Good morning, beautiful people!
You might have noticed the newsletter is arriving a little later than usual this morning... or maybe you didnāt. And if thatās the case, congratulations! I hope you were out enjoying life and not anxiously refreshing your inbox for the next thrilling tax update. š
The truth is, I felt a bit stuck today. So I did something I rarely let myself do when I have a deadline looming: I said yes to an early morning hike with a friend. We talked about life in Portugalāthe hurdles weāve overcome to get here, and the ongoing challenges of trying to build a life in a place that isnāt always easy to figure out. And somewhere between the steep climbs and the breathtaking views, we talked about something that often gets lost in the day-to-day chaos: the why.
Why do so many of us leave behind comfortable, familiar lives in our home countries for a life of bureaucracy, language struggles, and cultural curveballs? Possibly for the very thing I experienced this morning: peace, safety, natural beauty... and the richness of meaningful friendships.
So wherever you are in your expat journey, whether youāre just landing or feeling fully rooted, take a moment today to reconnect with the basics. The real basics. The ones that matter: presence, people, purpose. Life will forgive one late newsletterā¦ I hope. š
Hereās what we unpack today:
šµ Events worth adding to your calendar
š§ A back-to-basics guide to understanding how to pay using a Multibanco reference (yes, finally!)
š A beginner-friendly Portuguese video to build your confidence and vocabulary
š And donāt miss whatās coming up over the next few weeks:
Why a Swiss bank account belongs in your Golden Visa strategy (next weekend!)
Property Purchase Series Part 2: āBuying Smart in Portugal ā Costs, Taxes & Expat Pitfallsā
Buying property specifically for Airbnb or short-term rentals
How to make the most of your time left on the NHR before your taxes go up
...and plenty more where that came from.
Letās get into it, shall we?
š· Pic of the week
Porto Santo, Portugal. Photo by Reinaldo Photography on Unsplash
Porto Santo Island is a tranquil Atlantic paradise, part of the Madeira archipelago, celebrated for its extraordinary 9-kilometer-long golden sandy beach and turquoise watersāa rare find in the region. With a gentle climate and inviting sea temperatures year-round, it offers a peaceful retreat for relaxation and outdoor activities, from hiking scenic peaks to exploring unique geological formations like the basalt organ and sand dunes.
Rich in history, it was the first Portuguese discovery overseas and is famously linked to Christopher Columbus, whose home can still be visited. Porto Santoās unspoiled beauty and slow pace of life make it a true hidden gem.
š° Whatās Happening
FOOD, WINE & BEER
Chefs On Fire Pop-up Vilamoura 2025, (20-22 June, Vilamoura, Algarve): s a premium open-fire gastronomy and music festival making its debut in the Algarve from June 20ā22, 2025, at Marina de Vilamoura. The event features 12 acclaimed national and international chefs preparing unique meat, fish, vegetarian, and dessert dishes exclusively over fire, celebrating Algarve cuisine in a relaxed sunset setting. Each day includes an intimate live concert by top Portuguese artists, with tickets granting access to a curated four-course tasting menu and unforgettable seaside atmosphere.
Porto Beer Fest (18-22 June, Porto): Outdoor festival in the gardens of Museu Nacional Soares dos Reis, showcasing over 50 national and international breweries, live music, food, and workshops.
Moura Wine Fair (28-29 June, Moura, Alentejo): Regional wine tastings, held in the townās castle, with a festive local atmosphere.
MAJOR UPCOMING MUSIC EVENTS
MEO Kalorama (19-21 June): one of Lisbonās leading international music festivals, taking place at Parque da Bela Vista. This yearās edition features a stellar lineup including Pet Shop Boys, FKA twigs, Jorja Smith, Damiano David, Father John Misty, Azealia Banks, Scissor Sisters, Sevdaliza, Best Youth, and many more, with performances across multiple stages
Carvoeiro Black & White (21 June, Carvoeiro, Algarve): the Algarveās iconic summer kick-off party, transforming the seaside town of Carvoeiro into a vibrant night of music, dance, street entertainment, and family funāall under a black and white dress code. Held annually around the summer solstice, the event features multiple stages, live performances, and a beach-turned-dancefloor, attracting tens of thousands of visitors for a free, unforgettable night out.
SunceBeat New Horizons (19ā23 June, Lisbon): a four-day music festival featuring house, funk, soul, disco, and R&B DJs and live acts, held at Praia IrmĆ£o in Costa da Caparica, Portugal, just outside Lisbon.
Imagine Dragons ā LOOM World Tour (June 26, EstĆ”dio da Luz, Lisbon): the American pop rock band will bring their LOOM World Tour to Lisbon, promising an electrifying performance.
Lisb-On #JardimSonoro (27-29 June): Lisbonās leading electronic music festival, set in the scenic Keil do Amaral Amphitheatre within the Parque Florestal de Monsanto, the cityās green lung. The 2025 edition offers a unique experience where nature and electronic sounds blend seamlessly on open-air stages surrounded by forest.
Iron Maiden: Performing at MEO Arena, Lisbon, on July 6, 2025, celebrating their 50th anniversary.
NOS Alive is one of Portugalās premier international music festivals, returning for its 17th edition from July 10 to 12, 2025, at Passeio MarĆtimo de AlgĆ©s in Lisbon. The festival is celebrated for its impressive lineups and vibrant, inclusive atmosphere, attracting fans from across Europe.
CoolJazz 2025 (4 ā 31 July, HipĆ³dromo Manuel Possolo, Cascais): A series of jazz concerts featuring artists like Benjamin Clementine, Seal, Gilsons, Slow J, and Masego, set in the picturesque town of Cascais.
Kylie Minogue will perform at the MEO Arena in Lisbon on July 15, 2025, as part of her āTension Tour,ā marking her biggest tour since 2011 and her long-awaited return to Portugal. The concert will feature a mix of her greatest hits and new tracks from the āTension IIā album, with an energetic pop and electronic dancefloor vibe.
Lionel Richie ā Say Hello To The Hits Tour (29 July, MEO Arena, Lisbon): The legendary musician brings his tour to Lisbon, promising an evening filled with timeless hits like 'Hello' and 'All Night Long'.
Shawn Mendes (28 August 2025, MEO Arena, Lisbon): this performance forms part of his āOn The Road Againā world tour. The concert will feature a career-spanning setlist, highlighting his biggest hits from the past decade, and will have MARO and Lubiana as support acts.
š” Lifestyle: Back to Basics
Gif by afaison on Giphy
How to Make Payments using a Multibanco Reference Number
A friend recently asked me how to make a payment using a Multibanco reference number, and honestly, I was relieved. It wasnāt just me who had only recently figured out how this surprisingly simple system works! As expats in Portugal, we're constantly juggling unfamiliar processes, mysterious acronyms, and systems that operate nothing like what weāre used to back homeānot to mention itās all in a foreign language.
Itās easy to feel silly for not knowing something āeveryone elseā seems to get, but trust me: youāre not alone. We tend to overthink even the simplest tasks when everything around us feels new. So, if you're still scratching your head about how to pay using a Multibanco reference, this guide is for you.
Letās take the confusion out of itāstep by step.
Example of a Multibanco payment reference
š” Multibanco Payment (ATM or Bank App)
Every bank in Portugal offers this option.
ā OPTION 1: If using a physical ATM (Multibanco machine):
Go to any Multibanco ATM.
Insert your bank card and enter your PIN.
Choose Pagamentos e Outros ServiƧos (Payments and other services).
Select Pagamento de ServiƧos / Compras.
Enter:
Entidade (Entity Number)
ReferĆŖncia (Reference Number)
Valor (Amount)
Confirm everything and press Confirmar.
Done! The machine will print a receipt.
ā OPTION 2: If using your bankās app (like Millennium, Activo, etc.):
Log in to your banking app.
Tap Pagamentos (Payments).
Select Pagamento de ServiƧos / Compras.
Enter:
Entidade (Entity Number)
ReferĆŖncia (Reference Number)
Valor (Amount)
Confirm and submit.
Done! You should see the confirmation instantly.
š§ Quick Tips:
The Entity (Entidade) is a 5-digit code for the company/service youāre paying.
The Reference (ReferĆŖncia) is usually 9 digits and specific to your bill/order.
Always triple-check the amount and numbers before confirming.
Payments are typically processed instantly or within a few hours.
š Important Things to Remember about MB Way & Multibanco Payments
Reference Numbers Often Expire
Yes, many Multibanco payment references have a deadline. This is especially true for:
Government services (e.g., Social Security, FinanƧas)
Invoices with variable amounts (e.g., insurance, utility bills, toll fines)
If you miss the deadline, the reference usually becomes invalid, and:
The system wonāt accept payment, or
It doesn't apply the payment correctly, causing delays or penalties.
Youāll need to request a new reference with a new expiry date.
Some References Are Reusable (but most aren't).
Some companies (like Vodafone or some subscription services) give a permanent reference for regular payments.
Check the invoice or website ā if it doesnāt mention an expiry date, itās likely reusable.
If in doubt, donāt risk it ā contact the provider to confirm.
Exact Amount Matters Multibanco payments are tied to the exact value, reference, and entity.
If you enter the wrong amount, the system may reject it, or the payment won't go through properly.
Never round up or down ā pay the exact value shown.
No Payment Description Field You canāt add a message or note when paying via Multibanco.
The reference must be correct, because itās the only way the recipient knows it's from you.
Proof of Payment = Peace of Mind
Always screenshot or save the receipt ā itās your only proof.
Especially important for payments to public entities or for legal/immigration documents.
Payment Confirmation Can Be Instant or Delayed
For most companies, itās instant or same-day.
Government departments may take 1ā3 days to process the payment even if you see it as paid.
š How to Know If a Reference Has Expired
Check the PDF/invoice ā many will list:
āValidadeā / āData Limiteā / āData de Vencimentoā (expiry date)
If nothing is listed, and itās been more than a few days, itās smart to double-check with the service provider.
š§ Pro Tip: For anything government-related (SeguranƧa Social, FinanƧas, IMT), never delay payment beyond the issued deadline. These systems are rigid, and even 1 day late can cause issues (like penalties, blocked processes, or rejected renewals).
š° The Hustle Fund ā Money, Taxes, and all things Financial
ATTENTION U.S. EXPATS:
The OBBBA Bites Deeper ā What U.S. Expats in Portugal Need to Know
Insights courtesy of Mark Moberg, with contribution from Samuel Moshe Nachfolger (Borderless Tax Consultants)
H.R. 1 ā nicknamed the āOne Big Beautiful Bill Actā (OBBBA) ā is working its way through the U.S. Congress, and itās packed with potential landmines for Americans living abroad. While the bill is mostly aimed at big economic reforms, two lesser-known provisions could significantly affect how U.S. expats in Portugal ā and elsewhere ā manage their finances.
š„ 1. The āRevenge Taxā ā Section 112029
Hereās whatās happening:
Section 112029 of the bill proposes a āRevenge Taxā targeting foreign countries (like Portugal) that the U.S. believes are taxing Americans unfairly.
It introduces a new Section 899 to the U.S. tax code, which would punish these jurisdictions by increasing the U.S. tax withholding on passive income (like dividends or interest) earned by Americans living in these countries.
For NHR residents in Portugal, this could mean jumping from the current 15% withholding rate to as high as 35% or even 45%.
Even non-NHR U.S. expats arenāt in the clear ā the higher tax could still apply.
Why is this happening?
This is part of a larger U.S. political strategy ā essentially a game of āchickenā. U.S. lawmakers are hoping that foreign countries will change their tax policies to avoid retaliatory U.S. taxes. Unfortunately, that leaves American expats as collateral damage in the meantime.
What can you do?
This bill has already passed the House and is now under consideration in the Senate. If youāre a U.S. citizen abroad and youāre concerned, contact your representatives and make noise. If thereās enough pushback, thereās a chance this wonāt make it into the final law.
Why else it matters:
Allianz Chief Investment Officer, Ludovic Subran warns:
U.S. stocks could drop by 10%
The U.S. dollar might fall by 5%
The message is clear: Tax rules are shifting fast, and U.S. expats need to stay vigilant and proactive about changes that could affect their financial future.
šø 2. A 3.5% Tax on Transfers Out of the U.S.
Another provision proposes a 3.5% tax on funds transferred out of the United States. While U.S. citizens are technically exempt, things arenāt so simple:
Only a limited number of approved transfer providers may be able to certify exemption.
This could lead to:
Higher fees
Fewer provider options
Increased record-keeping obligations
If a U.S. citizen is mistakenly charged the 3.5%, the bill proposes the tax be refundable ā but only via your annual tax filing.
Itās unclear how citizenship status will be verified at the point of transfer, and foreign debit card cash withdrawals may also be impacted.
šļø What You Can Do
If youāre a U.S. citizen abroad, nowās the time to act. Contact your congressional representatives and senators to voice your concerns about these proposals. With enough public pressure, they may not survive the final version of the bill.
With thanks to Mark Moberg CPFĀ®, CBDAĀ® Tampa/Lisbon, Certified Financial Plannerā¢ at Green Ocean Global Advisors, LLC, for his valuable insights and contributions to this article.
Thank you to Samuel Moshe Nachfolger for this notice. US Tax Accounting in Jerusalem, Israel | Borderless Tax Consultants | borderlesstaxes.com
š¢ Listen Up!
š§ FRESH Portugal is Now on Spotify!
Legal questions in Portugal? Thereās a podcast for that.
Our friends at FRESH Portugal just launched their podcast, Fresh Talks: Portugal Law Made Easy, and itās now streaming on Spotify! Whether you're an expat, entrepreneur, or just trying to decode Portuguese bureaucracy without losing your mind, this oneās for you.
They take complex legal stuff and break it down into bite-sized, actually-useful insights.
šTune in and make your legal life in Portugal a whole lot simpler.
š£ Lost in Lingo
In the spirit of our back-to-basics theme, weāre sharing this fantastic video from Mia Esmeriz Academy featuring 30 simple Portuguese phrases for beginners. Whether you're just getting started or have already dipped your toes into the language, this video is gold. Even after learning Portuguese for a while, I found a few phrases I hadnāt yet added to my everyday vocabularyādefinitely worth a watch. Enjoy, and maybe challenge yourself to use one or two of these in real life this week!
ā¦And Thatās All Folks
Thanks for reading! š
Hustle on!
Angeliqueš§āāļø
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