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Portugal as a Destination for UK, U.S., and Other Tax Residents: Latest Immigration and Tax Strategies

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, September 26, 2024

Recorded event now available

or call 1-800-926-7926

This webinar will review the impact of recent significant changes to Portugal's tax guidelines and the impact of these changes on immigrants. Our panel of international wealth transfer veterans will discuss the tax ramifications of expatriating and residing in Portugal for U.S., UK, and other countries who are anticipating a move. Their presentation will include multiple case studies of taxpayers relocating to Portugal and the tax considerations and effects of their relocations.

Description

Tax professionals working with multinational taxpayers need to comprehend the recent tax changes to advise clients considering leaving their current tax home and establishing one in Portugal. The country has long been a popular destination for immigrants by offering incentives and a favorable taxation regime for foreigners. Recent changes to immigration and tax laws certainly give those immigrating or considering migrating from the U.S., UK, or other countries new considerations to weigh. Historically, Portugal has welcomed expats. The Non-Habitual Resident (NHR) program is not available as of Jan. 1, 2024, although those who previously qualified will be able to benefit for the 10-year term. But a new program was enacted which continues to provide for a foreign source income exemption in general and a tax rate of 20 percent for selected expatriates. Considering the top tax rate in Portugal for salaries is 48 percent and begins at only 81,199 EUR of taxable income and that passive income is generally taxed at 28 percent, the new program is a welcome tax relief for those who qualify.

Furthermore, the Golden Visa program and other residence paths still exist, with revisions. Purchasing property in Portugal is no longer a Golden Visa option, but investments of 500,000 EUR. in approved funds still is a pathway. In addition, those who are willing to spend more than 6 months in Portugal or invest in startup business opportunities can also obtain residence.

Americans must deal with the unique feature of the US tax system which imposes income tax on worldwide income and estate tax on worldwide assets of its citizens as well as its residents. For Americans living abroad, they must rely on relevant tax treaties to try to mitigate double tax of the same income. For Americans who are considering expatriating, they must manage and plan for the draconian U.S. exit tax and inheritance tax regimes applicable when an American citizen or long-term resident expatriates.

Listen as our panel of immigration and taxation experts explains Portuguese immigration options and the tax effects of residing in Portugal for multinational citizens.

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Outline

  1. Portugal: tax considerations for immigrants
  2. Motivations of non-doms and UK domiciliaries under the new Labour government
  3. Motivations for Americans considering living abroad or expatriating
  4. Motivations for taxpayers of other countries such as France, Canada, and South Africa
  5. Portugese immigration options
    1. Digital nomad
    2. D7
    3. Golden Visa
  6. Portugal tax planning options
  7. Case studies
    1. UK non-dom
    2. UK dom
    3. American living abroad
    4. American expatriating

Benefits

The panel will cover these and other critical issues:

  • Immigration options including Golden Visas
  • Portugal's new tax guidelines for foreigners
  • Tax considerations of U.K. non-doms and doms relocating to Portugal
  • Tax considerations of Americans expatriating or relocating to Portugal
  • Case studies including the tax impact of foreigners moving to Portugal

Faculty

Barnabé, Nuno
Nuno Cunha Barnabé

Partner
Abreu Advogados

Mr. Barnabé is a Partner and has been at Abreu Advogados since 2019, working in the tax area with a focus on...  |  Read More

Lesperance, David
David Lesperance, J.D.

Founder and Principal
Lesperance & Associates

Mr. Lesperance is one of the world’s leading international tax and immigration advisors. He has successfully...  |  Read More

Master, Piers
Piers Master

Partner
Charles Russell Speechlys

Mr. Master acts for some of the Firm's largest private clients and heads our Private Wealth Sector. He acts for...  |  Read More

Warshaw, Melvin
Melvin A. Warshaw, Esq., L.L.M.

Attorney
Melvin A. Warshaw

Mr. Warshaw has nearly 40 years of experience as a U. S. estate planning and tax lawyer. He currently represents U. S....  |  Read More

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