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Money in Portugal

Resources may be limited but there are so many needs

Finding accommodation, organising healthcare plans and sorting out schools. There is so much to think about when you are moving to a new country. One of the most important things you need to do is make sure your finances are in order.

Some of the biggest challenges are having financial commitments in both your home and host country, juggling finances in different currencies, moving money between countries, having more money to manage, and dealing with a more complex tax situation.

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Money
Taxes
Life Cost
Banks
Movements
Family
Budget

Euro Exchange Taxes Rate (1 EUR)




  
1.21 USD(U.S. Dollar)
130.96 JPY(Japanese Yen)
0.88 GBP(British Pound)
1.20 CHF(Swiss Franc)

Money

The official currency is the euro (EUR), which is divided into 100 cents.

Local Information

Tax Authority Autoridade Tributária e Aduaneira (AT)
Website http://www.portaldasfinanças.gov.pt/
Tax Year 1 January to 31 December
Tax Return due date 30 June
Is joint filing possible Yes
Are tax return extensions possible No

 

2018 National Tax Rates

Taxable Income band National Income Tax Rates
0 - 7,091,00 14.50 %
7,091.00 - 20,261.00 28.50 %
20,261.00 - 40,522.00 37.00 %
40,522.00 - 80,640.00 45.00 %
80,640.00 + 48.00 %

Life Cost

Achieving the balance between Cost and Quality of Life

Accommodation
Groceries
Transport
Eating out
Utilities/household expenses

Apartment / House Montly Rent

Apartment (1 bedroom) in city center   900,00 €
Apartment (1 bedroom) outside city650,00 €
Apartment (3 bedrooms) in city center1.800,00 €
Apartment (3 bedrooms) outside city  1.500,00 €
Townhouse (4 bedrooms) outside city3.000,00 €
House (4 bedrooms) outside city2.000,00 €
Milk0,70 €
Bread1,00 €
Rice (1 kg)1,10 €
Eggs (12)2,50 €
National Cheese (1 kg)7,50 €
Chicken Breasts (1 kg)7,00 €
Apples (1 kg)1,60 €
Oranges (1 kg)1,20 €
Tomatoes (1 kg)1,15 €
Potatoes (1 kg)1,25 €
Lettuce (1 unit)2,49 €
Water (1,5L Bottle)0,39 €
Wine Bottle (Medium Quality)4,50 €
National Beer (0,5L)1,20 €
Imported Beer (0,33L)2,70 €

Single ticket (bus/metro)

2,00 €

Monthly pass (regular)

75,00 €

Taxi (daily fair)

3,25 €

Taxi (€/km)

0,47 €

Gasoil (1 liter)

1,20 €

Volkswagen Golf 1,4,90 KW Comfort (or similar)

28.622,22 €

Meal (Cheap Restaurant)10,00 €
2 persons, 3 dishes meal (Average Restaurant)40,00 €
McDonalds Menu6,50 €
Beer1,50 €
Beer (Imported)4,00 €
Cappucino (Regular)3,00 €
Coca-Cola1,50 €
Water (1L Bottle)1,00 €
Utilities (Electricity, Gas, Water) 85 m2 flat120 €
Mobile Phone call 1 minute0,16 €
Internet (10Mbps, cable/ADSL)40 €
Before you move

It’s best to have your new banking arrangements in place before you move because local banks usually require a credit history and proof of address, which you won’t have when you arrive.

To avoid the difficulties of opening an account in a new country, you can open an offshore account before you leave home. This will give you easy access to your money when you arrive.

If you use a bank with a global network, they may be able to open a local account and transfer your credit history, so everything is ready for you on the day you step off the plane.

Ask GETiN solutions regarding local banks, we can advise you at info@getin.pt.

Talk to Experts

Before making any decisions about your new banking arrangements it’s important to get advice from someone with experience in expat finances. The sheer variety of banking services targeted at expats can seem daunting, but a good financial adviser – or a bank that specialises in expat accounts – can help you make the right choices.

Speak with our financial expert partners, contact us at  info@getin.pt

Banks

Having the right banking arrangements is a key part of expat life. Your money should be easy to access and transfer between countries. Financial security is also important – so choose a reputable bank that complies with international regulations and has a solid capital base.

Most expats have a bank account in their home country and a local account in the country they’ve moved to.

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Movements

Know the Know-How

Most expats need to transfer money between different currencies and make international payments – so it’s important to understand how foreign exchange works and the impact of exchange rates going up and down. When you’re juggling financial commitments in multiple currencies, remember that the currency markets can move very quickly, resulting in wide variations in the buying power of your money. To help you reduce the risk associated with currency fluctuations, it’s worth considering foreign exchange solutions that let you fix an exchange rate for a period of time. By fixing the rate, you know exactly how much you’ll need to convert, whatever happens to the markets in the meantime.

Education
Protection
Pension
Inheritance planning

Educating children abroad can be an expensive business because you can’t always send them to the local school. Even if private schooling is paid for as part of your relocation package, be prepared for significant extra costs, as international schools tend to have lots of extracurricular activities.

If you want your children to be educated in your home country, you’ll have to budget for boarding fees, along with flights so they can join your family at the end of each term.

Check the School Search Program from GETiN

With the right protection in place, life-changing events such as job loss or a serious illness don’t have to be financially crippling for you and your family.

There’s a wide range of policies on the market for everything from income protection, critical illness cover and life insurance to private medical insurance and travel insurance. As an expat, you want cover that’s portable – so it moves with you if you move to another country or return home.

If you’re relocating with your company, check the conditions of your benefits package carefully to see if you need to take out additional cover. If you’re self-employed, looking for work or retired, the responsibility to protect your family sits squarely on your shoulders.

Check GETiN’s insurance brokers partners info@getin.pt

Being an expat can affect your pension. If you can’t pay into a pension in your home country, you’ll need to think about other options. Portability is key, as you should avoid creating small pension pots in numerous countries around the world.

Needless to say, this is a very complex area, and expert advice is vital. There are many factors to consider, including the benefits offered by your existing pension, your plans for the future, the tax regime where you’re based and the country you expect to retire to.

Check our Senior's Programme at info@getin.pt

 

Many expats have property, possessions, investments and bank accounts in more than one country. Inheritance laws vary from country to country and are often highly complex, but with careful planning it’s possible to minimise the inheritance tax your family has to pay.

Consider making a tax-efficient will in your home country, your country of residence and any other country where you have substantial assets. If you have more than one will, make sure they tie in with one another – and that they clearly state who is responsible for dealing with your estate (your choice of executor is crucial), who is responsible for paying what tax where, and how any liabilities, administration expenses and tax should be paid.

Holding your wealth in an offshore location can make life a lot easier. By using specialist offshore-based solutions, many potentially difficult probate issues can be avoided.

Talk to a GETiN legal advisers partners info@getin.pt

Family Planning

Adjusting quickly to a new way of life is particularly important for expat families. As any parent knows, bringing up children doesn’t come cheap. As well as keeping them entertained, you want to give them the best start in life. And that means giving them a good education along with plenty of opportunities to develop their talents and interests.

Calculate the Cost

When you move to a new country, a change in the cost of living can have a big impact on your finances. If you’re moving with your job, your employer may help with expenses such as accommodation or school fees, but relocation experts say these perks have been cut back in recent years as a result of the economic downturn. It’s therefore vital that you take all your new living costs into account. And don’t forget that setup costs such as buying a car and new furniture can take a big chunk out of your relocation budget.

why do not save some money ? Contact info@getin.pt

Calculate life costs
Medical Insurance
Extra expenses

When you’re planning to move abroad, it’s important to know how much money you’ll need to enjoy the same lifestyle as the one you have currently. This will help you negotiate your salary (if you’re moving for a job), make housing market comparisons and give you a sense of what your everyday expenses will be. 

If you have any queries please ask us at info@getin.pt

Healthcare is something you shouldn’t overlook. If you’ve relocated with your job, medical cover may be provided as part of your benefits package. If it isn’t, and there’s no reciprocal agreement between your home country and the country you’ve moved to, you may need to take out private medical insurance.

As an expat you may have to budget for some additional living costs, such as employing a driver and domestic staff or joining business and social clubs. There could also be bills to pay back in your home country. If you let out your house, for example, you’ll probably have to pay management fees to a letting agent, along with ongoing maintenance costs.

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  • Life Cost
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  • Family
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