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Navigating the UK Budget: Key Considerations for British Expats in Portugal. With the latest UK Budget announcement, British nationals living in Portugal — or considering a move — face important changes that could influence their financial planning across borders. This is especially relevant for those with significant assets in the UK, as updates to capital gains tax (CGT) and inheritance tax (IHT) reflect a shifting approach to wealth management and tax responsibilities. Adjustments to capital gains tax rates may call for careful consideration for British expats, particularly those who split their time between the two countries, with UK property or investment assets. Selling a property or realizing gains from investments could mean facing increased tax liabilities, depending on the assets held. This shift can impact strategies for both short-term financial management and long-term investment growth, especially for those who still have a significant UK financial footprint. The timing of asset sales or even relocation may require a new approach to optimize tax efficiency and protect returns. In addition to CGT, changes to inheritance tax reliefs may impact expats who retain UK assets they wish to pass on to future generations. For British nationals in Portugal, especially those with UK-based property or businesses, these updates may alter the projected IHT burdens for heirs. As IHT thresholds remain frozen, expats may want to consider both UK and Portuguese tax implications when structuring inheritances and estate plans. For those contemplating a move to Portugal, the timing is key. The Portuguese 2024 Non-Habitual Resident (“NHR 2.0”) regime offers considerable advantages, including potential exemptions on certain foreign income and gains and reduced tax rates for income obtained in Portugal. Entering this regime under the right circumstances could offset some of the impacts of UK tax changes, making an early review of residency status and timing worthwhile. With evolving tax landscapes in both the UK and Portugal, the most effective approach for British expats may be one that integrates the nuances of both jurisdictions, addressing regulatory shifts proactively. British nationals in Portugal — or those on the cusp of relocating —may benefit from assessing the impact of these Budget changes, enabling them to make well-informed decisions to safeguard wealth and secure an optimal tax position within Portugal’s favourable regime. #relocation #lisbonrelocation #portorelocation #expats #tax #visas #homesearch

Selling vs Renting Your House: A Tax Guide for US Expats ✈️ Moving abroad is exciting, but deciding what to do with your house can be stressful. Should you sell it and get a lump sum, or rent it out for a steady stream of income? We break down the tax implications of both choices, helping you make the most informed decision for your situation. Some key considerations: 1. Tax on Rental Income: Considered "passive income" and taxed at ordinary income tax rates (10% - 37%). * BUT, you can deduct expenses like property management, repairs, and depreciation! 2. Tax on Selling Your Home: Capital gains taxes apply (0%, 15%, or 20% depending on your income). You may be able to EXCLUDE a significant portion of the gains from taxation if you qualify for the Section 121 exclusion. Pros & cons of renting: Steady income, potential for value appreciation, but requires management & can be time-consuming. Pros & cons of selling: Less hassle, lump sum to jumpstart your new life abroad, but no rental income and you miss out on potential future appreciation. Ultimately, the best choice depends on your plans: Returning to the US? Renting might make sense. Looking for a clean break? Selling could be the way to go. No matter what you choose, Bright!Tax can help you make an informed decision and deal with the aftermath hassle-free. Read the full post here: https://hubs.ly/Q02DGKTf0 #USExpat #Taxes #RealEstate #Landlord #ExpatLife #brighttax

Retiring abroad can be exciting, but it isn’t always easy. Aside from navigating residency requirements, finding housing, and potentially learning another language, once you’re there, that’s not the end of the challenges. Expats must also understand their tax obligations as U.S. citizens—as well as what their host country might require. Discover what every expat should know about taxes: https://bit.ly/4aqf029

Milan – The new tax haven in the heart of europe! Are you considering relocating to Europe for favorable tax conditions? Milan, Italy's financial hub, is emerging as a new tax haven, offering significant benefits for high-net-worth individuals and businesses alike. Italy has introduced attractive tax regimes to entice foreign investors and expatriates. The flat tax regime, for instance, allows new residents to pay a fixed annual tax of €100,000 on their worldwide income, with an additional €25,000 for each dependent. This is a stark contrast to the progressive tax rates that can go up to 43%. Moreover, Milan's strategic location, world-class infrastructure, and rich cultural heritage make it a desirable destination not just for financial reasons but for quality of life as well. The city offers a robust business environment, excellent healthcare, and a high standard of living. For those interested in further details about Italy's tax benefits, here are some resources: https://hubs.la/Q02H28w40 #milan #italy #relocation #expatlife #investment #realestate

For those people moving to the USA from Australia and or living in the US with Australian shares John's article provides lots of valuable information and things to think about. Get in touch if you would like further information!

Dreaming of retiring or working abroad? It's an exciting prospect, but don't overlook the tax implications: 🌎 Residency and Taxation: Your tax residency status determines your obligations. The UK's Statutory Residence Test (SRT) considers factors like ties to the UK and days spent there. 💷 Tax on Foreign Income: UK residents usually pay tax on worldwide income, but double taxation agreements can prevent you from paying tax twice on the same income. Check if your new country has such an agreement with the UK. 🛂 Non-Resident Obligations: Once you're a non-resident for tax purposes, your obligations change. While foreign income might not be taxable, UK-sourced income could still be. 💼 Working Abroad: Working temporarily abroad might still incur UK tax, but longer stints could change your tax status significantly. 🏖️ Retiring Abroad: Enjoy your UK state pension abroad, but its annual increase depends on your new country. Private and workplace pensions are subject to your new country's tax laws. 🏥 Healthcare: Moving abroad affects your access to UK benefits and healthcare. Investigate your entitlements and any required contributions in your new country. 📝 Steps to Take: Consult tax professionals, inform HMRC of your move, understand your new country's tax system, and consider its impact on estate planning. 🎉 Conclusion: Retiring or working abroad is a dream for many, but understanding the tax implications is crucial. By knowing your residency status, income sources, and tax laws, you can embark on your international adventure confidently. Seek professional advice tailored to your situation for a smooth transition. In summary, plan ahead, stay informed, and enjoy your tax-efficient life abroad! 🌍 Approved by The Openwork Partnership on 06/03/2024

Last month, the UK Government released its March 2024 Budget, which highlighted significant changes to the taxation of "non-doms," which affected British expatriates. A new special tax regime, effective 6 April 2025, will exempt qualifying individuals from tax on their foreign income and gains for the first four years of their UK residence, regardless of domicile. Additionally, inheritance tax (IHT) will shift from a domicile-based system to a residence-based test, providing clarity and opportunities for British expatriates to engage in tax planning, such as creating trusts, without immediate IHT liability. At Sentient International, we specialise in providing comprehensive trust services that enable individuals, families, and organisations to safeguard their assets and ensure their legacy for future generations. Whether you are an individual seeking to protect your personal assets, a family looking to ensure the financial security of your loved ones, or a business owner planning for succession, we have the expertise to guide you through the process. If you are considering the establishment of a trust and would like to discuss your requirements in more detail, let's talk. Please get in touch to arrange a suitable time for us to speak. #Tax #UKTax #TaxPlanning #NonDom #Expatriation #SentientInternational

Dreaming of retiring or working abroad? It's an exciting prospect, but don't overlook the tax implications: 🌎 Residency and Taxation: Your tax residency status determines your obligations. The UK's Statutory Residence Test (SRT) considers factors like ties to the UK and days spent there. 💷 Tax on Foreign Income: UK residents usually pay tax on worldwide income, but double taxation agreements can prevent you from paying tax twice on the same income. Check if your new country has such an agreement with the UK. 🛂 Non-Resident Obligations: Once you're a non-resident for tax purposes, your obligations change. While foreign income might not be taxable, UK-sourced income could still be. 💼 Working Abroad: Working temporarily abroad might still incur UK tax, but longer stints could change your tax status significantly. 🏖️ Retiring Abroad: Enjoy your UK state pension abroad, but its annual increase depends on your new country. Private and workplace pensions are subject to your new country's tax laws. 🏥 Healthcare: Moving abroad affects your access to UK benefits and healthcare. Investigate your entitlements and any required contributions in your new country. 📝 Steps to Take: Consult tax professionals, inform HMRC of your move, understand your new country's tax system, and consider its impact on estate planning. 🎉 Conclusion: Retiring or working abroad is a dream for many, but understanding the tax implications is crucial. By knowing your residency status, income sources, and tax laws, you can embark on your international adventure confidently. Seek professional advice tailored to your situation for a smooth transition. In summary, plan ahead, stay informed, and enjoy your tax-efficient life abroad! 🌍 HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. Designer Wealth Management is a trading name of Kaushik Natwarlal Amliwala which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. Approved by The Openwork Partnership on 06/03/2024

Denise and I researched this somewhat. We were interested in Costa Rica and Panama and choose Panama but actually found out the cost of living is the same in the Lansing Michigan area without travel costs to come back and visit family. The real problem with those two countries is the heat. Some of America's favorite spots like Portugal and Spain have recently passed laws which are not favorable to foreign retirees. We think Italy was a solid choice there are 7 provinces with special tax exemptions. You certainly want to look into dual taxation. https://lnkd.in/eq5_Grxg

🏠 U.S. Expats: Maximize Your Savings with the Foreign Housing Exclusion! 🌍 Learn how to reduce your tax bill by excluding housing costs while living abroad. Don't miss out on these savings! 👉https://buff.ly/3LSJNKj #ExpatTaxes #TaxSavings #1040Abroad #ForeignHousingExclusion