This year’s tax reforms have seen a landmark change to the countries treatment of fiduciary structures (Trusts), written into Portuguese tax law from 1st January 2015.

This could have major repercussions on Expatriates whom hold foreign trusts and/or assets beneath the trusts held in black listed jurisdictions such as the Isle of Man. The use of trusts is common practice for some IFA firms operating in Portugal, helping to mitigate ongoing and future UK tax liabilities. Whilst there may be a place for UK domiciled expatriates as a means of succession planning, this may not have been the correct solution for those wishing to take distribution from their trust (income).

The tax liability and consequence of this advice could lead to large tax bills for many individuals and families. A tax rate of 28% may be applied to those holding trusts and this could increase to 35% for those holding assets or trusts in black listed jurisdictions.

Affinity have always worked with 3rd party companies when it comes to matters concerning taxation or trusts, ensuring that the advice given is not clouded or conflicting.

Afinity have a panel of experts on hand providing a detailed analysis of your situation on a case by case basis. We understand that no single client’s circumstances are the same and often the views and opinions by various individuals or companies needs to be obtained to ensure best advice is given.

We are here to listen and understand your needs, building a solution that is bespoke and tailored to you. There is no cost or obligation in our initial meeting, we can provide our view and on your instruction write a detailed report outlining any liabilities, risks and recommendations. 

Please feel free to contact Affinity with a view to arranging a meeting with an independent specialist tax and trust adviser.








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08:15
BUSINESS BREAKFAST “State Budget 2018: The end of foreign owned properties in Portugal?” by: Filipe Abreu, Tax Department - Senior Associate Wednesday, 24 January, at 8.15am HILTON [...]
Date :  Wednesday, 24 January 2018
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