The event brought together clients and partners to analyse the implications of the UK Autumn Budget for internationally mobile individuals, particularly those evaluating a long-term move to Portugal.

The session featured insights from Bernardo Masteling Pereira (Partner at Forvis Mazars in Portugal) and Keith Graham (Associate Director at Forvis Mazars in the UK), senior members of Forvis Mazars’ Private Client teams, who examined how the measures announced by Chancellor Rachel Reeves may influence the financial planning of high-net-worth individuals. Their combined perspectives from the UK and Portugal highlighted the firm’s strong cross-border coordination and the ability to support clients navigating complex international tax landscapes.

The event also follows Forvis Mazars’ article in The Portugal News, “UK Autumn Budget: What It Means for Those Looking to Relocate to Portugal,” which details the £26 billion package of tax increases introduced in the Budget. Key measures include the prolonged freeze of income tax thresholds until 2031, higher tax rates on dividend, property and savings income, the new High Value Council Tax Surcharge (“Mansion Tax”), and restrictions to National Insurance relief on pension salary sacrifice.

Although the Budget did not include a wealth tax or an exit tax, it provided limited incentives for HNWIs to remain in the UK – a factor likely to encourage a reassessment of long-term residence and planning strategies.

Portugal continues to position itself as a compelling alternative, with stability, lifestyle advantages and, under the evolving NHR 2.0 regime, meaningful planning opportunities for qualified individuals.

Quotes

Keith Graham — on the UK Autumn Budget:
“This Budget signals a clear shift towards increased long-term fiscal pressure for individuals, even without changes to headline tax rates. The combination of frozen thresholds, higher taxation on investment income and new limits on pension planning means private clients will need to reassess their future strategy. For many, it raises important questions about where they want to be resident in the years ahead.”

Bernardo Masteling Pereira — on growing UK interest in Portugal:
“Over the past two years we have seen a sustained rise in interest from UK residents looking at Portugal as a long-term option. The combination of lifestyle, legal certainty and a maturing tax framework — including opportunities under NHR 2.0 — continues to resonate strongly with internationally mobile individuals and families. The Budget adds further momentum to this trend.”