Fintech PR
According to new report by Portugal Pathways only 27% of current NHR tax holders in Portugal prepared for the future
Thousands of wealthy expats in Portugal are being urged to act now to prepare for the end of the soon-to-be phased out Non-Habitual Residency (NHR) tax regime.
LISBON, Portugal, Oct. 26, 2023 /PRNewswire/ — This follows a new ‘Wealthy expats in Portugal survey report 2023′ published at the end of October, where over 1000 affluent expats were interviewed and indicated that only 27% of current expats on NHR tax status had structured their tax and financial future in early preparation for the end of their ten-year NHR tax regime qualifying period.
More than 53,700 affluent expats in Portugal have taken advantage of the NHR tax regime – first launched in 2009 – but were left unsettled by the recent announcement by Portugal’s Prime Minster, Antonio Costa, that it was to come to an end.
Portuguese government is due to issue more information on the final bill relating to the future of its tax regimes for expats in Portugal on the 29th of October 2023.
“Many affluent expats are perhaps too busy enjoying the fabulous lifestyle Portugal offers that they forget to plan ahead and structure their tax on income and assets for the long term,” said David Vacani, CEO of Beacon Global Wealth Management who advises high net worth individuals based in Portugal and said this at a Portugal Pathways event to over 500 wealthy expats.
“We have always advised people that it’s never too early to start looking at what happens after the NHR 10-year tax incentives expire, and this needs to be acted on way before in their NHR tax life” Vacani added.
Portugal Pathways experts urge wealthy expats already on NHR to act now to prepare for the end of the NHR tax regime.
David Vacani is also the chairman of FEIFA (Federation of European Independent Financial Advisors)
“If you take action within the first two to three years of your NHR tax status, you can end up paying a much lower tax rate over a prolonged period of time way beyond the 10-year qualifying period if you structure things correctly,” Vacani said.
“Even if you are entering the last years of the NHR tax scheme, you still have time to take steps – but we would strongly advise you to act much sooner in years 1 to 7 than leaving it too late,” he added.
Portugal remains an attractive destination for wealthy expats
Despite the changes to the NHR tax regime, Portugal remains an attractive destination for wealthy expats. The country offers a high quality of life, a Mediterranean climate, and a low cost of living.
“Portugal’s appeal is certainly not diminishing – with thousands of affluent expats still drawn to its quality of life, 300+ days of sunshine, safety and security, culture, great investment opportunities and top-quality health care and education,” said Steve Philp, a spokesman for Portugal Pathways.
Existing NHR tax holders need to mitigate future tax burdens now
Wealthy expats with NHR tax status in Portugal should act now to prepare for the end of the NHR tax regime. Portugal Pathways said they should seek specialist tax and financial planning advice from one of our partners to mitigate potential unnecessary progressive tax burdens of between 28% and 48% in the future. Contact Portugal Pathways tax and wealth management partners and arrange a no obligation initial consultation.
Alternatively register for our next webinar and understand more about what to do and how to act in relation to your NHR tax status to mitigate future progressive tax rates of between 28% and 48%.
About Portugal Pathways: Portugal Pathways is dedicated to assisting individuals in optimising their relocation or life strategy in Portugal. Collaborating with leading professional organisations, they provide essential information and advice for prospective and current expat residents of Portugal.
View original content:https://www.prnewswire.co.uk/news-releases/according-to-new-report-by-portugal-pathways-only-27-of-current-nhr-tax-holders-in-portugal-prepared-for-the-future-301969049.html
BEIJING, Oct. 19, 2024 /PRNewswire/ — A report from China Daily
Officials have expressed confidence in China’s financial market and called for more efforts to ensure its constant stable development.
Recently, the People’s Bank of China has pushed for the implementation of a reduction in the reserve requirement ratio, a reduction in interest rates, four real estate financial policies and two policy tools to support the stable development of the capital market. These measures have bolstered market confidence, Pan Gongsheng, governor of PBOC,said at the opening ceremony of the Annual Conference of Financial Street Forum 2024 held in Beijing on Friday.
“To promote high-quality economic development and sustainable growth, it is necessary to grasp the dynamic balance between the economic growth rate and growth quality, internal and external factors, consumption and investment. Macro policies should focus more on expanding consumption, better managing the relationship between the government and the market, and creating a favorable legal and business environment,” Pan said.
With the theme “Trust and Confidence”, the opening ceremony of the annual conference gathered more than 350 attendees to share their insights.
As an important destination for international financial investment, Beijing witnessed a growth of more than 5 percent in its GDP over the first three quarters of 2024. During this period, the city established 40 new domestic and foreign financial institutions and attracted nearly 600 billion yuan ($84.4 billion) in direct financing. Also it saw the establishment of 1,255 new foreign-funded enterprises, an increase of 16 percent.
“Looking to the future, Beijing will accelerate the construction of a vibrant modern financial system and comprehensively enhance the level of serving the country’s financial management functions,” said Yin Li, secretary of the CPC Beijing Municipal Committee.
As an important platform for national open development, the conference is being held from Friday to Sunday, attracting more than 500 heavyweight participants from more than 30 countries and regions to hold discussions revolving around international cooperation in more than 40 activities.
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View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/dynamic-moves-help-china-navigate-economic-landscape-302280521.html
LONDON, Oct. 18, 2024 /PRNewswire/ — GBS Malta, a proud member of Global Education (GEDU), has launched a cutting-edge campus in the vibrant heart of San Ġiljan, marking a new era for student learning and campus life in Malta.
Maltese Minister for Education, Youth, Research and Innovation, the Hon. Dr Clifton Grima MP said:
“As a country, we (Government and Opposition) might argue over many things, but there are certain instances where we come together, because we know and understand that when there is unity, there is stability, and when there is stability, there is potential.”
Maltese Shadow Minister for Education and Trades, the Hon. Justin Schembri MP said:
“The establishment of this campus is a testament to GBS’ commitment to providing accessible, high-quality education that equips students with the knowledge and skills they need to thrive in today’s competitive market.”
GEDU Deputy CEO, Professor Ray Lloyd said this is a significant step forward.
“Our mission is to change lives through education and provide students with the tools, resources, and opportunities they need to succeed in an ever-changing world,” said Professor Lloyd.
“This new campus is a significant investment and as we continue to grow, GBS Malta will play a key role in our global strategy, creating a vibrant learning environment that empowers students to achieve their full potential and drive positive change in their communities.
“This investment has already boosted the local economy through the creation of skilled jobs, and it will boost the Maltese economy for years to come through continued job creation and more students spending money in local businesses.”
Director of Operations for GBS Malta, Allen Lofaro said the new campus is a game-changer for the organisation.
“At GBS Malta, we prioritise our students’ success by providing world-class facilities and resources to help them thrive academically and personally,” said Mr Lofaro.
“This new campus offers fully equipped ‘Smart Classrooms,’ a modern library, computer lab, and vibrant social spaces, ensuring our students have the best possible environment for both learning and leisure.
“We are excited to open this incredible space and continue our mission of changing lives through education.”
The campus is in the centre of St Julian’s, next to the North & South bus terminals for easy access.
We invite prospective students and partners to explore the new GBS Malta campus and discover how we’re reshaping the future of education in Malta.
Visit us in St. Julian’s or learn more here.
About GEDU: The Group offers a range of educational opportunities, including the full range of higher education qualifications, apprenticeships, and language schools. It has operations in 12 countries, including the USA, Canada, United Kingdom, Ireland, Germany, France, Spain, Malta, UAE, India, Saudi Arabia, and Australia. Its portfolio covers a wide range of subject areas and is characterised by a keen focus on both employability and student experience to maximise return on investment for students.
About GBS Malta: GBS is a higher education provider offering a range of sector-relevant courses across campuses in the UK, Malta and the United Arab Emirates. Working in partnership with several leading higher education providers, we deliver undergraduate and postgraduate programmes in banking, finance, accounting, business, healthcare – and more.
GBS HE Malta is a licenced Higher Education institution. Our licence has been approved by our regulator, Malta Further & Higher Education Authority (MFHEA) who is an independent, transparent, and international authority. Our courses are in line with the Malta Qualifications Framework and the European Qualification Framework.
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View original content:https://www.prnewswire.co.uk/news-releases/gbs-malta-launches-groundbreaking-new-campus-302280656.html
Fintech PR
Deepening International Friendship and Cooperation! The 6th China-CEEC Local Leaders’ Meeting Held in Yantai
YANTAI, China, Oct. 18, 2024 /PRNewswire/ — According to Shandian News reports:
On October 16th, the 6th China-CEEC Local Leaders’ Meeting was held in Yantai, Shandong. The four forums held during the event have built a new platform for local cooperation between China and Central and Eastern European countries.
The meeting featured two main forums, the Green and Low-Carbon Forum for Local Cooperation and Development and the High-Level Academician Forum for Local Agricultural Cooperation, and two parallel forums, the Industry-Education Integrated Development Forum and the Business Cooperation Development Forum. During the High-Level Academician Forum for Local Agricultural Cooperation, the China-CEEC Modern Agricultural Science and Education Innovation Alliance was established. Sixty-four scientific and educational institutions from China and CEEC will collaborate on high-quality education, technology, talent, and enterprise resources in the field of modern agriculture. The alliance aims to serve as a new platform for exchanges and cooperation, enhancing the cultivation of talents in modern agriculture.
Georgios Papadakis, Academician of the European Academy of Sciences and Professor of Shandong Agricultural University
Some very nice mushroom products that you produce in China. And this is really unique, for example, to be exported in other countries and also transfer the technology of producing probably these products in Central European countries. So there are really great opportunities for commerce, for increasing commerce between China and the Central European countries.
During the meeting, strengthening sister-province cooperation was also a highlight. Shandong and Vojvodina Province of Serbia officially signed an agreement on friendly cooperative relationship. The event also had four exhibitions, including the Photography Exhibition of Central and Eastern European Countries and the Exhibition of Traditional Chinese Medicine, to showcase the customs and traditions of CEEC and promote Shandong’s local culture and products. In the Qilu traditional medicine exhibition area, the pulse diagnosis and acupoint pressing experience area attracted many guests.
Todor Kushevski, Assistant to the Mayor of Kocani, North Macedonia
Definitely the medicine and traditional stuffs are very interesting. It’s not unusual for our country. However, it is very nice to see such things, but also these technologies which we have opportunity also to see during the forum. It’s very interesting.
Video – https://mma.prnewswire.com/media/2534522/175_1729243804.mp4
View original content:https://www.prnewswire.com/news-releases/deepening-international-friendship-and-cooperation-the-6th-china-ceec-local-leaders-meeting-held-in-yantai-302280566.html
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