The UK government’s further tightening of tax laws, expected to be unveiled in its Autumn Budget, is seeing many accelerate their plans to move to Portugal.
That’s according to the Portuguese Chamber of Commerce in the UK, which says it has seen a 30% increase in interest in relocating over the last 12 months.
Its manager, Christina Hippisley, explained: “We’re seeing a lot of very focused plans being put into place, as families seek out the financial and lifestyle advantages that Portugal can offer.
“The anticipated Autumn Budget in the UK is accelerating that trend further, prompting people to consider their relocation options.
“People aren’t just keen to move out of the UK, they’re doing it fast.”
It is speculated the Budget, due to be delivered by Chancellor of the Exchequer Rachel Reeves on November 26, could impose property taxes on high-value homes, a reduction in the tax-free lump sum those nearing retirement can take out of their pension pots and additional pressures on businesses.
Over 48,000 Brits are now officially resident in Portugal with approximately 30,000 more owning property or spending part of each year there.
Ahead of the Budget, October 16 sees the Moving to Portugal Show return to London’s Pestana Chelsea Bridge Hotel.
The event includes experts discussing key fiscal benefits involved in relocating and the attractions of the likes of the Golden Visa residency-by-investment programme and the IFICI (Tax Incentive for Scientific Research and Innovation) – frequently referred to as the NHR 2.0.
Among those attending will be Portugal Pathways, which helps affluent individuals and their families navigate Portugal’s Golden Visa, cross-border tax, wealth management and real estate opportunities.
Its chairman and founder, Paul Stannard, said: “The current economic and political unease in the UK is prompting many high-net-worth individuals to consider their options.
“Portugal offers a fantastic quality of life, great healthcare and 300 days of sunshine. It’s not difficult to see its appeal.
“The likes of the Golden Visa provide a clear pathway to citizenship and access to free movement around the EU Schengen area; allowing hassle-free travel between member states. While the IFICI (NHR 2.0) tax regime is designed to attract highly-skilled individuals with some very attractive tax rates over a 10-year period.
“We’ve seen a big uptick in UK citizens coming to us to assist in their move and expect that only to grow.”
The Moving to Portugal Show is free to attend. It takes place between 10.30am to 7.30pm on Thursday, October 16 at the Pestana Chelsea Bridge Hotel.
About Portugal Pathways
Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.
About Portugal Investment Owners Club
The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.
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