UAE-headquartered advice group AHR Private Wealth has said the firm is planning to expand its operation with an office in Portugal.
This comes just as the days after the firm merged with London-headquartered AXG Group.
The office will be based in the Algarve.
It will provide advice to the increasing number of expatriates either located, or relocating to Portugal to take advantage of the non-habitual residency (NHR) taxation benefits available.
The firm has not named the regional director of the Portugal hub. It will name the person at a later date.
Real value
Daniel Dickinson, chief executive of AHR Private Wealth, told International Adviser: “We are planning to open in Portugal in the near future, under the AXG Group’s Irish licence.
“The office will be run by an associate of AHR Private Wealth, with the aim to provide a flexible approach in terms of expansion and scope, and the hope is this can create real value to continue building the AHR Private Wealth brand.”
Passporting
AXG currently passports into Portugal, and all of the EU, under the freedom of service guidelines as a mortgage credit intermediary.
John Corcoran, AXG director, said: “We will shortly be finalising our Mifid permissions out of our Dublin base.
“Now being a part of the wider AHR framework, we are excited to expand this offering with the opening of our office on the Algarve.”
Marc Beattie, chief operating officer of AHR Private Wealth, said: “The structuring of our office in Portugal is the first step into the expansion of our European business, and we’re pleased to continue our productive relationship with a close associate.”
Hub plan
IA also asked the firm whether this hub system will be a long-term strategy going forward.
Asad Sheikh, director at AHR Private Wealth, told IA: “We keep an open mind in how we approach growing AHR Private Wealth.
“We see the Portugal office as a great opportunity to do just that and build something with real value.”
US
Portugal is not the only country that AHR Private Wealth has its eyes on for expansion.
The firm has just had its permissions approved for the US.
Dickinson added: “We are exploring some exciting options to enter the American market. AHR are hoping to secure approval under a network, as well as approval from the Financial Conduct Authority.
“We are hoping to work under the network and build our brand within it but the priority right now is on European markets, among others.”
