Portugal’s Non Habitual Residence regime was never designed to be permanent. For many British expats, it has provided a period of favourable tax treatment, but once it ends the way income, investment gains, and assets are taxed can change significantly.

What often catches people out is not the end of NHR itself, but the lack of planning for what follows. Without the right structure in place, investment income and gains can become less efficient, the timing of withdrawals matters far more, and decisions that were once straightforward can start to carry unintended tax consequences.