News & Insights

Introducing the new American Desk for US expats in Portugal

In recent years, the number of US citizens moving to Portugal has increased dramatically. The quality of life, relatively low cost of living and blend of both rural and city environments is resulting in a record number of US nationals making the move overseas.

Portugal’s comparatively low property prices in particular are attracting a much greater number of younger US expats, compared to the traditionally older demographic of Americans retiring in Portugal in the past.

These younger expats, who might be struggling to get on the property ladder back in the States due to rapidly increasing house prices, are moving to Portugal from the US to take advantage of the more affordable housing, often finding they are able to buy far larger properties overseas for much less than they would be sold for in America.

However, despite Portugal clearly having a lot to offer to those who relocate there, the process of moving your life from one continent to another can be, without a doubt, a daunting one.

Putting aside the logistical considerations of moving possessions, arranging accommodation, and ensuring all documentation is in order, the prospect of transferring financial arrangements alone can be intimidating; enough to put off some of those who might be considering making the move.

This is where we can help. The launch of Blacktower’s new American Desk is designed to assist those moving to Portugal from the US with all of their financial requirements, providing financial advice on Portugal’s monetary systems while allowing our clients to focus on settling into their new home worry-free.

With 36 years of experience in providing global expats with holistic financial planning, and teams based in both the US and Portugal, we are well equipped with the knowledge, expertise, and regulatory footprint to ensure that your finances are taken care of, both at home, and abroad.

A convenient solution to a complex process

Communication is vital when giving or receiving financial advice, and we believe that this is best-conducted face-to-face where possible. This helps to establish a comfortable working relationship between adviser and client and ensures clarity when making decisions.

Here at Blacktower, our extensive regulatory footprint means that we have a physical presence in both the US (New York) and Portugal (Lisbon and the Algarve), meaning that our experienced advisers can assist you with every step of the process, providing financial advice, whilst continuing to offer that personal, face-to-face service we know is so important.

Our American Desk is truly a holistic and convenient solution to what can be a complex process if navigating it alone, or without professional advice.

Offering You Flexibility

Often, when expats move abroad, they find the decision can limit their options when it comes to their potential investments. This is particularly relevant to US expats in Portugal and Europe as most custodians will move your 401k into a close-only investment position once you update your address. This means that even though you retain the option to sell, doing so will mean that you can no longer purchase any more investments.

Fortunately, here at Blacktower, we’re a global institution who handle similar scenarios every day. We provide our services to clients in over 40 countries all over the world. Our presence in the US means that even after moving, you will still have access to all the investment privileges you would have if you were a US resident. This includes foreign markets, single stocks, and US ETFs.

Not only does this allow increased flexibility regarding how you decide to move forward with your investments, but it also means that you should be able to choose the option that will provide you with the best returns, helping to safeguard your financial future and get the most out of your assets and savings.

Trust in our Expertise and Experience

Ensuring that your finances are in order is a fantastic way to put your mind at ease and reduce your workload when moving. However, it is also essential if you want to avoid fines or the other costly consequences of foregoing adequate financial planning and being caught out by legal or governing bodies when moving abroad.

Laws regarding taxation and other financial contributions can not only vary from country-to-country, but also from region-to-region, often making compliance with these rules confusing and particularly challenging to new residents.

Fortunately, the US tax treaty with Portugal ensures proper tax treatment of US citizens moving to Portugal, meaning Portuguese taxes for US expats are only levelled towards appropriate income sources. However, enlisting the help of a financial adviser who is familiar with local laws as well as national ones is imperative. And thanks to our 36 years of experience in our industry, you can trust in our expertise and focus on the things that really matter. Peace of mind is priceless, after all.

We understand that it is a privilege to be entrusted with the safety of our clients’ finances and futures, and we take every step to ensure we provide the same exceptional level of professionalism and attention to every client, no matter what financial services they require or where they might be located.

If you would like further assistance in your move to Portugal, you can find out more information on our website, including our free guides on Portuguese taxation and our international mortgage solutions for those looking to buy property abroad.

You also stay up to date with the latest news on our insights page, and you can even arrange a complimentary review of your finances with our expert team by contacting us using the details below.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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