Global markets have now risen steadily across the board as the volatility spike following Britain’s surprise decision to leave the EU died down and investors realised that, although unexpected, the uncertainty of the terms of Britain’s future relationship with the EU need not undermine equity markets. As for the FTSE 100, it is now 5% above where it closed on 22nd June, though 6% down in terms of dollar value (£ is 12% lower against the dollar) and the FTSE 250 is only 3% below where it was on the same day. The FTSE 250 is a far better barometer of UK economic activity than FTSE 100 and many of the stocks that were hit hardest such as the house builders Persimmon, Taylor Wimpey and Barratt made substantial gains as the new May government started to restore some stability.

Have you restructured your international investments?

On the 1st of January 2015, the Portuguese Tax Authorities brought about sweeping changes to its Personal Income Tax Legislation, specifically aimed at but not limited to, previously sheltered international investment structures. Six months into the 2015 fiscal tax year, there seems to be a wait and see attitude to the impending punitive tax burden that will be levied on investments held by both Portuguese nationals and Expat Tax Residents in Portugal. 

One thing I do know and that is many international and national people still live in the past, thinking Portugal is a laissez-faire country unable to, with efficacy, diligently collect its taxes.