There have always been many good reasons to use a locally-based financial adviser rather than one in the UK, but this is even more compelling after Brexit, as Blevins Franks Wealth Management tell us:
- Previously, UK firms providing financial services to Britons living in the EU could legally do so through ‘passporting’ arrangements, but Brexit dissolved these rights. To continue legally servicing clients in Portugal, UK financial advisers, banks, insurance companies and investment providers need to have made alternative arrangements.
- Ask the UK advisers and institutions you use to confirm their position and what protection you have now if things go wrong.
- In some cases, while you may be able to retain existing accounts and make withdrawals, you may be restricted from adding or moving funds or renewing policies.
- Some financial institutions have stopped accepting instructions from UK-based providers, so if you hold EU-based investments your planning options may be limited.
- UK-based advisers are unlikely to have significant experience with the financial planning needs of British expatriates in Portugal.
- And they generally do not have a deep, up-to-date, understanding of the Portuguese tax and succession regimes and the opportunities available here for effective tax planning and to protect your heirs.
- Financial planning tailored for a UK resident is unlikely to remain suitable once you are living in Portugal.
Blevins Franks Wealth Management provides integrated advice on cross-border taxation, estate planning, investments and UK pensions. Its local advisers are fully authorised to provide advice in Portugal in 2021 and beyond.
They live and work locally in the Algarve and Lisbon areas (also covering Porto and the north and Madeira) and have in-depth knowledge of the Portuguese tax and succession regimes and first-hand experience of the challenges UK nationals face as they set up home here – between them have 75 years’ experience advising expatriates in Portugal.