Moving to Portugal news – While Portugal’s non-habitual residency (NHR) tax regime that gives a 10-year tax break for foreigners moving to Portugal is ending soon, expats are rushing to register before the December 31st deadline. However, Portugal has a number of tax incentives to be explored.
Portugal’s tax incentives for foreigners to move to Portugal led to an economic windfall, however adverse effects pushed property prices up and led to a housing crisis. Portugal’s Government just enacted bold measures to curb rising property prices, stating that the NHR regime no longer serves any purpose.
Americans are rushing to file for residency in Portugal under the NHR tax break regime before the deadline expires according to a new report by Bloomberg. While Americans living outside the US still have to pay their taxes, those who managed to be registered under the NHR tax regime have stated to Bloomberg that they will be saving about half a million euros over the next 10 years, even while paying a flat rate of 20% on income and a 10% levy on pensions. For expats who move to Portugal, the tax break under the NHR regime is significant since the Portuguese tax regime requires residents to pay a 48% tax for an income that is above 79,000 euros annually.
For would-be expats who do not manage to move to Portugal by December 31st, there are lots of new tax incentives that are worth exploring.
Here is the list of Portugal’s main Tax incentives for expats:
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