OneLife’s tailored solution: Wealth Portugal OneLife

OneLife’s tailored solution: Wealth Portugal OneLife

Last month, AFC, Kore, and OneLife hosted an exclusive event in Portugal for key clients and financial advisers, which focused on wealth and succession planning, asset protection, and the fiscal advantages of Luxembourg life insurance over traditional asset portfolio. The Iberian team at OneLife comes back to its undeniable benefits.

The evolving tax landscape in Portugal

Portugal’s financial landscape has changed significantly with the repeal of the Non-Habitual Resident (NHR) regime, effective 1 January 2024. While some individuals could still apply under the grandfathering clause until 31 March 2025, others must navigate new fiscal conditions.

“Either way, Luxembourg life insurance offers strategic benefits for both groups”, says José Manuel Tara, Country Manager Iberia and LatAm, OneLife. Non-NHR residents can take advantage of its preferential tax treatment, inheritance planning benefits, and wealth protection features. Meanwhile, those under the NHR regime can enhance their tax efficiency, particularly for income not fully exempt under NHR, such as capital gains. “This makes Luxembourg life insurance a versatile and effective solution for (almost) all investors in Portugal”, adds Jose-Manuel Tara.

Tax efficiency & wealth preservation

Luxembourg life insurance policies offer significant advantages, including tax neutrality, preferential tax treatment, and exemptions from inheritance tax, estate and gift tax, exit tax, and local stamp duties. “This makes them a highly efficient alternative or complement to traditional securities portfolios”, specifies Gonzalo García Pérez, Head of Product Solutions & Wealth Planning, OneLife.

Unparalleled security & protection

In addition, policies issued by Luxembourg insurers benefit from the renowned , ensuring that investments remain protected in the event of insurer or custodian bank insolvency. Additionally, assets are safeguarded under the framework, offering further security to policyholders.

Seamless wealth transfer & inheritance planning

Lastly, it’s noteworthy that unlike complex fiduciary structures, life insurance policies provide a straightforward and versatile mechanism for wealth transfer, whether inter-vivos (gifts) or post-mortem. “Policyholders can designate the beneficiaries of their choice directly (as in a will, but much simpler), ensuring efficient inheritance planning”, adds Gonzalo García Pérez.

OneLife’s tailored solution: Wealth Portugal

As a major player in Luxembourg’s life insurance market, OneLife has been delivering sophisticated, compliant, and innovative solutions for over 30 years. “Our Wealth Portugal solution is a multi-currency life insurance policy distributed under Freedom to Provide Services (FPS) and designed for individuals and legal entities in Portugal seeking long-term investments of at least €100,000,” specifies Luis de la Infiesta, OneLife Country Manager Iberia and LatAm, OneLife.

The Wealth Portugal policy linked to investment vehicles whose rights are expressed in units provides:

- access to a , from UCITS funds to structured products and alternative assets

- customisable portfolio management with free, automatic switch options and additional death cover

- full or partial liquidity (if unquoted assets), at any time and free of charge

OneLife’s market footprint in Portugal

Since joining in 2019 – the third-largest social protection group in France –  has strengthened its market position. In 2024, OneLife issued policies worth €53 million in Portugal, a growth of almost 75% compared to 2023, when it ranked 5th among Luxembourg insurers distributing in the Portuguese market.

To explore OneLife’s tailored life insurance solutions for Portugal, visit or .