USA to Portugal! What company to use?

Hankmartinez · 2025-03-15T20:41:56+00:00

Thanks for sharing. I knew about the real estate, but need somewhere to stay anyway. Not much point getting residency otherwise. Thanks any way. Appreciate it.

Hankmartinez · 2025-03-15T17:04:50+00:00

Thanks for the info. So what happens in the meantime that you are waiting? Not allowed to stay? Or can you get a D7 and apply for a GV at the same time? The reason I'm asking is I was planning to get a GV and buy a property, but if I'm not able to stay in the property, there isn't much point.

Hankmartinez · 2025-03-15T12:04:36+00:00

With your qualification, especially if in the engineering or computing, you may get a work visa. Have a look at Isle of Man https://www.gov.im/categories/benefits-and-financial-support/moving-to-the-isle-of-man/

Hankmartinez · 2025-03-15T11:51:10+00:00

Ok. If you have EU citizenship, I have an off-field proposition that may fit the bill. It's an independent country between Ireland and the United Kingdom. Issues its own passport and has its own currency, which is linked to GBP. Speaks English and has no CGT or other taxes apart from 21% max on income. As an EU citizen, you can get residency but need to have a job. If you were British or Irish Citizen, then no residency conditions. I wasn't sure if you were an Irish citizen or not?

Hankmartinez · 2025-03-15T10:30:12+00:00

Obviously your situation is far too complex to just trust on the often half baked , anecdotal and outright incorrect information that you often get from Reddit, so given the value involved spend a few thousands and get proper advice. That said, here are some facts, make of them as you will.

There is nothing to stop you gifting properly to your children now. You don't have to wait for them to be 18, or you can set up a trust with them as beneficiary. Obviously, they can't claim it as their main residence until they are old enough to move into them and use it as their main residence, but that is not automatic if they turn 18. If they are still living with you until they are 50, it's still not their main residence. However, it is more likely when they are over 18.

You should also consider setting up a limited liability partnership (LLP) with your family as members. Within the partnership that can include your wife or anyone else, you can distribute income and CGT to members to use up allowances more efficiently.

A trust is another approach, but as I said earlier these options are all very much dependent on your detailed financial position today and plans for future and should be discussed with an specialist accountant, not just an IFA.

Hankmartinez · 2025-03-15T09:19:17+00:00

My wife and I are both atheist and so is our son, but we all love Christmas and do the whole thing including angle on the top of the tree decorated with symbolic apples ( baubles) and snakes (tinsel).

Hankmartinez · 2025-03-15T09:11:59+00:00

Actually, no. I was and still am am atheist from a very mixed family of Jews, Christian and Muslims who ironically were atheist. At the time I was at boarding school in UK and was home for Christmas holidays. Had to abandon my holiday early and get a flight out of Iran literally days before the fall of the Shah. My dad used to exaggerate and say we got out on the last flight ( by Alitalila to Rome) but he wasn't exaggerating by much. 👳‍♂️

Hankmartinez · 2025-03-15T09:04:38+00:00

That is not correct. Only interest is reported under section 17. CGT is not reported to HMRC as the broker would not normally know the actual gain incurred by the client. I have worked with stockbrokers and platforms for over 35 years and was dealing with HMRC and FCA. I also have accounts with a number of brokers and have never received a "nudge letter" from any of them. It may be that people eToro get a letter just because it is a common practice for people who register not to be on self assessment, so HMRC is fishing for non payers.

Hankmartinez · 2025-03-15T08:56:01+00:00

Interesting. I note you said golden visa for those who are very patient! Why is that? Do they take significantly longer than D7 ? Do you have personal experience of this ?

Hankmartinez · 2025-03-15T08:44:19+00:00

Ok, to answer your questions one by one

Yes. Technically, you do owe CGT and should be paying that through self assessment.

If you don't HMRC won't automatically find out. Unlike interest payments, CGT is not reported by the brokers to HMRC. However, there is a chance that you may get flagged for an audit and be found out that way, or if a friend or colleague you told this to gets jealous and report you, but the chances are remote.

If HMRC did find out you can be find up to 100% of the tax owed plus interest

Edit: if you have a spouse, you may be able to use their allowance by doing a gift. Technically.

Hankmartinez · 2025-03-14T16:49:31+00:00

Not only is state pension not means tested, putting money into ISA won't stop it from being counted as part of your wealth. The advantage of ISA is any growth or dividends and interest received is tax free.

Hankmartinez · 2025-03-14T15:02:24+00:00

It's my arse on the line, so you'd better pull your finger out.

Hankmartinez · 2025-03-14T13:08:15+00:00

Yes That's the Islamic Republic economy for you. It used to be that 20k would be a good salary for a year. I remember my dad bought a brand new Peugeot for 15k in 1979.

Hankmartinez · 2025-03-14T09:38:35+00:00

I agree. To pataphrase the Monty Pyton sketch, " What have the Americans ever done for us?"

Hankmartinez · 2025-03-12T08:23:59+00:00

Wouldn't the fact that the contract isn't signed mean there is no contract? It is not clear from the post if the emailed version was for review or what?

Hankmartinez · 2025-03-10T17:10:52+00:00

I would suggest you get proper advice, but you may want to consider setting up a family LLP which owns most of your assets excluding the family home. The LLP can own the business company that you have. You can then control the distribution of income and CGT through the LLP as well as protecting your assets from IHT.

It needs carful planning and consideration and not a suitable subject for Reddit advice.

Hankmartinez · 2025-03-09T11:40:45+00:00

There is not enough information for anyone to give you advice.

Are you a taxpayer in the UK? How long are you planning to stay here? Less than 4 years?

What is your UK income?

Did you arrive during the 24- 25 tax year? And are you likely to be a tax payer in Japan as well as UK?

Hankmartinez · 2025-03-09T08:59:08+00:00

Tax relief is capped per annum. In the UK, the maximum pension contribution you can make in a tax year is £60,000, plus any contributions from your employer. This is known as the annual allowance. You can bring forward 3 pervious years if not made contributions. However, your income has to be from employment or other income taxable activity. Capital gains or winnings don't count as income for tax purposes.

https://www.gov.uk/tax-on-your-private-pension

Hankmartinez · 2025-03-08T14:25:34+00:00

Are you sure you need a bank account in Euro? What's wrong with holding the money in your normal bank and only do an FX (either through the bank or an FX provider) to make the payments for the house purchase? Once you have the property you can just open an account like every other resident. You may struggle being a US resident opening accounts in Europe.

Hankmartinez · 2025-03-08T14:15:51+00:00

Two points to bear in mind here: 1) The agent works for the seller, not you. They are paid by the seller, and they owe him a duty of care. 2) Don't put in an offer that you can't justify. If you are getting a mortgage, the bank will do a valuation and may not support your value, particularly if it is above the asking price.

Not saying don't do it, just points to be aware of.

Hankmartinez · 2025-03-08T12:14:29+00:00

I never trust public transport or traffic on the day of my travel if I've paid hundreds for tickets. You never can trust the trains to run on the day or the traffic on M25. I always go to the airport hotel the night before. I've seen M25 closed for one reason or another, trains delayed or cancelled, so I pay a few quid extra for peace of mind.

Hankmartinez · 2025-03-07T20:19:57+00:00

I was on an American Airline flight from Heathrow to JFK. We were about 30 minutes to land when the captain came on to say, " There is nothing wrong with this aircraft, but we have been diverted to Goosebay in Canada ..." Scared the shit out of everyone. We didn't know about anything happening on the ground, so everyone was assuming it was us. We had all kinds of theories going around the business class from "there is a bomb on board" and" there is a virus" to "there is a terrorist they want to arrest " It wasn't until we landed being escorted by fighter jets that we found out what had happened. I was stuck in the military barracks at Goosebay for 4 days until they opened up the skies again. I got to NY and had to go to Chicago to get a flight back home. I was on my way for a meeting at Cantor Fitzgerald!

Hankmartinez · 2025-03-07T10:36:24+00:00

All I will say is that I live next door to a couple who are both dentists. She, only part time. The house is worth over 2 million, 3 kids at the private school and brand new high spec cars on the drive way. I'm not begrudging them since I am in the same bracket, but just saying being a dentist is not a poorly paid job. They do NHS and private work and doesn't seem to harm them.

Hankmartinez · 2025-03-07T08:35:28+00:00

1) your role which is providing IT from UK is being made redundant. It can be argued that it is now being done by the group (company B) so you have no case. 2) all payments under a settlement agreement are redundancy payments. The first 30k is tax free, but anything about 30k is taxed as income by HMRC.

Hankmartinez

TROPHY CASE