玩偶姐姐

Hello, I have a question or concern about keeping my pension and social security if I move to Portugal. Am I required to keep a residence or a bank account in the USA?
Thank you
John - @77barefoot

Hi, Welcome,

From experience, If your tax residence is Portugal they don't care if you have property or bank account else where so long as you declare your world wide income for your Portuguese tax.

@77barefoot

I have been looking into this as well. I think the best way to handle receiving these payments in Portugal is to have them deposited into a Wise account. Wise can then deposit them into your Portuguese account in euros. Their exchange rate is supposed to be good and they charge less than your private US bank would charge to wire it. That鈥檚 the extent of my research thus far. Let me know if you find something better. Also you can collect interest while the money is in your 鈥淯S wallet鈥� with the right kind of account.

@Nvchavez29

Thank you for the advise. I really appreciate it.

You can hold different currencies on a Wise account great if you are travelling and visiting other countries. Of course, there are other companies, but they all work the same.

@Strontium

Also, you have to report whether you have a foreign (in relation to Portugal) account(s) - in Paragraph 11 of Addendum J to the Portuguese Modelo 3 tax return. Unlike the US FBAR, you only have to show the account number and bank, not the amounts that's there. As for receiving the SS monthly payments, having them sent to an US bank is OK too; although the SSA can send it directly to a Portuguese account (I don't know, however, if they charge extra for that or use an unfavorable exchange rate). Then, you can transfer all or any portion of it to Portugal as you see fit (or set up an automatic wire).聽 聽

@SimCityAT

REVOLUT is good too, if not better than WISE.