Utmost Wealth Solutions has unveiled a new product for expats living in Portugal in what is the first of a number of planned product launches across Europe.
Apex (Portugal) combines a life assurance policy with an array of investment options suited for expats living in Portugal.
"Apex (Portugal) includes many attractive features such as new charging structures, online access through a secure site as well as a wide range of investment options," Paul Thompson, CEO of Utmost Group said in a statement.
This is the first of a number of planned product launches in Europe"
According to the Expat Insider 2019 Survey from InterNations, Portugal came third overall out of 64 global destinations and was at the top of the rankings for Europe.
With a growing number of people choosing to move to Portugal and take advantage of the Non Habitual Residence regime and Golden Visa, Utmost Wealth Solutions said the decision to launch a Portuguese compliant product to meet the demand from clients and advisers was essential.
The Non-Habitual Resident (NHR) Program in Portugal allows beneficiaries to get reduced tax treatments on some incomes for ten years and an exemption on almost all foreign incomes. The types of incomes include pensions, investments, rental income, and capital gains.
Under the Golden Visa scheme, foreigners can invest in the country and obtain residency and citizenship in return. Portugal also boasts significant lower prices of services. According to Numbeo.com, consumer prices in Portugal are 23.09% lower than in the United Kingdom. This includes the prices of rents, restaurants, groceries, and other basic costs.
According to the Portuguese Immigration and Borders Service's (SEF) 2019 data, there are around 35.000 registered residents in Portugal, mostly gathered in Lisbon, Algarve, and Porto.
"This is the first of a number of planned product launches in Europe and represents a key milestone for our group," Thompson added.
Utmost Wealth Solutions - with core operations in the Isle of Man, Ireland and Guernsey and offices around the globe - was initially formed by the acquisition of AXA Isle of Man and Aviva International in 2016, followed by Generali PanEurope in 2018 and Generali Worldwide in February 2019. Each entity operates under the Utmost Wealth Solutions brand and the businesses have a track record in the wealth planning industry, being established in the 1990's.