Share Forum - Discuss JSE shares and join the Investor Challenge

Yes. If it is only you and your spouse applying for Leave to Enter and you only have savings or liquid stocks then the formula would be £16 000 + (18 600 x 2,5) = £62 500.

The best and latest news can be found on this website. https://www.freemovement.org.uk/appendix-fm-financial-requirements/

I must add that Customs and Immigration have been briefed to no longer look for reasons to deny status but to look for reason to give status. By "status" I mean "Leave to Enter" and "Leave to Remain".

The new system is online and automated to work like our efiling system whereby pages will be generated according to what boxes you tick. This will ensure you get the correct electronic forms. The old paper system lets you pick the forms yourself without help and if you took the wrong one's then your request will be denied without explanation.
If you still happen to make a mistake then an official will now point the mistake to you and give you time to correct it. If it is denied then they must tell you the reason should you wish to appeal. You can also now appeal from within the UK. 

No English test is required if your home language is English or you live in an English speaking Commonwealth country.

My wife will not be asked to do the language test as English is her first language and home language. SA will not be listed as there are too many native languages.

Hi Rond. I will be pleased to help where I can. You need not officially emigrate if you do not have RA's and possible future inheritances coming your way.

You will however have problems later if you decide to sell your investments as capital gains taxes are residency based and in Portugal you will be regarded as a resident from the day you sign a rental lease or purchase primary property. This is a flat rate of 28% and is not added to your other income. Having Non Habitual Residency status does not cover the sale of movable property (shares) so you will not be tax exempt in Portugal.

The sale of your fixed property will only be taxed by SA. All other foreign income will be exempt from tax in Portugal whether you paid tax on it or not in the foreign state.

You may have read about my EXIT TAX problems. The SARS website and SAIT (SA Institute of Tax Professionals) both state that when you become a non resident in SA then all your movable assets will be deemed as sold and you must pay exit tax on the gains to reset your Base Cost to zero gains in your new country. You may have a good fight with that as I have had and still ongoing.

As to why I don't relocate to the Algarve. We love the seaside so I'm only mentioning coastal areas.

1. Too hot and arid for us. Inland can be greener and cooler.
2. Most of the Algarve beaches are below cliffs and one needs to repel down to them or use a boat to get to them. Some have trams or small busses to get you down.
3. A large part of the Algarve has a large lagoon running parallel to the beach and to reach the beach you would need a boat. Most people just use the lagoon as a beach without waves.

The beaches are great in photos you see in tourist websites but a shlep to get to.

Lagos is said to have the best beaches.



 

On 29 March 2019, 23h00 (WET), the United Kingdom (UK) will cease to be a European Union (EU) Member State. The Withdrawal Agreement1 will ensure the status and rights of EU citizens living in the UK and of UK nationals living in EU Member States. The Agreement also establishes a transition period from the withdrawal date until 31 December 2020.
Under the term of the Agreement, UK nationals and their family members who already are permanent residents in Portugal will be able to maintain that right. And all those who arrive before the end of the transition period (31 December 2020) will be able to acquire permanent residence status after completing a five-year residence period.
The Portuguese Government wants to reassure UK nationals and their family members living in Portugal that they are welcome to stay.

Will be interested to see if a deal is made as ::

IN CASE OF A NO-DEAL SCENARIO
As there would be no agreed implementation period, the guarantee to acquire the right of permanent residence would only apply to UK nationals who are resident in Portugal by 29 March 2019; all those UK nationals and their family members who are already in Portugal by that date would have until 31 December 2020 to apply for a registration certificate.

Obviously works the other way round as well - application in yet Orca?

Here is the latest news from the Home Office in an email I subscribe to.
QUOTE:
This is the latest information on the EU Settlement Scheme for EU citizens in the UK. You are receiving this because you have requested email updates from the UK government.

The Secretary of State for Exiting the European Union today set out information for EU citizens and their family members in the UK in the event of a no deal exit from the EU.

The UK Government:

Confirms that if there is no deal, the EU Settlement Scheme will continue to be implemented, enabling EU citizens and their family members living in the UK by 29 March 2019 to secure their status and continue to be able to work, study, and access benefits and services in the UK on the same basis after we exit the EU as they do now. The scheme will be fully open by 30 March 2019 as planned.
 
Confirms that the Home Office will continue to look to grant status rather than refuse and in line with the UK commitment to be more generous in certain respects than the draft Withdrawal Agreement, a person will not be refused status under the EU Settlement Scheme because, for example, they are not economically active or they do not hold comprehensive sickness insurance.
There would be some changes to the EU Settlement Scheme if the UK leaves the EU without a deal, and further details are set out in the policy document.  In particular, as there will be no agreed implementation period, the application deadline will be brought forward to 31 December 2020.

You do not need to do anything for now. The EU Settlement Scheme will be fully open by 30 March 2019.

Further information about the scheme can be found on GOV.UK - END QUOTE.

Yo yo Yozzi. Your UK passport will be as good as a SA one after 29 March 2019 for immigration purposes. In the EU it will be classed as a third country passport and you will have no free movement.

Most EU countries will place reciprocal regulations in line with the UK for immigration. In a no deal situation you may have to be in Spain before that date to be resident. So start packing. We have.

You may have read about my EXIT TAX problems. The SARS website and SAIT (SA Institute of Tax Professionals) both state that when you become a non resident in SA then all your movable assets will be deemed as sold and you must pay exit tax on the gains to reset your Base Cost to zero gains in your new country. You may have a good fight with that as I have had and still ongoing.

Correct in respect of change of tax residence (which for completeness, is a different concept to financial immigration), triggering a deemed capital gain in South Africa.
Not necessarily correct that change of tax residency resets you base cost in your new country......

 

South African income tax legislation (as modified by a DTA), dictates on how capital gains are taxed in South Africa.  Unfortunately the legislation is not necessarily reciprocal and you would have to refer to local (in your case) Portuguese legislation (as modified by any DTA) in order to assess the tax implications on your side.....

For example, and not relevant to your case, but para 12(4) of the 8th Schedule of the South African Income tax act dictates how a incoming immigrant Base cost is reset on becoming a South African resident.  There is no modification in the DTA necessary.  For completeness, the relevant income tax legislation reads as follows.
4) A person who commences to be a resident must, subject to paragraph 24, be treated as having
disposed of each of that person's assets, other than assets in the Republic listed in paragraph 2 (1) (b) (i) and (ii), and as having acquired each of those assets at a cost equal to the market value of each of those assets, which cost must be treated as an amount of expenditure actually incurred and paid for the purposes of paragraph 20 (1) (a).

Incidently, you'll note that there is no mention of "exit tax" (which is a misnomer anyway).  So irrespective if "exit tax" was paid, South Africa regards the base cost as being "reset".

In your case, the key to unlocking the puzzle is to understand what Portuguese legislation say's, and if you're in luck, it may have a similar provision to the above....... 

Tax legislation, and in particular international tax implications are not alway's logical and I strongly advise you once again to seek appropriate expert tax advice (not from myself).  Don't just assume because "South Africa do it this way, Portugal must treat you the same"