habitual Tax Regime MOVING TO PORTUGAL ‣ EDGE is the leading Law Firm in monitoring the IV.Contacts investments of individuals and companies. ‣ For more information regarding the NHR regime please visit us at www.nonhabitualresidents.com or www.edge- il.com and contact us: Geoffrey Graham Gonçalo Figueira E: ggraham@edge-il.com E: gfigueira@edge-il.com
Worldwide NONHABITUALRESIDENTS.COM Lisbon Porto Praça Duque de Saldanha, 1 Avenida da Boavista, 722 UK P Edif. Atrium Saldanha, 7th floor Edif. Boavista Prime, 3.2 1050 – 094 Lisbon, Portugal 4100 – 111 Porto, Portugal P. (+351) 213 191 290 I F (+351) 213 527 619 P. (+351) 223 241 959 I F (+351) 213 527 619 info@edge-il.com porto@edge-il.com Algarve - Lagos Algarve - Almancil LX Rua Dr. José Francisco Tello Queiroz Avenida José dos Santos Farias, 137-A Lote 3, Loja R 8135-167 Almancil, Portugal 8600 - 707 Lagos, Portugal P. (+351) 289 895 420 I F (+351) 289 895 429 P. (+351) 282 038 678 I F (+351) 282 038 678 algarve@edge-il.com algarve@edge-il.com L A G London Cape Verde C 33 Cavendish Square Po Box 138, Ed. Garantia, 1º F V London W1G 0PW Av. Amilcar Cabral, United Kingdom Santa Maria, Sal, Cape Verde P. (+44) 203 875 17 96 P. (+238) 242 20 61 I F. (+238) 242 12 62 info-uk@edge-il.com info-cv@edge-il.com
BR BREX EXIT IT, , TAX AX AN AND WEA D WEALTH H PLAN PL ANNING ING OP OPPO PORTUNITIES TUNITIES Gavin in Scott, tt, Blevin ins Franks
Tax and wealth planning opportunities Gavin Scott Senior Partner | Portugal
Agenda Blevins Franks… Who we are, what we do Brexit… A Key Message Portugal... A Tax paradise within the European Union? UK pension funds… A pre -Brexit opportunity.
Who are Blevins Franks? The leading international tax and wealth management advisers to UK nationals living in Europe
Blevins Franks Group Advising clients for over 40 years 7 countries 22 Offices 43 Partners and Private Client Managers 200+ Employees 5,100 Families € 2.5 billion Funds Under Advice.
What do we do? …tax driven financial planning and wealth management advice
Comprehensive Financial Planning Cross-Border Estate Planning Tax Planning Pensions Advice Investment Advice and Planning
Blevins Franks Specialist Advisers Deep understanding of UK Nationals living in Portugal Cross-border expertise – chartered tax advisers Based locally in the country where our clients live Qualified and Regulated – UK & Portugal.
…in a world of fake news, focus on facts. What do they mean for you, living in Portugal?
PEACE OF MIND
Brexit A Key Message
Tax policy post Brexit A Member State sets its own Tax Policy for its own Residents Avoidance of Double Taxation Governed by Tax treaties These are bilateral agreements
Planning Steps Apply for initial residence (Residencia) Register as Tax Resident (Finances) Register in the Portuguese healthcare system Apply for Portuguese driving licence Count your days and keep good records Stay informed www.gov.co.uk - www.blevinsfranks.com
Portugal Tax paradise within the European Union!
Taxation Portugal believes that: Low taxes attracts people into a country These people spend their extra money This creates jobs for local nationals Who in turn pay tax.
Non Habitual Residence Qualification Not resident in Portugal in the last 5 years Employed, self employed or retired High value occupations.
Non Habitual Residence The Benefits Tax exemption for foreign source income For a period of 10 years Includes pension and investment income …but needs planning.
UK pension funds …a pre -Brexit opportunity?
UK Pension Freedoms (2015) Flexible Access from age 55 ‘Tax Free’ Lump Sum (UK only) Inheritance Tax Free Ability to transfer to other schemes abroad without penalty.
Tax relieved Tax free Tax free contribution growth payout
“I beg your pardon?”
Tax relieved Tax free Tax free contribution growth payout NEW Exit tax?
Good news for EU residents Exclusion from charge if… The You are pension EU is EU resident resident Remain EU resident for 5+ UK tax years
Flexible access in Portugal can mean 15% or perhaps 85%
And what about Final Salary Schemes?
Securing 10,000 of Income Reducing interest rates … 2 million 1 million 400,000 200,000 @5% @0.5% @2,5% @1%
In Summary Portugal… Inside the EU Wants to attract long term retirees Does this through a low taxes No tax for 10 years on… Pension income Dividend income …Other tax planning opportunities are available.
Edition 7 Available now
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