Moving to Portugal at 60 can I bring my pension?

Not exactly what you asked but you can leave it in Ireland (assuming that’s where it currently is), become tax resident in Portugal (living there minimum of 183 days pa) and you can apply for their NHBR tax residency status. This is a flat 10% Tax on your retirement income provided your pension is not from an ARF. This lasts for a maximum of 10 years. It was 0% up to about two years ago.
 
My understanding is that Irish Revenue will not allow an ARF provider here, to recognise foreign tax residency. I think the justification is that they don’t really consider the income drawdown as a “pension”, at least in their eyes.
So you will pay Irish tax no matter what you can set up in Portugal.

For the right person, this is another factor in favour of annuities as they can be considered a true pension.

I don’t wish to sound like a tax or pensions expert here, I’m not, but it’s something I’ve superficially explored already.
 
I seem to recall that in the early days of NHBR (when the tax rate was 0%) a few clever and enlightened souls here, established their tax residency status in Portugal, set up an ARF in Ireland and cleared it all out at 10% drawdown each year for 10 years…thereby getting it all tax free.

Upon getting wind of this, Revenue closed down this option.
 
50thbirthday said:
If I retire early, what other options are there to an ARF? The 10% tax is attractive obviously.
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As a headline rate, yes the 10% rate might be attractive but the effective income tax rate while still resident in Ireland may not be much higher, if your (initial) total retirement income is on the lower side.

One of the ways to optimise the NHBR (expires after 10 years) is to time it to co-incide with a period in your retirement when your effective income tax rate is at its highest. For many people this might be from age 66 when the Irish state pension kicks in, or 67 if you’re hoping to benefit from the UK state pension too!

Cups of coffee in the Algarvian sun for 85c make optimising your retirement income in Portugal taste even better!
 
50thbirthday said:
How do I move a pension to Malta? Is it possible if its in an ARF? or soon to be.
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Any use (I have no association with any of these):

Transfer Your Pension to Malta - Overseas Pension Transfer

Recent rulings have now given people who have Irish Pension benefits the ability to transfer these pensions to a Maltese Retirement Scheme.
opesfp.ie

Overseas transfers from occupational pension schemes | Irish Life Corporate Business

information about overseas transfers from company pension plans
www.irishlifecorporatebusiness.ie

Move Irish Pensions Abroad | Imperius Wealth Ireland

Seek Expert advice from Imperius Wealth Ireland regarding Moving your Irish Pension Abroad. Get in touch today!
imperiuswealth.com
 
Is it correct to summarise that there no benefit of moving funds to Portugal anymore ? The only option is to transfer is to Malta
 
This reminds me of the Celtic Tiger days when every “taxi driver ” was buying apartments in Sunny Beach or Cape Verde (encouraged by a well know “financial adviser). Most of those “taxi drivers” couldn’t find either country if given a map of the world.
The Portugal deal is now much less attractive than it used to be (the Portuguese Government have recently changed the rules). And the Malta deal…….well are you going to live there? Do you know their Pension rules? Do you know their regulatory requirements ? Do you know the institutions that will have your funds?
Far away hills……..
 
How to make a post under the Pension thread on this forum? I dont want to break any rules but need guidance please as it is not obvious to me.
 
CinnOir said:
How to make a post under the Pension thread on this forum? I dont want to break any rules but need guidance please as it is not obvious to me.
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Presuming you are using phone. On the top right corner, there is a tab - post thread. When you click, it gives you option to choose topic/ forum.
 
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