If one is looking to relocate to the country of Portugal, they may be eligible for a very attractive tax program Portugal has to offer to its residents.
As indicated by the EY’s Attractiveness survey, the country of Portugal has been rated as one of the most appealing country destinations on the European continent, and the third most secure nation in the Global Peace Index.
The country of Portugal has since continued to solidify its prestige in the global market by providing a safe haven for investment to international investors from all around the world.
With the uncertainty of Brexit looming over the United Kingdom, it is challenging to tell precisely how the Non Habitual Resident tax program in the country of Portugal may change for the citizens of the United Kingdom, but those who are considering relocation to Portugal may wish to also consider doing so before Brexit comes into full effect.
In order for one to be recognised as a Non Habitual tax program Resident in the country of Portugal, it is necessary that they complete an application process that consists of multiple stages. Here at PropertyLisbon, we have an experienced team of professionals that is always ready to provide high-quality advice to our clients in regards to their Non Habitual tax program Resident status, and assist them with all the steps through the process of applying for the Non Habitual Resident tax program.
What Are The Advantages of The Portuguese Non Habitual Resident Tax Program?
The Portuguese Non Habitual Resident tax program provides tax advantages to those who establish legal residency in the country for the purposes of tax relief, which enables them to have break in their tax payment on foreign-sourced income for ten consecutive years.
Is One Coming to The Country of Portugal to Work?
If that is the case, one will profit from a twenty per cent fixed income tax – the IRS – if they come to the country of Portugal to work.
The profession list is a long one and it includes jobs ranging from architects, doctors, designers, tax consultants, educators, to senior managers. One may check out the full list of eligible professions on our website.
Is One Thinking about Retiring in The Country of Portugal?
One can also profit from the Non Habitual Resident tax program status if they are a retiree and move to the country of Portugal. All retirement incomes from outside of the country of Portugal are exempt from the income tax – the IRS – payments, but earned in Portugal. This is because, in places where double taxation agreements exist – such as between the country of Portugal and the country of France for instance -, the right to charge taxes falls onto the country of residence.
The country of Portugal currently exempts retirees from paying taxes on their foreign-sourced retirement incomes. If one is looking for a nice place to live or spend their stay in the country of Portugal in, we can also help them find a perfect house or other type of property.
Why The Non Habitual Resident Tax Program is The Best Option?
In addition to being exempt from personal income tax on specific types of qualifying income, there are other numerous benefits that come with applying for and obtaining Non Habitual Resident status. With this type of Portuguese residency, one can –
– Import a car to the country of Portugal, without having to pay the current applicable tax;
– Register for discounted healthcare through the Portuguese national health service – the SNS;
– Vote in the local and the EU elections;
– Live in one of the most peaceful countries in the world and the ‘best destination’ on the European continent since 2015.
Learn More about The Price of A Square Meter in The Countries of The European Union
On our website, we have provided a map that features the member countries of the current European Union and their respective prices of a square meter as of 2018.
We should note here that, in order for one’s Non Habitual Resident program application to be accepted, it must be requested before the 31st of March of the year. To learn more, one should get in touch with our After Sales program department and they will happily provide more information about this process.
If one has additional questions about the Non Habitual Resident tax program, they may also refer to our article on ‘frequently asked questions’ that we have provided on our website as well.