![QROPS](https://harrisonbrook.com/wp-content/uploads/2019/10/portugal-3029665_1920-1024x583.jpg)
If you are one of the many Brits looking at a retirement offshore? Or just considering a change of lifestyle and becoming an expat, Portugal could be the place for you. Portugal is famed for it’s beautiful climate and scenery, its welcoming people and its excellent value standard of living. The fact that the Portuguese government has now promoted an incentive, allowing you to take your pension tax free, makes becoming a Portuguese resident even more attractive.
What is the scheme?
The “Non-Habitual Tax Regime”, NHR, or Golden Visa scheme was introduced in 2009. It provides beneficial tax treatment to new residents for their first ten years in the country. During this time residents are granted tax exemption for foreign sourced income, meaning you can take your pension tax-free.
Why is Portugal so beneficial?
Due to Portugal’s dual tax treaty with the UK your foreign sourced income will be taxed by Portugal. Harrison Brook has established excellent contacts within Portugal to help our clients when trying to relocate. We can ensure that your Pension is set up in the most tax efficient and legal manner. Through our local partners, we can also offer legal expertise to help you take advantage of the NHR.
QROPS and Tax-Free Pension?
It may be beneficial for you to transfer your pension to another scheme (QROPS or a SIPP). If you would like to take your pension earlier than the current scheme retirement age (after the age of 55)? It could be because your company pension is offering excellent transfer values? (higher than previous quotations) Alternatively, it could be because you would like more control over your pension income and how you take it? Or you want to have an international adviser (many onshore advisers can’t help you once you become an expat)? Or maybe you would like to take a lump sum from your pension to buy a property for example? A “Contract Law” QROPS could be the answer to your retirement needs. There is the potential to take 100% of your UK pension tax-free.
Why choose Harrison Brook?
- Honest, impartial advice – Globally fully regulated through the Financial Services Commission in Gibraltar meaning you can rely on and trust Harrison Brook as your financial partner.
- Quality Financial Products – we offer quality expat financial products and services globally from the world largest and leading banking institutions and funds houses, all fully FCA regulated.
- Transparent – initial consultants are free and without obligation and ALL product fees are visible. Working from a fee-based model unlike the majority of expatriate financial adviser using commission with opaque charging structures and exit penalties for accessing your money.
- Proven Performance – many of our clients have been with us for years and recommend us to their friends and family. With a 5-star rating from the fully independent website FEEFO
- Reach – there are no restrictions on the client’s location and you can continue to access and use our services no matter where you live in the world.
- Value – our online advice system reduces our costs and fees allowing us to pass this saving on to you.
- Independent – we are not tied to any provider or product meaning we offer the full breadth of market products and services with no product provider bias.
Take the first step
To discuss your requirements and find out what options are available to you, speak to an International regulated adviser. Get Started Now!
The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.