- 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



The Future of International Financial Planning - Published in March 2016
The debate has quietly raged for some time but now it is officially underway. Will the UK stay in or leave the EU? As with any complex issues the implications are wide touching on, amongst others, aspects of our financial lives.
Not only just for Brits living in Portugal, for all of us it is a matter of perspective. The debate also indirectly affects other foreign nationals residing here to once again contemplate the future of the European Union and, subsequently, the potential impact on any decisions they may have about their financial future.
Financially planning in an era where the ebb and flow of politics, fiscal and monetary policies are highly acute is not straight forward. The constant moving target means that in these periods we all (investors and advisers) must raise our game because never has it been truer to say one size does not fit all.
Portugal is no different as here the pendulum swings from pro to anti-austerity. Many foreign nationals have been left reeling trying to stop something bad happen when fiduciary structures were attacked leaving holders with little or no room to plan. We are now waking up to a new era of the Common Reporting Standard (CRS), also known as the Automatic Exchange of Information which is a huge jump from the “voluntary” exchange of information implemented in the EU Savings Directive.
What is the CRS?
The Common Reporting Standard (CRS) was created from an OECD-led initiative, agreed in May 2014, whereby more than 60 countries will start to exchange details of individuals’ bank accounts and trusts on an automatic basis from September 2017. Its mandate is to prise open the secretive affairs of those who are evading tax, and to play a part in reducing the so-called “tax gaps” of governments struggling with stubbornly high fiscal deficits. No longer is it a case of choice but rather now a mandatory exposure of one’s private wealth to public authorities in your country of residence and the country where the source of your wealth is hosted.
Regardless whether Britain stays or leaves or whether, from a Portuguese perspective, you are dealing with a fiduciary structure in a black or white-listed jurisdiction is arguably irrelevant to the CRS. The new standard could potentially provide a level playing field whereby those deemed to be “outside” of the agreement may be the black-list or fiscal paradise of tomorrow. Portugal, the UK and other commonly used offshore centres such as the Isle of Man and the Channel Islands were included in some of the first countries to sign up. Whether held in trust or another similar structure, as of the start of this year governments in the source country are collecting values and sharing these with the respective government lined to the country of residence of the account holder.
Invasive? That is down to perception, but serious it is! The world, both economically and financially, is going through fundamental changes. It has no choice but to change and we have no other option but to comply. If there is a level playing field then in this globally mobile world whatever, wherever and whenever we do, we should now plan so as not to throw up any unnecessary surprises to blind side us.
Reporting overseas income and gains, as it is the case in Portugal whether remitted or not, where there is no discrimination between the perceptions of black/white or a fiscal paradise means that there can be no surprises.
From 6th April 2016, whether the UK will stay in Europe or not, neither UK savings accounts nor UK shares will suffer tax at source and therefore automatically be paid gross. For those who have experience reporting this form of income in Portugal will appreciate the difficulties, particularly when fitting the UK tax year to the Portuguese tax calendar year.
Brexit? Anti-austerity? These are relevant events but not ones to be drawn into when you could miss some historical changes to international financial planning.
This article is intended to provide a general review of certain topics and its purpose is to inform but NOT to recommend or support any specific investments or course of action.
Raoul Ruiz Martinez is a resident and independent consultant for Finesco Financial Services Ltd., Glasgow and advises clients on private financial matters in both the UK and throughout Europe under the MiFID regulation. 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 has a weekly radio feature (Raoul’s Rant) on the Owen Gee Solid Gold Sunday morning show on KissFM Algarve.
The Future of International Financial Planning