In summary…
For an expatriate in Portugal, choose an advisor who understands what remains French in your assets (life insurance, retirement savings plans, real estate), who is familiar with the France-Portugal tax treaty, and who works with your Portuguese accountant and lawyer without claiming to replace them. Don't choose based solely on the promise of a tax regime: as of October 24, 2026, the non-habitual resident tax regime has been abolished since January 1, 2024, and its successor, the IFICI (French tax regime for real estate investment), is reserved for specific activities.
Balmont Conseil is a firm not independent In regulatory terms: he receives commissions on the contracts signed. Ask the same answer of any advisor.
A Frenchman moves to Lisbon with a life insurance policy, a retirement savings plan (PER), and a rented apartment in Lyon. Three people will discuss taxes with him: an advisor, a Portuguese accountant, and a lawyer. While none of them knows what the others are doing, none of them realizes that the same withdrawal is being processed by two different tax authorities.
1. Advisor, Portuguese accountant, lawyer: who does what
| Speaker | What it deals with | What you ask him |
|---|---|---|
| Wealth Management Advisor | Investments, life insurance, retirement savings plans (PER) and real estate held in France, and their consistency with the life plan | The fate of each item after departure, along with the text on which it is based. |
| Portuguese chartered accountant | The annual tax return for residents of Portugal. According to the Portuguese tax authorities, a resident declares their foreign-source income on Schedule J of Form 3 and receives a credit for tax paid abroad. | The amounts to declare, and the French documents he needs |
| Lawyer | Local law: contracts, real estate, family law, and the legal interpretation of your residency situation | A written analysis when a document affects your rights |
Specifically. The advisor provides the other two with the French figures and the supporting documents; they do not sign on their behalf. Our firm works with a network of international notaries, lawyers, and accountants, and remote support is available. The division of roles is detailed in who does what on an international case.
2. What the advisor must master
Residency: two countries, one tie-breaking rule
France considers you a tax resident if you have your home or main residence, your main professional activity, or the center of your economic interests there: a single criterion is sufficient (BOFiP, version of July 28, 2016). Portugal considers you a resident if you stay there for more than 183 days, consecutive or not, over a 12-month period beginning or ending in the year, or if you have a dwelling there under conditions that suggest an intention to keep it as your habitual residence (Article 16 of the Portuguese IRS Code).
If both countries consider you a resident, the convention of January 14, 1971, determines the outcome: first, your permanent home, then, if you have one in each country, your center of vital interests; habitual residence and nationality are secondary criteria (BOFiP). An advisor who cannot tell you the order in which these criteria apply cannot secure your departure.
The France-Portugal convention: what it regulates
| Income | What the administration's commentary says (BOFiP, version of June 25, 2014) |
|---|---|
| Dividends | The withholding tax in the source state cannot exceed 15 % of the gross amount |
| Private guesthouses | Taxable only in the beneficiary's state of residence |
| Capital gains on movable assets (securities) | Taxable only in the state where the transferor is resident |
| Real estate income and capital gains | Taxable in the state where the property is located |
| Assurance-vie | Not addressed by the comment consulted: question to be asked, in writing |
The convention has been in force since November 18, 1972. Details can be found on our page. France-Portugal tax treaty.
Non-habitual resident and IFICI: the status of the regulations as of October 24, 2026
According to the Portuguese tax authority, the non-habitual resident regime is revoked as of January 1, 2024. A transitional provision may still apply to certain taxpayers, and those already registered retain the benefit until the end of their ten years.
The successor, the’IFICI (Tax incentive for scientific research and innovation) is provided for in Article 58-A of the Tax Benefits Statute and specified by Decree (Portaria) No. 352/2024/1 of December 23, 2024. Its conditions, as published by the tax authority, are:
- not to have been a tax resident in Portugal for the previous five years;
- to carry out a skilled activity: higher education and research, start-ups, skilled jobs in recognized activities, highly skilled professions;
- not having benefited from the non-habitual resident scheme;
- The application must be submitted no later than January 15th of the year following the year in which one becomes a resident.
The advantage: a special rate of 20% on Portuguese-source income from salaried and self-employed work that meets the requirements, for ten consecutive years. Foreign-source income is generally exempt from income tax, except for category H income (pensions) and income paid from certain tax havens, which is taxed at 35%. The IFICI (French tax regime for newly arrived Portuguese citizens) is therefore not a scheme open to all newcomers. Our page IFICI Portugal 2026 scheme He elaborates on this point.
Life insurance, retirement savings plans, real estate: three investment vehicles, two interpretations
- Assurance-vie. For a Portuguese resident, the tax authority's guide (October 2023) classifies gains from a life insurance contract as capital income. On the French side, the official information sheet (verified on April 15, 2026) describes rates of 12.8% and 7.5%, but does not address non-residents. Before making a withdrawal, request both calculations.
- PER. Contributions are tax-deductible for employees, up to a limit of 10% of their 2025 employment income, capped at €37,680 (minimum of €4,710), according to the information sheet verified on October 12, 2026. This deduction applies to income taxable in France; without French income, it is not advantageous. The Portuguese tax treatment of a PER withdrawal is a matter for your local accountant, which we will not address here.
- Real estate. Income from property located in France remains taxable in France (convention). Since Portugal is part of the EEA, a non-resident affiliated with a mandatory Portuguese social security scheme is only liable for the 7.5% solidarity levy on their rental income, upon presentation of a certificate (service-public.fr, verified on June 30, 2026). The French wealth tax (IFI) applies to assets exceeding €1.3 million on real estate located solely in France.
For the technician. General Tax Code, Article 4 B (tax domicile, BOI-IR-CHAMP-10). France-Portugal Tax Convention signed in Paris on January 14, 1971 (Law No. 72-534 of June 30, 1972, Decree No. 72-1261 of December 14, 1972): Article 4 for residence, BOI-INT-CVB-PRT-10-10 and 10-20. Portuguese law: IRS Code, Article 16 (residence), Article 11 (Category H), Article 81 (tax credit for tax paid abroad, according to the tax authority); Statute of Tax Benefits, Article 58-A; Law No. 82/2023, Article 236 (transitional regime for non-habitual residents).
3. Ten questions to ask before signing a letter of assignment
- What is your ORIAS number, under which categories, and to which professional association do you belong?
- Are you not independent or independent in the regulatory sense, and who pays you based on my case?
- On what criteria do you consider me to be a tax resident in Portugal, and what happens to my residence in France?
- What part of my assets remains taxable in France?
- What is the written status of my life insurance policy upon redemption, first in France and then in Portugal?
- Does my PER (Retirement Savings Plan) still have any value if I no longer have taxable income in France?
- Do you think I can benefit from the IFICI? For which activity, and what document do I need to provide before January 15th?
- Who speaks to my Portuguese accountant, and what documents do you send him each year?
- Which lawyer, here or in Portugal, will intervene if a document infringes upon my rights?
- What happens when I return to France?
See also Living in Portugal: tax residency, IRS and IFICI, our page wealth management in Portugal and remote monitoring of an expatriate.
Our position
A good advisor doesn't sell you on Portugal: they explain the changes for each investment vehicle, first in France and then in Portugal, and they put it in writing. Be wary of anyone who promises a rate before reviewing your business activity, residency, and existing contracts. Our ORIAS registration number is 13003497: verify it in the register, just as you would for any advisor.
Frequently asked questions
Does the non-habitual resident regime still exist?
Not for newcomers: the Portuguese tax authority indicates that it has been revoked since January 1, 2024. A transitional provision may still apply to some taxpayers, and those already registered retain it until the end of their ten years.
Is the IFICI open to all French citizens who settle in Portugal?
No. You must not have been a tax resident in Portugal for the previous five years, must not have benefited from the non-habitual resident regime, and must carry out a qualified activity from among those listed by the tax authority. The application must be submitted before January 15th of the year following the year in which you become a resident.
Can my French advisor replace my Portuguese accountant?
No. The annual resident tax return is prepared in Portugal, using the French amounts provided by the advisor. The advisor's role is to ensure that these amounts, and their treatment on both sides, are consistent with the rest of your assets.
Are you moving to Portugal with assets remaining in France?
The first exchange is free, in Lyon or via videoconference: bring your contracts and the list of your contacts on site, we look at what happens to each document before making any proposal.
Book an appointment
The initial consultation is to establish your exact situation and determine if there is anything that can be done—sometimes there is nothing, and we will say so as well. Thirty minutes, with no obligation.
Book an exchange with Balmont Conseil
Alexis Sagnier, financial and real estate investment advisor, insurance broker, AMF certified. ORIAS 13003497. Updated on 24/10/2026.
Official sources consulted
- BOFiP — Tax Convention between France and Portugal (BOI-INT-CVB-PRT-10: signed on January 14, 1971)
- BOFiP — France–Portugal Convention: scope of application, residence (BOI-INT-CVB-PRT-10-10)
- BOFiP — France-Portugal Convention: rules for taxation by category of income (June 25, 2014)
- BOFiP — Taxable persons and tax domicile (July 28, 2016)
- Service-Public.fr — Social security contributions on income from assets and investments (verified on June 30, 2026)
- Service-Public.fr — Income tax: income from a life insurance contract (verified on April 15, 2026)
- Service-Public.fr — Retirement savings plan (PER) (verified on October 12, 2026)
- Service-Public.fr — Real Estate Wealth Tax (verified on March 6, 2026)
- Portuguese Finance Portal (Autoridade Tributária e Aduaneira), pages accessed on October 24, 2026, in Portuguese: frequently asked questions on the IFICI; frequently asked questions on the non-habitual resident regime; Portaria No. 352/2024/1; IRS Code, Articles 11 and 16; guide "Taxation of financial products at the IRS headquarters" (October 2023); frequently asked questions on foreign source income (Appendix J)
