SOVEREIGN IN PERSON SEMINAR – Losing a UK domicile in favour of a Portugal ‘domicile of choice’
There are now some 50,000 British nationals living in Portugal, many enjoying beneficial tax status under the Non-Habitual Resident (NHR) regime. But NHR status lasts for only 10 years, and it does not resolve the issue of UK Inheritance Tax (IHT).
IHT is based on a person’s domicile, rather than residence. This means that even if you live overseas, unless you have shed your UK ‘domicile of origin’ in favour of another ‘domicile of choice’, you will still be exposed to IHT – which is charged at 40% on your worldwide assets.
To establish a domicile of choice outside the UK, you must demonstrate that you have settled in another country with the intention of staying there permanently. This is not a straightforward process and to enjoy any certainty you should to obtain a ruling to verify that you have acquired a domicile of choice in Portugal.
Obtaining advice on domicile and, where appropriate, a ruling could offer substantial tax advantages to you and your family. And with an increasing number of expats in Portugal now approaching the end of their NHR status, it may be time to consider what their next move should be.
Join Sovereign for an in-person seminar addressing the following topics:
- Sustaining non-UK resident status – the start of a potential change of domicile
- Criteria and process for obtaining a ‘domicile of choice’ ruling
- Limiting exposure to UK Inheritance Tax at 40% – applicability, future proofing and “dos & don’ts”
- Effective asset protection for individuals with a domicile of choice in Portugal
- Solutions and options for individuals coming to the end of NHR status
- Planning options for UK-domiciled persons or investors owning UK-sited assets
Shelley Wren, Head of Business Development – Sovereign Corporate Services, Portugal
Simon Denton, Managing Director – Sovereign UK Ltd, London
Wednesday, 24th May 2023
Registration at 4.30pm Seminar until 6pm followed by drinks for one hour
Wyndham Grand Algarve, Quinta do Lago, Avenida Andre Jordan, Faro 8135-998
This event is at capacity and now closed to new registrations, thank you.
If you have any queries, please contact Cristina Xavier below or call +351 282 340 480.