So, 2018 is already under way but it is still the perfect time to both review the year that has just passed and also to look ahead at what might be in store for the next 10 months. Inevitably, for expats in Portugal, this means making a detailed survey of your wealth management plans so that you can both protect and grow your assets in order to achieve the most prosperous financial future possible.
A time for sober optimism
The shock and resulting uncertainties provoked by the Brexit vote continue to reverberate across Britain and the EU, and for no one is this more true than the British expat in Europe. However, although it might feel tempting to give way to despair, the truth is that the outlook is slowly improving.
The British government recently succeeded in all but securing residency rights for existing British expats in the EU, meaning that if you are already settled in Portugal, you can feel confident that your status will ultimately be unchanged.
Practically, this means you can expect your medical care and other statutory rights to continue as they are; it also means that your existing financial planning arrangements are likely to be suitable in the short- to medium-term.
An adaptable and customised wealth management service
So, if you are planning to take control of your finances in 2018, or want to be ready to face the Brexit proposition head-on, right now you might want to give Blacktower a call.
Effective wealth management is about three things: protection, preservation and growth. The emphasis you choose will depend on your cash-flow needs, your anticipated time horizon (how long you and your partner are likely to need the money for) and your financial legacy plans (whether you wish to leave significant sums to family and/or charity).
At Blacktower we work to help you achieve a clear wealth management strategy by making an appraisal of your financial history, typical monthly outgoings and short- and long-term financial goals.
Our people are the key to helping you understand and realise these goals. Working out of our Lisbon and Algarve offices, they are on hand to build relationships with wealth management clients who wish to fully consider all investment and lifestyle objectives.
Our ability to achieve these ends is enhanced by the following:
■ Access to top-rated private banks
■ Discretionary fund management solutions
■ Tax-effective investing dependant on your own tax status and residency
■ Access to lending/credit lines
■ Multi-asset approaches
■ Active and passive investment management
■ Nexus Global Portfolio for long-term growth
■ Pension and retirement wealth management
■ Tax and inheritance tax planning
■ Choice of portfolio modes: balanced, growth-oriented and aggressive
■ Non-discretionary fund adviser service; advice on risk and asset allocation
Blacktower’s modus operandi makes us ideally placed to deal with issues as they arise both during the Brexit negotiation period and the post-Brexit phase. We are a UK-originated firm with offices across the EU, so have a detailed and practical understanding of all the relevant cross-jurisdictional considerations, and because we take a strategic, ongoing and customised approach to wealth management, we are able to evolve and adapt to changes in legal and market conditions as they develop.
Those on the cusp should make hay while the sun shines
If you are not yet officially resident in Portugal or are planning to make the move in 2018, it is imperative that you take action now. Brexit is planned for March 2019 and the future for those looking to become expats after this date is uncertain. Make the move now to give yourselves every possible advantage.
Of course, it is likely that British expats will still be able to apply for non-habitual residency (NHR) post-Brexit. However, unlike now, they will have to apply for NHR status under Portuguese residency rules; a process far more complicated than simply being an EU citizen.
Blacktower, for resolution in 2018
Blacktower can help you make the most of your personal position by protecting and growing your assets in line with your financial goals. For more information about how we can help you, contact our Algarve or Lisbon office today.