My question is about whether is is advantageous or not to have US and Portuguese citizenship where taxes are concerned? I don't understand much about this and want to know more so that future tax planning can be arranged.
Thank you so much for posting your question. We are not experts, but we have done some research to see if we can help answer your question.
Although specific information regarding dual citizenship and taxation may not be listed, the Portugal AngloINFO site has resources you will still find helpful. While doing further research, we saw that the Internal Revenue Service has a page with specifics to your question and may be viewed here by using this link, IRS and details regarding tax treaties may be found here: IRS Tax Treaties. Additionally, a recent article from Price Waterhouse Cooper outline some basics you may find interesting regarding the country and taxes: Your Top Tax Choice.
Perhaps your best course of action would be to speak with a qualified tax accountant who specializes in, or is at the very least familiar with, the topic you’ve brought up would be most helpful. Certainly they would have additional resources and related experience. We are pleased to share with you some contacts located in Portugal from our Business Directory: Financial Consultants and Advisors and, the nearest Portuguese Embassy to your location could also have a list of those they recommend located in the United States.
Please post again once you have gained some knowledge specific to this topic, that surely applies to others. Best of luck!
It’s my hope to have assisted you and provided helpful information. If you should have any additional questions, please do not hesitate to contact us again.
Outstanding answer and in fact, I'm still reading through some of what you suggested, including tax experts. We want to say thank you before we get carried away by what we are in the process of understanding.