Accountant + IFA recommendations

Guest · Post by **Guest** » Thu Nov 03, 2005 3:09 pm

Please can anyone recommend an accountant and an IFA in Portugal Lagos area preferably, but would not rule out anyone further afield if they are good.

We are debating re taking up residency and transferring our small business and registering in Portugal as self employed. We need to establish the "up" and "down" sides of this before diving in.

Thanks

Lesley Jean · Post by **Lesley Jean** » Thu Nov 03, 2005 4:02 pm

Would recommend Sovereign in Lagoa, opposite the Faticil.

Address:

Parque Empresarial Algarve
8400-431
Lagoa

tel: +351 282 340480
fax: +351 282 342259

email: port@SovereignGroup.com

nightrider · Post by **nightrider** » Thu Nov 03, 2005 4:25 pm

Lesley Jean wrote: Would recommend Sovereign in Lagoa, opposite the Faticil.

Address:

Parque Empresarial Algarve
8400-431
Lagoa

tel: +351 282 340480
fax: +351 282 342259

email: port@SovereignGroup.com

Ditto.Nightrider

Guest · Post by **Guest** » Thu Nov 03, 2005 5:44 pm

Hi

Are these IFA's or accountants??? or both

nightrider · Post by **nightrider** » Thu Nov 03, 2005 7:17 pm

Anonymous wrote:Hi

Are these IFA's or accountants??? or both

Hi Guest,

Are you actually looking for a UK accountancy firm based in Portugal....ie say members of the ICAEW! (Institute of Chartered Accountants in England & Wales) which has overseas branches/ members.

and/or

The list supplied and by way of example Sovereign at Lagoa I believe have a qualified Portuguese & English accountant/financial advisers..

Guest · Post by **Guest** » Thu Nov 03, 2005 8:08 pm

We used Sovereign a few years back.....Disaster...no service ...and messed up a lot of things......cost us a lot of money and time..they even lost our complete file and never found it....

We then moved to a small Lagoa outfit and havnt looked back.......very happy...

Saying that ..a lot of our friends do use Sovereign , and have nothing but good words for them.........SO...the message is...talk to them and see how you feel...maybe we were just unlucky.....most people seem to really praise them...

Guest · Post by **Guest** » Thu Nov 03, 2005 8:16 pm

Hi

to be honest I dont know what we want....

At the moment we are contemplating residency so advice re pros and cons of residency. I ahve looked at savings accounts in Portugal and they pay no interest..well about 1.5% hence the IFA advice re offshore accounts etc

I also have not a clue about the tax situation when you are self employed in Portugal compared to being self employed in the UK. hence the accountants advice.

Somewhere along the line this must tie into medical issues...we already have Portuguese medical insurance...but of course preconditions are not covered. However, I believe if we were resident and paying taxes we would qualify under the Portuguese health system...am I corrrect?

Its all just "doing my head in" and I am just going round in circles. So feel the best course of action is take some professional advice and act on it.

so if anyone has gone through the process of residency...pros and cons wea re all ears

Guest, you had a bad experience and you lost alot of money...was this on the FA side?
I only ask becuase some people fall in shit and they come up smelling of roses. We fall in the shit and we end up smelling of shit.

nightrider · Post by **nightrider** » Thu Nov 03, 2005 10:37 pm

Hi Guest,

Where ever you declare that you are resident, is where you are obliged to fill in a tax return.

Residency Cards are due to be abolished in 2006, we are all presently waiting for a public annoucement as to the date and actual details of the new system coming in.

At present you are still obliged to apply for a resident card after 183days of being in Portugal.

If you wish to have further information on exactly what is required to become a resident PM Bruxinha on this forum.

Investment, you need really to speak to your UK Bank Manager and/or a Financial Advisor. Personally, I would keep your savings in Sterling. Tax is still paid on whether the account is offshore or not and really now days is swings and roundabouts.

Medical Cover would appear that you are correct

If you would like further information PM Bruxinha on this forum.

Homme Poco · Post by **Homme Poco** » Fri Nov 04, 2005 12:47 am

If you want to make money,don´t move your business here!
If you want a sun tan, do!
I´m gone
HP

Guest · Post by **Guest** » Fri Nov 04, 2005 10:31 am

Totally agree.....but you can survive and have a nice life..I do.....but yes my big fortune went to a small one.....
Off shore investments.....you dont have to pay tax on it . I got 9% this year and last year 5.5 %.....you just invest in an offshore Insurance wrapped bond and its non taxable ( For Now) and non transparant......You only pay tax in 20 years time and you can draw 5% per year Tax free and after 20 years you pay at the current rate at that time...ie Retired.Or just roll it..move on and start again.without paying tax...I have done this for 30 years......

Guest · Post by **Guest** » Sat Nov 05, 2005 1:09 pm

Hi Nightrider and everyone

Thanks for all the info certainly food for thought.

Bruxinha if you could email me off board I would be most grateful Ladybirdqwert@yahoo.co.uk

Kind Regards