Why Expats in Portugal Should Review Their Investments Now

By OpesFidelio – Regulated EU Financial Advisers

By Advertiser, in Finance · 24 Oct 2025, 10:48 · 0 Comments

Credits: Supplied Image; Author: Client;

We invite you to attend our seminar on 6^th November at Hotel Baia, Cascais (details below)

Increasing numbers of people are moving to Portugal for the sunshine, a new way of life and security. But when it comes to your pensions and investments, the dream can be shattered if your investments have not been properly managed or have not kept up with post-Brexit regulation and new UK inheritance tax (IHT) changes.

At OpesFidelio, we regularly meet clients who discover too late that their “EU-compliant” funds are far more expensive than they realised, or that recent proposed UK rule changes could expose their pension savings to 40% IHT. The good news? Both problems can be fixed— with the right cross-border advice.

The Hidden Cost of “EU-Compliant” Funds

After Brexit, many expats were moved into so-called EU-compliant investment wrappers — often offshore bonds or insurance-linked platforms. These structures meet European regulatory requirements, but they frequently come with multiple layers of hidden charges.

Between fund fees, platform costs, and ongoing commissions, total expenses of 3–4% per year are not uncommon. On a €250,000 portfolio, that’s roughly €8,750 annually, quietly eating into your returns and exasperating losses in turbulent markets.

What’s worse, many of these products pay commission to advisers upfront, reducing transparency and potentially biasing recommendations. At OpesFidelio, we always operated on a fee-based, fully disclosed model, ensuring our clients know exactly what they’re paying for and why.

New IHT Risks for UK Pensions

Until recently, most UK pension funds were exempt from Inheritance Tax, making them a useful estate-planning tool. However, new HMRC guidance is changing the rules: under certain circumstances, death benefits from UK pensions may now fall within the scope of IHT.

For expats who still hold UK pension schemes, at first sight this means that up to 40% of pension assets could be taxed on death, depending on how benefits are accessed.

The key message? Review your pension structures, as there are ways to mitigate some or all of the potential Inheritance Tax.

James Pearcy Caldwell, CEO of OpesFidelio will examine the psychology behind successful financial choices and planning.

Nathan Sweeney, CIO of Marlborough funds, will present on the market climate and cost-effective risk adjusted fund strategies.

Paul Forman, International Sales Manager of Novia Global will explain how the proposed Inheritance Tax rules will apply and how working with an OpesFidelio adviser may save your family from a substantial tax bill in the future.

Why have a review?

If you live in Portugal, your financial circumstances straddle more than one regulatory system: the country where your pension and tax ties often remain and the EU (where your residency and investments are based).

A comprehensive review should cover:

Pensions and how they align with new UK IHT rules.
Investment cost analysis to identify unnecessary charges.
Insurance and beneficiary planning to protect family members.
Tax-efficient structures under Portugal’s NHR or successor regimes.

At OpesFidelio, we help clients simplify and streamline their wealth planning — ensuring every element is working together, not against each other.

Why Do Cross-Border Qualification Matter?

Cross-border advice is not just about language or local presence — it’s about multiple regulation and competence.

OpesFidelio advisers are:

EU-regulated under MiFID II, ensuring full compliance with local investor protection standards.
UK-qualified, giving insight into UK pensions, IHT, and tax frameworks.
Within the OpesFidelio group, access to SEC (US) and UK (FCA) licenced advice

This multiple regulatory status means we can coordinate advice across both systems — identifying risks others might miss, and spotting opportunities to save money, reduce tax, and improve performance.

The Time to Act Is Now

Markets move. Rules change. Costs compound. Reviewing your portfolio once every few years simply isn’t enough when you live and invest across borders.

By speaking with an independent, EU-regulated, UK-qualified adviser, you can: