At the 2026 US Expats Financial Conference, a panel of cross-border experts — Portuguese tax specialist Rui Magalhães of DMA Tax, CPA Margaret Conklin of JM Tax Advisors, immigration lawyer Joana Mendonça Ferreira of Global Citizen Solutions, relocation specialist Anna Sosdian of Start Abroad, real estate advisor Gonçalo Peixoto of Goldcrest, and investment advisor Shane Clark of Euro American Financial Advisors — answered audience questions on moving to and living in Portugal as an American. Together they covered Portuguese and US taxes, visas and immigration, property and relocation, and cross-border financial planning, helping American expats structure their move to stay compliant on both sides of the Atlantic while avoiding costly surprises.
The following transcript was generated by AI and may contain inaccuracies.
Hugo: Welcome everyone. This is the expert Q&A panel session for Americans moving to or living in Portugal. We’ll wait a couple of minutes to give as many people as possible a chance to join before we get started. We’ve got a fantastic panel — lots of experts covering pretty much anything you could wish to know financially about moving to Portugal.
There are no presentations, so if you have questions, drop them into the Q&A pop-up at the foot of your screen. If you scroll around the foot of your screen and drop your questions there, we’ll direct them to the right panel member.
Feel free to get started if you’ve got any questions. Taxes, visas, real estate, US taxes, Portuguese taxes, financial planning, moving in general, investing — all and any questions, drop them into the Q&A pop-up at the foot of the screen.
I think we’ve done a couple of these sessions and it normally takes a minute for our audience to think of some questions. Once we introduce the panel, it makes more sense, and it will inspire questions based on everyone’s expertise. We’ll just give this another minute.
Right, we’ll get started. Who’s in Portugal today on the panel?
Margaret: Most of us, yes.
Hugo: And who’s American?
Margaret: Maybe just me. Yes, and Shane. Oh, Anna too? Okay. Half and half, then.
Hugo: I’m just going to turn the chat on as well. If the audience want to say where you are, where you’re from, when you’re moving or if you’ve moved, drop that in the chat. But try and drop your questions in the Q&A pop-up rather than the chat.
I’ll read a brief introduction and then hopefully we’ll have some questions. Hello and welcome to day three of the 2026 US Expats Financial Conference, sponsored by Expat Focus, Wise, Global Citizen Solutions, and Advance AI Services. Today is the third day of the conference, and this is our third session of the day: the Q&A expert panel session for Americans moving to and living in Portugal.
I’m delighted to be joined by Anna Sosdian from Start Abroad, Margaret Conklin from JM Tax Advisors, Joana Mendonça Ferreira from Global Citizen Solutions, Rui Magalhães from DMA Tax, Gonçalo Peixoto from Goldcrest, and Shane Clark from Euro American Financial Advisors. I think that’s everyone.
Before we start, please bear in mind that the information presented is for general educational purposes only, and you should always seek your own personalised advice. Please add your questions in the Q&A pop-up at the foot of your screen and we’ll try to answer them all, time permitting.
To get started, perhaps we could go around the panel and everyone could briefly introduce their firm and their area of expertise. Margaret, would you like to start?
Margaret: Sure. Hello, everybody. I’m Margaret Conklin. I’m a certified public accountant from the United States. I’ve been living in Portugal about eight years now, and I have about 40 years of individual income tax experience — so, as I jokingly say, I am partner emeritus of JM Tax Advisors. I’m trying to slow down a little bit.
JM Tax Advisors is a small boutique firm. The owner, Jason Mathew, lives in London, and we focus on Americans living abroad, primarily in Portugal, Switzerland and the UK, but we do have various clients in a few of the other European countries.
Hugo: And you’re based in Portugal, as you were saying.
Margaret: I’m here in Portugal, correct.
Hugo: Anna, would you like to go next?
Anna: Absolutely. Thank you so much for having me. I’m Anna from Start Abroad, one of the co-founders of the company. We offer a comprehensive relocation service. Portugal is one of our most popular countries, where we have a great team on the ground.
We do everything from the visa to finding you a new home — often rental search — to helping you relocate your pets, turn on your utilities, and pick you up at the airport to make sure you get to your new home with all your stuff. It’s a very comprehensive white glove service. If anyone’s looking forward to relocating in the future, we’d love to be in touch.
Hugo: Joana, would you like to have a go?
Joana: Sure. Thank you, Hugo. I’m Joana, general counsel at Global Citizen Solutions, and I’m a lawyer in Portugal. Global Citizen Solutions is an international consultancy specialising in residency and citizenship by investment. We have access to 40-plus programmes across the globe. Portugal is a very important programme for us, and I personally have a lot of experience with Portugal.
At Global Citizen Solutions, we understand that every client’s journey is different. Some clients are looking to relocate and build a new life abroad. Others are just looking for a plan B. Either way, our approach is hand-holding the client all through the journey and making sure we support them every step of the way.
Hugo: Thanks. Rui, would you like to go next?
Rui: Yes. My name’s Rui Magalhães. I’m a partner at an accounting and tax firm called Duncan MacGregor Accounting — DMA Tax. It’s been established for around 35 years, and our niche is providing Portuguese tax assistance to expats, mainly people from English-speaking countries: the USA, Britain, South Africa, Australia.
We have quite a big understanding of how the US tax system works. We do not prepare US tax returns — for that, we’ll send you to Margaret. But we’ll help you navigate the Portuguese tax system and make sure you’re up to speed.
Hugo: Thanks, Rui. Gonçalo, would you like to go next?
Gonçalo: Thank you. My name is Gonçalo. I’m the head of real estate at Goldcrest. At Goldcrest we provide a service to clients that are looking to invest or relocate into Portugal. We provide a comprehensive service, from getting to know the neighbourhoods and any location, whether you’re familiar with the ground here in Portugal or not.
We cover the entire country, beginning to end, and we can help with all of the services related to the property, even after purchase as well.
Hugo: And Shane.
Shane: Sure. Shane Clark. I’m the president and one of the founders of Euro American Financial Advisors. I’m actually in Spain. We’re licensed with the Spanish investment authorities, and we provide cross-border investment advice and financial planning services. All of our clients are US citizens or US-tied people moving somewhere in the EU.
Hugo: Thanks so much. We’ve got a couple of questions and, again, for our audience, please do keep adding your questions to the Q&A pop-up. You have a good opportunity here with some experts at your disposal for the next period of time.
The first question is: please can you talk about Portugal’s treatment of Roth IRAs from a tax perspective? Is it more advantageous to reallocate those accounts prior to moving? I think that’s probably for Rui.
Rui: Let’s get straight to it. This is quite topical at the moment, because up to about a year ago everybody was under the impression that an IRA or a Roth would be considered as pension income in Portugal. We engaged a top legal firm — probably the top legal firm from a tax perspective — to give us an opinion, and it turns out that it’s not.
So, to the specific question: is it more advantageous to reallocate those accounts prior to immigrating? Just so you know, there’s no difference in Portugal between a Roth and an IRA. They are treated the same way. You are taxed on the growth of the IRA or the Roth — and when we say growth, that’s the original capital contributed by the taxpayer against whatever the market value of the fund is at that point in time. You are taxed on that if you withdraw, at the rate of 28%.
If you cannot determine what the growth element is — so if you don’t know how much you’ve contributed to the IRA throughout your lifetime — you’ll get taxed on the full amount at 28%. My advice is that if you have a Roth in the US and you can withdraw that Roth tax-free in the US, I would do that before you move to Portugal, because once you become a tax resident in Portugal it will be taxed at 28%.
Hugo: Many thanks. The next question is an immigration question, so one for Joana. Suggestions for how Americans can navigate the planning timeline with current bureaucracy delays, immigration appointment scheduling backlogs, and accommodation lease requirements.
Joana: That’s a good one. The timeline for booking an appointment and creating a realistic expectation will entirely depend on your area of residency in the US. Portugal works with VFS — Portuguese consulates work with VFS, at least the vast majority of them, not all. It’s becoming increasingly hard to book in some specific consulates, and some others are much easier.
Typically, if you do not have any constraints as to the consulate, you can book your appointment one or two months in advance, prepare all your documents, and then decision timing spans from 60 to 120 days. If your jurisdiction is one of the difficult consulates to book, then you can expect more than two months to book an appointment.
In terms of housing requirements, technically you only need to have an address available from the moment of your appointment onwards. Obviously, in terms of market, this is not easy to obtain when you look for an apartment in Portugal to rent, for example. Most of the time the landlord will expect you to start the contract immediately, not in two months.
So the difficulty here does not come exactly from a legal requirement, but from the fact that the rental market in Portugal is very competitive right now. Gonçalo can probably explain more about this, but most landlords aren’t available to wait two months for a contract to start. They will have another option. I would say that’s a constraint in terms of housing.
Hugo: Thank you very much. There’s a question about being an expat temporarily, but it’s not entirely clear to me. “What if I’m an expat temporarily and one day plan to return to the USA as a dual citizen? How does setting up a trust in the US or the UK work? How can I retain flexible options?”
Shane, that might be an investing question. Or it might be a tax question — Margaret, what do you think? I guess it’s about how trusts are taxed, whether they’re taxed in both the US and Portugal, and whether it’s worth setting one up if you plan to return to the US in the future.
Rui: Sorry, let me just come in from a Portuguese tax perspective. Trusts don’t exist in Portugal. You cannot create a trust in Portugal. The Portuguese tax ruling says that if you have a distribution from a trust and you are a Portuguese tax resident, you are taxed at 28% on that distribution. It’s as simple as that. If you draw $100,000 from a US trust and you’re living and tax resident in Portugal, you will pay 28% tax on that.
Hugo: Thanks. I think it’s one of those questions where the experts may need more information to precisely answer, so maybe reach out to them directly — I’ve dropped all the contact details and websites into the chat. So to the person who asked that question, that might be one for a direct conversation.
Cheryl asked another question. Is the timeframe the same for an appointment for moving to Portugal if you’re an American citizen living in the EU — Germany, currently — rather than moving from the US?
Joana: No, it’s very different. I assume this one’s for me. It’s very different because it will depend on the consulate. If a US citizen is resident in Germany, that citizen will be able to apply to the Portuguese consulate in Germany.
As you can imagine, Portuguese consulates in Europe do not process a huge amount of visas, because we are all inside the Schengen area. So it’s fairly easy to book an appointment within the EU to obtain a residence visa.
Hugo: So quicker than applying from the US. Interesting.
Margaret, I wanted to ask you — while we wait for some other questions to come in, there are a couple of general questions that might be of interest to a lot of people. One is that it’s often a surprise to Americans moving abroad that they are still subject to the US tax system. Can you speak a little about how that works and why that is?
You’re muted.
Margaret: I could have sworn I wasn’t. And now I’m going to cough. Excuse me.
Hugo: I asked you at the wrong moment. Do you need to grab some water, Margaret?
Margaret: Yes, please.
Hugo: That’s another question maybe Rui can answer in the meantime: how is US Social Security taxed in Portugal?
Rui: It’s taxed at the general tax tables. We have a sliding scale tax table system — the more you earn, the higher the tax rate. The maximum tax rate in Portugal is 48%. It depends what your taxable income bracket is; it could be from 14% to 48%. It all depends on how much your Social Security is.
Hugo: Rui, thanks. Margaret, would you like to have another go?
Margaret: I’ll try again. Sorry about that. As an American citizen or a green card holder, you are required to file a US tax return every year based on your worldwide income. So even if you live in Portugal, you would file both a Portuguese tax return and a US tax return.
Just like Rui smiled when we talked about Roth IRAs, the question is: which comes first, the Portuguese tax return or the US tax return? It’s always a bowl of spaghetti figuring out which return you have to do first, because of course, if you pay Portuguese income tax, you get a credit on your US return for the taxes you pay to Portugal.
But in some situations, on the Portuguese tax return, you have to know how much tax you paid to the United States on certain types of income. So it’s important when you get here to get people who understand the nuances and the bowl of spaghetti, to figure out which comes first.
Oftentimes we draft the US tax return, then the Portuguese tax return is prepared, and then we come back and adjust the US tax return once we know how much Portuguese tax is paid. It’s complex, it doesn’t move fast, and you’ll probably never make your April 15th filing deadline again. Everything’s always extended, to ensure that you pay the minimum tax in both Portugal and the United States.
Hugo: And you were saying earlier that you work with Rui pretty often — so for anyone needing US and Portuguese tax advice, they’re used to working together.
Anna, I wondered if you might like to say something about the most common questions you get asked when Americans are planning their move to Portugal. I’m sure the same questions come up.
Anna: Let’s see. A lot of it has to do with timing. I typically say that if you want to make the move to Portugal, start the process at least six months before you actually want to arrive. That’s due to what Joana was saying beforehand — most people in the United States will probably fall into the jurisdiction of some of the busier VFS offices. So it’s the time to get the appointments as well as to prepare the documents.
While still on timing, there are the current timelines to hear back and to get the AIMA appointment scheduled. I’m getting a lot of questions recently about backlogs: how long is it taking for people to get these second-stage appointments once they actually move to Portugal? We are seeing that sometimes you’ll get assigned an appointment straight away, and sometimes not — it’ll have to be requested.
The good news is that right now it seems as though things are starting to pick up. A lot of people come asking questions about hearing that appointments are being scheduled a year in the future to finalise their immigration process, which is challenging to think about. But there’s also a lot of opportunity right now to reschedule appointments for earlier dates. We’re seeing that speed up and go a little more smoothly with finalising your processes.
One final area is that I get a lot of questions about relocating pets. I don’t know if anyone has dogs or cats they’re trying to move with — important members of the family — and the best ways to do that. I always say there are a lot of different options we can look at.
There’s everything from a small pet that will fit in the plane with you, to how to register a service dog before you come along if that seems like the best option for you, to shared private flights that you can book along with other pet owners. They’re relatively expensive, but you get to sit and have a really lovely experience with a bunch of other dog owners sharing a plane from New Jersey to Lisbon. All these things are possible.
Hugo: Are the pets loose in the plane with the owners?
Anna: They’re not loose, but they do not have to be crated, so you can just hold them, have them by your side, this type of thing.
Hugo: I see. Gonçalo, would you like to say a little about the most popular places Americans are moving to at the moment?
Gonçalo: Yes. There are a few places that come to my mind. Porto has certainly been one of the top hits lately. Especially the last year, we’ve had a much higher demand than usual for clients to move into Porto. Lisbon is always in high demand as well — that’s the standard, I would say. The Algarve is a big one.
More and more we get a different profile of client that is looking right now to acquire something more private, something outside of Lisbon, outside of Porto, with a bit more space — maybe a guest house, something more like a farm, a bit more private. That’s becoming more and more common lately.
Clients are looking to produce some wine. We have a great history with wine in Portugal, and a lot of clients are looking for these kinds of properties where they can live, and some of them can even monetise these farms and do tours of the wine process and all of that. So we have a bit of everything.
I usually joke about this with some clients: we have clients searching from land to even small boutique hotels. We really have a bit of everything going on with our clients. But the most common and most desired locations, I would say, are Porto, the Algarve and Lisbon at the moment.
Hugo: Many thanks. There are some more questions coming in, but Shane, I was going to ask you: what are perhaps the top three considerations if you’re planning a move to Portugal, before you’ve set out?
Shane: I would say three big ones. If you own real estate in the US, selling it before you move is always a good idea from a tax standpoint.
If you’re concerned about whether or not your US broker or custodian is going to continue to work with you after you have an address in Portugal, it’s a good idea to get new accounts set up with expat-friendly brokers like Charles Schwab or Interactive Brokers ahead of time.
And the third one would be currency management. If you’re concerned about how to move money from dollars to euros, you could use a currency broker. If your concern is how to mitigate currency risk in your investment portfolio — in the sense that all your money’s in US dollars and now your expenses are going to be in euros — we could have another conversation about that as well.
Hugo: Many thanks. There’s a tax question here, and I think this one’s for Margaret. For US W-2 remote workers, will the US give a credit for taxes paid in Portugal?
Margaret: For US W-2 workers, yes. Correct me if I’m wrong, Rui — if they move here to Portugal, they will be taxed in Portugal on their worldwide income. You’ll pay tax in Portugal.
Rui: Correct. And then I think the question is related to when they have to file the US tax return. Will the US give it… I mean, they’re obviously going to tax them. I think the question relates to the foreign earned income exclusion in the US. Is it still $126,000?
Margaret: It’s $130,000. So the quick answer is yes. If Portugal will tax you on the income, when you file your US income tax return you’ll get a tax deduction and/or a credit to reduce your US income taxes. You would not pay taxes in both places.
Rui: Effectively, I always inform clients that you will pay the highest tax rate of the two jurisdictions. So if the tax in Portugal is 38% and the US works out to 32%, you will not pay the 38 plus the 32. It will just be 38%, broken up into the two jurisdictions.
Hugo: Many thanks. I think this is another one for you, Rui. A golden visa resident who doesn’t truly reside in Portugal, so they don’t become a Portuguese tax resident — what about their investment gains? Are they only taxed in the US then?
Rui: This is an important one, because becoming a Portuguese tax resident is not merely a physical presence test. Just because you haven’t spent six months in Portugal doesn’t mean that Portugal will not deem you to be tax resident. If your primary residence can be proved to be in Portugal, then you are tax resident in Portugal, immaterial of whether you spent six months here.
Now, most American citizens will have their primary residence in the US, and they’ll have a home in Portugal that they purchased under the old golden visa rules. So, correct: if they don’t spend the six months in Portugal, they’re not tax resident. They will only be taxed on their capital gains if those were sourced in Portugal.
The double tax agreement on capital gains specifically says that capital gains are only taxable in the country of tax residence. So the only one that would be taxable in Portugal would be if you had property here. If you sell a property in Portugal, Portugal will have the right to tax you in terms of the double tax agreement, and the US will also tax you, but they will give you the credit for the tax that you paid in Portugal.
So if you’re not tax resident, you won’t get taxed on your capital gains on the sale of equities or anything — only if you had a property in Portugal which you disposed of.
Hugo: Many thanks. Another question about buying a property in Portugal: if you use it as a rental property but occasionally stay in it for short periods, what are the tax considerations on both sides? I guess this is somebody who’s possibly not resident in Portugal, owns a property there, and visits.
Rui: In Portugal there are two types of tax that you pay on renting. They’re defined as long-term rentals or short-term rentals. To apply the short-term rental rules, you physically have to register — we call it registering an activity, so you have to initiate an activity. It’s almost as if you’re running a business in Portugal, and there are specific tax rules that apply to short-term rentals as opposed to long-term rentals.
For long-term rentals, the tax rate will be 28%. On short-term rentals, the general rule is that you will be taxed as a non-resident at 25% on 35% of your income received from the short-term rentals. But there is quite a bit of admin to be applied to short-term rentals. So effectively, yes, you’ll pay tax, and there are different tax rates depending on whether it’s long-term or short-term.
Hugo: Many thanks. Anna, we have another pet question. Ryan says, “We will be bringing two dogs with us. Are there any issues bringing pet-specific prescriptions, or getting those prescriptions once in Portugal?”
Anna: It’s difficult to say specifically without knowing what the prescription is, of course. Generally speaking, there’s usually not an issue. A useful thing to mention about this — and it applies to human prescriptions too — is that we generally advise people to have as many months of prescriptions as your doctor will prescribe in advance, and then bring them over with you. That gives you a little bit of time to find a new doctor or a new vet and get those prescriptions written again for you in Portugal.
One important thing to be aware of on the pet side of things is that you’ll get an EU health certificate as part of the move process. That is good to cover your dog for four months from the time that it’s signed by the vet in the United States, and within the four months you have to find a vet in Portugal and get what’s called an EU pet passport, to get registered properly. At that point you could also get your prescriptions.
Hugo: Does the passport have a photo?
Anna: I’m not sure, because unfortunately I don’t have dogs — but I don’t believe so.
Hugo: It’s probably a chip or something, actually, isn’t it?
Anna: Well, microchips are also required. That is true.
Hugo: Gonçalo, you’re muted.
Gonçalo: It’s a very small booklet with all the information, like all the vaccines and stuff like that. It’s a bit smaller than a regular passport, but the effect is pretty much the same, I would say. It doesn’t have a picture. It states colour and size and weight and things like that. Unfortunately, I have none with me.
Hugo: Thanks. It’s a conversation for another time.
Mary Thomas says, “Joana, I think this is one for you — perhaps you could provide an overview of some of the most popular visas and the immigration process.” I appreciate that’s a lot to cover briefly, but anything you could share would be great.
Joana: Okay, I’ll do my best to keep it short. In Portugal, like in Europe generally — European countries are all more or less the same in terms of visas, because they all follow the same visa code and we all have the same ground rules — there are many options for visas or residence visas. Let’s stick with residence visas.
The more popular nowadays are, as everyone knows, the D7, the passive income visa, for anyone living on passive income, and the D8 digital nomad visa, which is also very popular. Then there are two that I would say are not as popular but still have some traction: the D2 and the D3.
The D2 is typically entrepreneurship. Anyone that wants to start a business in Portugal, through a company or solely, would go for a D2. The D3 is for highly qualified professionals — not only because of businesses and companies relocating to Portugal and bringing employees with them, but also because Portugal has been drawing attention on high-value workers. That’s something the government itself has been investing in.
The good part about the immigration procedure is that, regardless of the grounds for your visa, the procedure is always the same, and it’s split into two main parts. The first is applying for a visa in your own country, so you need to use one of the consulates. Sometimes these consulates work with a broker — VFS, in the case of Portugal. Sometimes they do it themselves, and sometimes it’s online through the e-visa system. The first thing you need to do is work with the consulate to get yourself a visa.
For this visa to be granted, you’ll need to provide some documents — almost all the documents you’ll need to provide in the end, but not quite all. Generally speaking, you need to explain your grounds for a visa. If you’re a digital nomad, you need to show your digital nomad relationship, the contract. If you’re on a passive income visa, you need to show your stable earnings in terms of passive income, and it goes the same for the other visas.
You need to show an address in Portugal, travel insurance, and a clean background check. You’ll need to obtain an NIF, and you’ll need to show you have enough money to survive in Portugal for at least a year. Opening a bank account in Portugal for this purpose is relevant, and most consulates will require you to do so — and this is something that’s easily done remotely.
Once you have all this, you attend the consulate appointment. It’s not a very difficult interview, it’s just submitting documents. When they grant you a visa, you are able to move to Portugal from that point onward. They stick a visa in your passport, and for the following 120 days you are allowed to enter Portugal twice in order to relocate.
Within those 120 days, they will book you the second stage of the process: your interview in Portugal, where they collect hard copies of your documents for your permit and collect your biometrics in order to issue your card. Until the middle of last year, we were having problems with this second appointment — they were not booking, and it was hard to obtain one.
What we see now is that most visas contain their appointments within the four months, and when they don’t, it has become easier to book an appointment after your visa is issued. So, to summarise: two stages. First, the visa in your own country. If they grant you the visa, you’re allowed to move to Portugal, and in the meantime, within those 120 days, you will have done all the procedure and will eventually receive your card one or two months after.
Hugo: Thank you, that’s great. We’ve got a couple more questions. One is another tax question, and I think this one’s for Rui. As a W-2 remote worker in Portugal, would I also pay Portuguese social security taxes?
Rui: The answer is yes, you would have to. However, social security is very specialised. I’m no expert in social security — I have a broad overview of how it works. There is a five-year agreement with US citizens that if they get seconded to come and work in Portugal, they can continue paying their social security in the US for five years. Thereafter, they have to pay in Portugal.
In summary, you’d pay in the US for five years. Once the five years are over, if you still remain in Portugal, you’d have to start contributing in Portugal. In order to contribute in Portugal, your employer would have to open up a branch in Portugal to get a tax number and a social security number, and they would have to run a payroll company to be able to contribute to social security.
Just for reference, the social security rate in Portugal is 23.75% for the employer and 11% for the employee. So it is quite high in Portugal, and with no cap. A lot of companies have a cap — if you earn over a certain threshold, you pay up to the cap. There’s no cap in Portugal as an employee here. If you are a freelancer, there is a cap on social security. It’s around €9,300 per month of gross income.
Hugo: Many thanks.
Margaret: I’ll make a quick comment on that too. That’s why most employers in the US will not allow that. The bigger companies will put you on a local payroll rather than sending you here on your US W-2.
Joana, I think you’ve worked with a lot of big HR departments, and the HR department normally says, “No, you can’t do that.” So make sure your employer is on board with you moving here on a W-2. If you’re a small business owner, then it’s fine, but if you’re working for Google or Apple or a company like that, they probably would say, “No way.” They’d put you on the local payroll.
Hugo: Thank you. We’re going to have to draw the session to a close. There are a few questions left, so I’d just say to our audience: grab the contact information from the chat window — if you scroll up a little bit in the chat, not the Q&A — for our experts here, and reach out with those questions you still have unanswered.
To our panel, thank you very much for joining us, and the same to the audience. Thanks for taking the time. We have three more sessions as part of the conference tomorrow, starting with the legislative path to residence-based taxation from Tax Fairness For Americans Abroad. If you’d like to join us for that, register at usexpatconference.com. Otherwise, thank you very much everyone for joining us, and have a great rest of your day.
Margaret: Thank you. Thanks, everybody.