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The Portuguese government is looking to make slight changes to NHR tax benefits. The idea is to keep the benefits for those that already have it and there will be reductions on new applications.
Exemption will remain for those who already have it but new applicants will have a minimum taxThe non habitual residents scheme was launched in 2009 and since then over 27 thousand applicants have benefited from this.
The full exemption will no longer be available but there will be a minimum tax in its place for foreigners looking to settle in Portugal. They will be asked to pay a 10% fee on their IRS (applicable to private pensions, savings etc) from 7,500€.
The proposal presented by the Socialist Party (PS) during the debate on the State Budget for 2020 is trying to reach a compromise: “to calm the growing internal and external criticisms that have been heard to these fiscal benefits and, at the same time, not to scare away wealthy foreigners from a regime that has yielded millions to real estate and tax advice. “
For further information on the NHR, golden Visa or investment in Portugal don’t hesitate to contact us.
Source: Expresso ; Sampson Properties. Photo Credits: unsplash-logo
February 2, 2020