Get Your Money Together BEFORE Moving to Portugal 🇵🇹

Have you really considered your finances before moving abroad? This is an extremely important topic to work through before you move. Josh from ExpatsEverywhere sits down with John from Green Ocean Global. John is a financial planner who gives great information on what you need to know before you move.
Contact John here: www.calendly.com/johnoceansgreen
Click on the ExpatsEverywhere intro call!
* ABOUT US *
Josh and Kalie left the US for a life abroad in 2009 and haven't looked back. They have lived in Spain, South Korea, Saudi Arabia, Singapore, and are currently in Portugal. Yes, they realize they only moved to countries starting with the letter "S" until they spoiled that streak with their move to Portugal. Follow ExpatsEverywhere as we aim to get information to you through expat interviews, city breakdowns, expat life, travel, vlogs, and more.
* VISAS FOR PORTUGAL *
We have two courses to help DIY the D7 visa and the remote worker visa for Portugal. The courses include step-by-step videos, checklists, resources, recommendations, discounts, and more. They break down the timeline and when and how to do things, plus give action items to keep you on task but not be overwhelmed. Check them out here: D7: expatseverywhere.thinkific.com & Remote Worker: expatseverywhere.thinkific.co...
* USEFUL RESOURCES *
Below are a list of other services that we use/recommend for living abroad. If you have any questions about them, feel free to email us. Some links we provide we might make a commission and you might receive a discount or promotional offer. We always try to make a deal with companies we like to create a win/win for us and YOU!
* TRANSFER CASH *
Wise (formally TransferWise) | Banking/Transfer Partner (affiliate link) Get free transfer fees (conditions apply) transferwise.prf.hn/click/cam...
* YOU NEED THESE FOR YOUR D7 & REMOTE WORKER VISAS *
Need your NIF and/or bank account for Portugal? Use our special link with Bordr to receive $10 off for each. No code needed. The discount will be applied at check out when using this link: www.bordr.com/?via=expatsever...
* INSURANCE ABROAD
Need insurance?
Insured Nomads: www.insurednomads.com/?ref=ex...
*LEARN A LANGUAGE
Ling is a fun way to learn and practice a language. Use our special link: ling-app.com/ling-affilate/?r...
Want something more intense?
Join the journey with Portuguese with Carla: journey.portuguesewithcarla.c...
Mia Esmeriz Academy
school.learn-portuguese.org/c...
* FORWARD YOUR MAIL *
Wanting to get your mail forwarded to you while abroad? Use World Post: worldpost.anytimemailbox.com/...
* TAXES
Are you an expat who wants help with your taxes? Use our link here for Taxes for Expats and get $25 off: www.taxesforexpats.com/ref/239
*AROUND PORTUGAL
Want to check out some awesome spots we like around Portugal? Check out our Atly Map: go.steps.me/hvX41KPnDwb
* GET IN TOUCH *
Questions? E-mail us at [e-mail]
Want more? Go to www.expatseverywhere.com
Follow us on Facebook: / expatseverywhere
Follow us on Instagram: / expatseverywhere
Follow us on Twitter: / expert_expat
Check out our Patreon page: / expatseverywhere
#ExpatsEverywhere
* EXTRA HELP *
Looking for an expat consultant? Check out Expat Empire (expatempire.com/) and get 10% off when you tell them that ExpatsEverywhere referred you!
Intro
00:00 - Intro
00:14 - Interview Highlights
01:15 - Start of the Interview
01:48 - Are there things that people do or don't do that can get them in financial trouble?
01:59 - 4 Simple Tips Tip 1
02:48 - Tip 2
03:23 - Do you recommend a tactic like dollar cost averaging when doing currency exchange?
04:26 - Tip 3
05:13 - Tip 4
05:53 - How should people prepare financially & tax-wise pre and post move?
07:56 - Should people hire someone that knows both Portuguese taxes and American taxes?
08:16 - What's the average amount someone should pay for professional tax prep?
08:57 - What are the biggest financial mistakes you see people make as they move abroad or to Portugal?
10:29 - For people that have NHR status, how should they prepare after their 10 year period ends?
11:42 - How can people with rental income be more tax efficient?
12:35 - Are there other European countries with good tax efficiencies that you've seen?
13:31 - Are there certain income earners that should not move to Portugal?
15:14 - When should people reach out for financial planning?

[@HelderP1337]

Wow, this was legit informative. Thank you both. As a Portuguese, that's been living in the US and thinking about going back eventually, this really brought up a few important points I'll need to consider.

[@Lookingtobounce]

We just signed with John! What a great guy! So happy that we now have a solid plan!

[@peterwatler8711]

This was an excellent interview with really key information and topics covered. Great job.

[@zeitgeist888]

Really good Q and A and overview of moving abroad. We are looking at 2 years out and really narrowed it down to Spain Portugal and France. After the NHR seems to have fallen we settled on France. It is very good for retirees as they recognize Roth IRAs, their taxes are decent and the tax treaty with the US means we will pay less in overall taxes than we do currently living in the Midwest. We had a French tax advisor go over our current and future situation and it looks really good for a move tax and cost of living wise. There is a saying that France is a great place to live but a bad place to die does mean inheritance issue can be a concern.

[@ExpatsEverywhere]

Thank you very much. We hope that you have a great time in France! - Josh & Kalie

[@franciscoarroyo7498]

Another topic to discuss when I'm heading to the runway, thanks Josh and Kalie.

[@ExpatsEverywhere]

You're welcome! Thanks for watching. - Josh & Kalie

[@richvangogh]

Hi Josh and Kalie! Thank you for that beautiful and fun video!!!! I bought that shirt for my sisters birthday! I already have the same shirt...I'm still looking for a deal in the US to spend 6 months here, and a place in Portugal to spend 6 months there. Yes, I am building the real Satellites in Kirkland, Washington, not in the Amazon jungle. Yes, it is Kuiper, a division of Amazon.

[@TommyPinkerton]

Green Ocean John is one of the handsomest men I've seen online in a long time!

[@trave7644]

The first.Yes, Europe is not the place to make money. And you should listen to what John Bogle said about the European markets.

[@ExpatsEverywhere]

The Johns know. :-) - Josh

[@trave7644]

@@ExpatsEverywhere You mean Jack Bogle, the founder of Vanguard and creator of Index funds!

[@ExpatsEverywhere]

@@trave7644 Well that Jack is a John so in this case, we're talking about the same person. ;-) - Josh

[@trave7644]

@@ExpatsEverywhere 😀

[@jennifermello8063]

You just gave me so much more think about. I'm not sure what to do with my 4 family here in the states. I was unaware of the capital tax on gains from a sale.

[@ExpatsEverywhere]

We hope that's a good thing. If you need to plan more, certainly reach out to John or someone else that knows the financial implications of being an American abroad. - Josh & Kalie

[@jennifermello8063]

Yes. Thank you.

[@ConanNYC]

Yes me too. So if i understand correctly we need to sell our home before we move. Because in the US primary home sale is not taxed. But if you sell it while living in portugal you'll get hit with a big tax!!!!

[@trave7644]

Wow, more you listen to this interview, the more it seems Portugal is no longer desirable because of the taxes. Overall this was a decent interview, but often John was vague with facts and numbers.

[@ExpatsEverywhere]

Remember that numbers are extremely nuanced when talking about investments and taxes but especially people’s tax situation. If a video is offering you the answer to your tax situation, you can bet that the video isn’t accurate. - Josh

[@luisfilipe534]

​Yes.. is strange pay taxes as locals

[@JenShea]

I'd like to find a Canadian 'John' (financial planner, to be clear, ha ha). So many videos are geared towards US citizens. Great video!!

[@ExpatsEverywhere]

Thank you! Reach out to John and see what he knows regarding Canadian citizens and financial planning. - Josh & Kalie

[@carlobiorggio8685]

Hi Josh and Kalie, Question: Do you have a video on what is better. To keep my Visa, MC credit cards from USA and use it in Europe or get a credit card from Europe. Exchange are fair? I will still have income from USA. Hope you could help. Thanks!

[@GeraldFigal]

He’s right about France being better on taxes for retirees-basically any passive income designed for retirement (Social Security, 401k, IRA, rental income on property in US) is considered by France in the U.S.-France tax agreement as functionally equivalent to a French pension and thus not taxed by France. Rather, US citizens fall under US tax laws for such income. You would still, however, be liable for French taxes on capital gains, dividends, and interest earnings, etc. This is why France is my Plan B, although I would prefer Portugal (for many reasons) even if we have to pay more taxes there or have to get creative in minimizing taxable income. And this is the case even though I can read and speak French far far better than Portuguese! I was never into the move to Portugal for NHR.

[@ExpatsEverywhere]

Thanks for sharing, Gerald. We weren’t sure if you were going to watch this one because of the “optionality” thing. - Josh & Kalie

[@user-pn8dq6vt4s]

All correct, except capital gains earned in the US by US citizens residing in France are only taxed in the US, per the treaty. All of this makes France extremely compelling for US citizens, it’s like living in Florida as far as taxes go (if you aren’t drawing a paycheck).

[@GeraldFigal]

@@ExpatsEverywhere And he was good about that until the last moment, where I was crestfallen that he used “optionality” again….

[@GeraldFigal]

@@user-pn8dq6vt4s I stand corrected. I thought the idea was basically all US-earned French-pension-like income is taxed by US and capital gains did not qualify as such. I should have read the treaty more thoroughly.

[@brianpereira7483]

Portugal ftw ive been to france and i would choose Portugal spain brazil or mexico to move abroad

[@mjg239]

Hey I am an American living in Germany. Thanks for the content. But one question I have is about savings accounts. What is a good savings account to open in the EU for Us citizens residing legally in Germany? Looking for recommendations. I am a member of N26 but savings accounts are blocked for Americans in Germany.

[@ebberheguedusch1935]

kind of Hard if you don't find a way to make money in Portugal while living there.

[@darius6331]

Hi, what are your thoughts on Cyprus in comparison to Portugal? Do you like Portugal more? Cyprus seems to have great tax laws.

[@ExpatsEverywhere]

Hi Darius, we do like Portugal more. Cyprus is cool though. We found the English levels to be good there. There are a few interesting places to potentially live but the life could be very simple/bland there because of how small it is overall. A couple years in Cyprus, cool, for the long term, probably not for us. - Josh & Kalie

[@darius6331]

Thanks for your answer! @@ExpatsEverywhere

[@thecyberseer]

I don't understand what he says about capital gains on the million dollar stock position. Does he mean you're taxed EVEN IF YOU DON'T SELL IT?

[@luisfilipe534]

Due to the extreme house crisis in Portugal, non residents should not be allowed to purchase houses here..

[@ExpatsEverywhere]

Do you think that should go for citizens that are non-residents too? - Josh & Kalie