Client scenario: UK and German Expat couple retiring to Portugal

One of the benefits of having a business focused on complex clients, is that I get to meet interesting people with interesting life stories that I can help. Our international focused business model allows us to carry out Financial Planning for Expats no matter where they live, helping to turn their complexity into clarity and opportunity in a cost-effective manner.

No two clients are the same and I have decided to share some of these client scenarios that I have dealt with as I know it will be of interest to some of you.

I recently helped a UK/German couple, Jack & Jill (for the purpose of this article) living in Ireland that wanted to move to Portugal. They had investments/pensions in Ireland, UK and Europe that needed to be considered. They were planning to retire and leave Ireland permanently. If Portugal did not work out, it would be another sunny clime in Europe. Portugal was a big attraction because of the great climate and it is in Europe so relatively close to family and friends. It also has favourable tax rules for Expats.

They wanted to achieve a few things:

  • Ensure the move was tax compliant and they did not pay any unnecessary taxes.
  • Review their Investments/pensions/insurance plans, given their change of circumstances
  • Wanted to make the right decisions to minimise cost, taxes and complexity of their financial affairs
  • Find out if they would have sufficient income in retirement to meet their lifestyle needs.
  • Put in place an estate plan.

In practice when you move to a new country it requires a complete rethink of your financial affairs as it did for Connor & Jane. There can be many opportunities as well as threats that needed to be considered and addressed. Using an international team of professionals in Ireland, UK, Portugal and offshore from various specialisation we were able to develop a tailored solution for Jack & Jill. Financially it was a very good decision but required a restructure of their pensions/investment/insurance plans. It is a process that took many months as not all of the above could be done at the same time, but it can be done!

Jack & Jill continue to be clients living in lovely Portugal. I look forward to visiting them!

Author; Frank Mulcahy Principal & Personal Financial Manager at Trinity Financial Management

At TFM we work with Expatriates to help them navigate their complex financial affairs. We are experts in cross-border investment pension and tax planning. Contact Frank on frank@trinityfinancial.ie to discuss your needs.

This article is provided on the strict understanding that it is for the reader’s general consideration only. Accordingly, no action must be taken or refrained from based on its contests alone.

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