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Year-End Planning for Expats in Portugal: 2020 Wrap-Up
Despite the unprecedented challenges of 2020, expatriates in Portugal should complete essential year-end tasks to start 2021 well-prepared.
As 2020 draws to a close—a year unlike any other—expatriates in Portugal should attend to essential planning matters.
Immigration Status Review
Document Validity
- Check residence permit and passport expiration dates
- Note COVID-related automatic extensions that may apply
- Plan renewals for early 2021 if needed
Brexit Preparation
For UK citizens:
- Deadline approaching for protected rights (December 31, 2020)
- Ensure registration completed if resident before 2021
- Gather documentation proving residence
Tax Considerations
2020 Tax Year
- Gather documentation for 2020 income
- Note any COVID-related relief provisions
- Prepare for IRS filing in spring 2021
NHR Status
- Verify NHR registration if applicable
- Document foreign income sources
- Review treaty positions for income types
Financial Planning
Banking
- Update contact information
- Review account fees and services
- Consider currency hedging if receiving foreign income
Insurance
- Review health insurance coverage
- Update beneficiary designations
- Consider life and property insurance needs
Looking Ahead to 2021
Anticipated Changes
- New digital services from SEF expected
- Potential immigration law reforms under discussion
- Continued COVID-19 response measures
Planning Priorities
- Set immigration and tax calendar reminders
- Budget for professional services
- Monitor legislative developments
Despite 2020’s challenges, Portugal has continued to welcome foreign residents and provide quality services. Proper year-end planning sets the stage for success in the year ahead.