Picture this: you’ve recently moved to Madeira, excited about the opportunities and lifestyle that await you. However, amidst the excitement, you realize that managing your finances in a new country with unfamiliar tax and succession regimes can be challenging. This is where a tax advisory consultant comes in. Choosing the right consultant can be the most crucial tax decision to ensure long-term financial security and peace of mind.
Why You Need a Personalized Approach to Tax Advisory
When it comes to tax planning, one size does not fit all. Your tax strategy should be tailored to your unique situation, considering factors such as your country of residence, family situation, investment risk tolerance, and long-term objectives. A skilled tax advisory consultant will take the time to get to know you and your goals, asking the right questions to understand your risk profile before making recommendations.
Building a solid relationship with your advisory firm is essential. You want a consultant who will be there for you throughout your retirement journey and even guide your heirs in the future. By working closely with a consultant who understands your needs, you can create a holistic strategic tax plan encompassing all aspects of your tax well-being.
The Benefits of a Well-Established and Knowledgeable Firm
When choosing a tax advisory consultant, it’s essential to consider the size and longevity of the firm. A firm with a history of longevity provides peace of mind, knowing that they will be there for you as long as you need them. Additionally, larger firms often have specialists covering various services, such as local tax advisers, technical tax experts, pension professionals, and investment analysts. This integrated approach ensures that all aspects of your tax planning are covered under one roof.
The Value of Local Advice and Knowledge
Living in a new country like Portugal requires local expertise. An adviser who lives and works in Portugal brings invaluable knowledge and firsthand experience of the local taxation system and regulations. They understand the intricacies of Portugal’s tax and succession regimes and can identify legitimate planning opportunities specific to the country.
While your UK adviser may have provided excellent service in the past, they may not be familiar with the ins and outs of local regulations in Portugal. Continuing to work with them could lead to inappropriate investments, higher tax liabilities, or unnecessary complications for your beneficiaries. Post-Brexit, UK advisers can no longer passport their services into EU countries, including Portugal. Therefore, it is crucial to choose an adviser authorized to provide advice in Portugal and stay up to date with national and international regulations.
The Significance of Regulation and Qualifications
Investing, pensions, estate planning, and taxation are complex areas that require specialized knowledge. When selecting a financial advisory consultant, it is essential to have professionals with officially recognized qualifications and a commitment to staying updated with regulatory changes.
To ensure security and peace of mind, choose a firm whose professionals are authorized to advise in Portugal and adhere to national and international regulations. Verify that your adviser and the recommended investment managers are regulated when seeking tax advice. This ensures that your interests are dealt with by qualified professionals who operate within legal and ethical boundaries.
Finding the Right Tax Advisory Consultant for Your Needs
Once you have identified a tax advisory consultant who meets the above criteria, the rest of your tax planning in Portugal can proceed smoothly. You can trust them to guide you through the necessary considerations, weigh your options, and make informed decisions. A reputable consultant will also update you on any regulatory changes affecting your financial situation.
By choosing a tax advisory consultant, you can delegate the complex work of tax planning and enjoy your new life in Portugal with peace of mind. Knowing that your consultant has your best interests at heart and is equipped with the necessary expertise, you can confidently navigate the intricacies of the Portuguese tax landscape.
Miguel Pinto-Correia holds a Master Degree in International Economics and European Studies from ISEG – Lisbon School of Economics & Management and a Bachelor Degree in Economics from Nova School of Business and Economics. He is a permanent member of the Order of the Economists (Ordem dos Economistas)… Read more
