- It's never too late (Non-Habitual Residence (NHR)) - Published Oct 2018 by Raoul Ruiz Martinez
- Are You on Top of GDPR? - Published May 2018 by Raoul Ruiz Martinez
- Financial Fitness - Published Jan 2018 by Raoul Ruiz Martinez
- Six Tough Questions You Need to Ask - Published in Nov 2017 by Raoul Ruiz Martinez
- Plan for a Successful Retirement - Published Oct 2017 by Raoul Ruiz Martinez
- 5-year Plan, 10-year Plan, 30-Year Plan. Do you have yours? - Published August 2017 by Raoul Ruiz Martinez
- The Will Bank Opportunity by John L Douglas - Published in The Journal of the Law Society of Scotland 17th July 2017
- August 2017 - HMRC & Offshore Accounts for UK Residents
- A New Year, A New Start…. January 2017
- Inheritance Tax (IHT) Planning (Part 3) - Published November 2016
- Planning for a Better Future? Forget Trusts. Think Family Investment Companies! - Published Nov 16
- Inheritance Tax Planning (Part 2) - Published August 2016
- BREXIT: What do we know as investors and what are the unknowns? Published in July 2016
- Inheritance Tax Planning (Part 1) - Published in June 2016
- Why is tidy a key word in financial planning? Published May 2016
- The Future of International Financial Planning - Published in March 2016
- Volatility: Global Financial Markets and Tax - Published Feburary 2016
- Financial Information Sharing for 2016 - Published December 2015
Summary of the 2015 Pension Flexibility - Published 5th May 2015
Offshore bonds get £5k tax free savings boost - Published 29th April 2015
How your peers invest clients’ money: Finesco Financial Services Ltd - Published in Professional Advisor 25th March 2015
- TRUSTS : Good Reasons to Never Make a Change - Published March 2015
- Saving....for Ourselves - Today's children will need A £2.4m pension pot.
- Cash is King - Article Published 25th July 2013
- Saving – Don’t Put Off Till Tomorrow What You Can Do Today - Article Published 23rd May 2013
HMRC Statutory Residence Test - 6th April 2013
- QNUPS Article Published 23rd March 2013
- Old New Year - Article Published 24th January 2013
- Retirement and Savings – The Facts on Inflation published November 2012
- Finesco Prsentation on New Pension Rules - A New Generation Begins
HMRC Pension Tax Relief Changes
- Emergency Budget:
- Budget Day: 22 June 2010
- Capital Gains Tax Angles
- Long Term Care
- QROPS: Transferring UK Pensions Overseas
- The State of Pensions
- ISA Changes Affecting You



Financial Information Sharing for 2016 - Published December 2015
Where it happens does not matter. Portugal or overseas, whether its rental income, bank interest, bond yields, dividends, or even gains from the sale of a property, such personal financial information will be automatically shared from 1st January 2016.
For many who have undergone financial planning, or have been involved in reporting their affairs for double taxation matters, to date this has been largely confined within the source country and also the declaration of income from capital overseas (more specifically bank interest) that usually has not been declared under a Portuguese tax residence.
However, from next year this new tax net will be more universal, far-reaching and instantaneous. In fact some financial commentators have described this as financial martial law.
If you have come across any of the acronyms FATCA, AEoI, CRS or OECD these have been part of the architecture born by the G20 which have been gradually phased into our global financial reporting systems for launch in 2017 (a year after the start here in Portugal). The latest presentation is now mostly referred to as the Common Reporting Standard or the Automatic Exchange of Information.
This exchange of information contains details of all such financial transactions undertaken by individuals and duly presented between many tens, if not hundreds, of countries and their respective governments where a source and recipient is concerned. Suffice to say this is not voluntary or optional but rather mandatory like the annual accounts of a company undertaken by an accountant throughout the year.
According to the most recent of OECD documents, it would appear that not only all income or gains from capital is to be reported, but also all of your account balances and certain life insurance contracts. The latter are widely used by high networth individuals and expatriates alike and referred to as offshore portfolio bonds.
These being the facts, then how will this be administered and, more importantly, will it affect you?
The fact is that this new reporting is unprecedented therefore the Portuguese Finanças have no experience on how to undertake this global multi-jurisdictional process. Many of you who have been taking professional guidance in the past already have valid structures in place and should have been reporting income, gains or withdrawals from portfolio bonds under the correct guidance. Organised compliant and legacy structures must be reviewed to ensure their position regarding tax compliance come 2016. This would certainly twist and warp any well-oiled machine and put all other valid aspects of financial planning out of joint.
For the remainder who have not been reporting or at least forwarding information for assessment here in Portugal unfortunately cannot remain below the pulpit. Tomorrow’s world will not be offshore or other fiscal paradises but simply either you are in or you are out. If you are out you will most likely suffer a flat tax of 35% on all such transactions.
The central banks have been printing money for some time now and loose monetary policy has led to governments using austerity to push free cash into our financial lives. In turn austerity and the tightening of fiscal policy has pushed a lot of this cash underground and maybe the only way to recover that cash is to now tighten tax collection, making it work at every border and every door. If in doubt, don’t wait and see but speak, in confidence, to an experienced and also knowledgeable adviser to prepare for a new era where sound personalised advice will certainly pay off.
This article represents our understanding of tax law and tax authority practice, both of which can change.
Raoul Ruiz Martinez is a resident and independent consultant for Finesco Financial Services Ltd., Glasgow and advises private clients on financial investments in both the UK and throughout Europe under MiFID regulation. He can be contacted at the offices of euroFINESCOs.a. either by telephone 289 561 333 or email raoul.ruiz@finesco.com.
Finesco Financial Services Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Some of the services provided are not regulated by the FCA because they are not included within the Financial Services and Markets Act 2000.
Raoul also has regular radio appearances with Raoul’s Rant on the Owen Gee Solid Gold Sunday show and the Money Minute on the Kiss FM Breakfast show, every week, from Tuesday to Thursday.
Financial Information Sharing for 2016