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Establishing NHR in Portugal leaving UK advise

Establishing NHR in Portugal leaving UK advise

Old Jul 4th 2019, 3:39 pm
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Question Establishing NHR in Portugal leaving UK advise

HIi looking seriously at establishing Non Habitual residency status NHR in Portugal and leaving UK. Just engaging with Blevins Franks regarding processes and moving my final salary pension, BTL portfolio etc. Anyone used them ? would love to hear from peoples personal experience and who they engaged with in UK to comply with UK HMRC requirements and Portuguese requirements etc.

Concerned to use reputable advisers and pension schemes that are legitimate and comply with UK and Portuguese tax laws etc. Any advise or guidance would be most welcome - thanks
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Old Jul 4th 2019, 5:02 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Diy

It's quite a simple process you do not need to pay anyone anything to achieve nhr.

Get nif
Get Portuguese bank account
Get residency
Apply for nhr.

Total cost about 15e
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Old Jul 4th 2019, 5:15 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Hi, thanks for that information what is NIF sorry but not familiar with these acronyms. It does seem some professional advise is somewhat over charged for help is establishing residence etc. If I can achieve it doing it myself would prefer to 😊 thanks for any pointers
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Old Jul 4th 2019, 5:27 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Nif
Is your fiscal number, iirc it costs 12e and is needed to conduct any business here.

Just go to local finances dept and request it they will need some personal details but its an easy process.

Once you have nif open bank account.

Apply for residency in local camara you may need a statement from your local parish office (freguisa) 15e

Apply for nhr on the financas portal yourself by answering a few questions on line.

Brexit may make things differ if it ever happens that is....
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Old Jul 4th 2019, 8:14 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Originally Posted by dingg View Post
Nif
Is your fiscal number, iirc it costs 12e and is needed to conduct any business here.

Just go to local finances dept and request it they will need some personal details but its an easy process.

Once you have nif open bank account.

Apply for residency in local camara you may need a statement from your local parish office (freguisa) 15e

Apply for nhr on the financas portal yourself by answering a few questions on line.

Brexit may make things differ if it ever happens that is....
Exactly simple process - remember you do not have to apply for residency until after 90 days in the country and you have until March in the year following your arrival to do the NHR application.
Might be useful to have a friendly Portuguese-speaker around when you do the various steps at the local Finanzas and online for the NHR .
Certainly don't spend a lot of money on third-party advisors it is totally unnecessary.
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Old Jul 4th 2019, 9:22 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Originally Posted by dingg View Post
Nif
Is your fiscal number, iirc it costs 12e and is needed to conduct any business here.

Just go to local finances dept and request it they will need some personal details but its an easy process.
Pedant here.

It's free (or at least it is if you do it yourself / directly).
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Old Jul 4th 2019, 9:28 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

You may well be correct Eric
I just seem to remember paying 12e maybe that was to the junta da freguesa for the attestado.
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Old Jul 9th 2019, 10:12 am
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Default Re: Establishing NHR in Portugal leaving UK advise

Originally Posted by Red Eric View Post

It's free (or at least it is if you do it yourself / directly).
Yes, apparently getting your NIF is free now. We paid a small amount when we got ours but it's changed.

You can inform HMRC that you are leaving the UK by filling in a P85 form.

Below are links to two very useful, english pdfs produced by the Portuguese tax office. The first telling you how to register for the tax portal, the second about NHR...

http://info.portaldasfinancas.gov.pt...acao_PF_EN.pdf

http://info.portaldasfinancas.gov.pt...IRS_RNH_EN.pdf



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Old Sep 16th 2019, 4:39 am
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Default Re: Establishing NHR in Portugal leaving UK advise

My only experience with them was asking them to quote to do tax estimations for me (in Portugal as well as Spain). Strangely they replied they don't do that and are only interested in "wealth management" clients. I found this coloured my opinion of them as they openly state they do "tax planning" on their site. As such I did not use them. Maybe my lack of understanding of what they do.
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Old Sep 16th 2019, 2:33 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Originally Posted by Rorypens View Post
My only experience with them was asking them to quote to do tax estimations for me (in Portugal as well as Spain). Strangely they replied they don't do that and are only interested in "wealth management" clients. I found this coloured my opinion of them as they openly state they do "tax planning" on their site. As such I did not use them. Maybe my lack of understanding of what they do.
Who are "they"?
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Old Sep 16th 2019, 5:39 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Originally Posted by BillBullock View Post
Who are "they"?
Blevins Franks
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Old Sep 16th 2019, 8:19 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

If you need "serious" advice have to go to one of big four accountancy firms - PWC etc . It will cost you but they will provide appropriate support and guidance, BF etc , as you have experienced, focus on managing your money .
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Old Sep 17th 2019, 9:58 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

LOl....they are just after your money mate, forget em and do it yourself if you are serious about Portugal,
You seem to know very little considering such a big move!!
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Old Sep 17th 2019, 10:56 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Blevims Franks ? mmm...be very very careful
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Old Sep 17th 2019, 11:43 pm
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Default Re: Establishing NHR in Portugal leaving UK advise

Be careful. A retired UK Chartered Financial Planner myself, I am particularly struck by the high quality of Blevins Franks publicity machinery and the plethora of articles under their name, none of which give quite enough information.

Obtaining NHR is incredibly easy, once you have obtained your residency, fiscal number (NIF), as well as a Portuguese telephone number - elsewhere on this site are clear guidelines on how to proceed. Having also obtained your login details from the Portal Das Finanças (apply online to register, and the details are posted to you) merely access the site and answer the 3 simple question in order to make the application. If you are in central Portugal pm me and we can do that final step together in about 5 minutes.

As far as pensions are concerned, the question might be more complex. Not all final salary pensions can be transferred, and it may not be in your best interests to do so, and I would advise you to discuss this with a UK based Pensions Transfer specialist (something which I used to do). They should assess the merits of such a transfer and in my view should charge a fee for the advice, with that fee not being contingent upon a transfer taking place. I would like to add that there are, indeed, many reasons supporting such a transfer and, with NHR, one of them is the normal ability to access the entire pension fund (plus any growth within the NHR period if accessed within that period) free of all UK or Portuguese taxes.

I can’t see any obvious benefit for transferring the fund out of the UK. And if transferred to Portugal then I surmise that it might be seen as Portuguese sourced income, hence outside the NHR remit and this taxable in Portugal
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