Live Webinar, The Portuguese Miracle, why Portugal will be even more popular in the #postcovidworld
Geoffrey Graham, Senior Partner at EDGE International Lawyers in conversation with Chitra Stern, CEO, Elegant Group, Portugal.
Hear their experiences of living in Portugal for several years as foreigners, doing business in Portugal and how Portugal has fared in the pandemic.
EDGE International Lawyers is an international law firm with extensive expertise in assisting international clients with their matters in Portugal, blending both traditional and innovative perspectives to provide 360º solutions.
The firm’s expertise covers a wide variety of areas, with particular emphasis on tax, residency and property investments, offering a complete range of legal solutions for all our clients. All our lawyers are fully conversant in several languages, and our objective is to establish a benchmark for quality of service and professionalism.
Optimism is not, most say, one of the defining traits of the Portuguese. However, the feeling, the facts and the numbers, of the last few years have made even some of the most unyielding pessimists admit that major changes have occurred, for the better, in the...
The discussion of a “Portuguese miracle” may have been too much, but now that Europe is tentatively emerging from the first wave of the coronavirus, it’s clear that the country performed well. Read the original Forbs article here.
On another positive note, the Prime Minister, António Costa has declared that not only has the foreign investment which was planned for Portugal before the pandemic been maintained, but also there has been as increase in interest. Foreign investment in Portugal that...
The Portuguese Non-Habitual Residency (NHR) Status
The Portuguese Non-Habitual Residency (NHR) status enables those who become tax resident in Portugal, and are accepted as NHR, the opportunity to receive qualifying income tax free both in Portugal and in the country of source of the income.
The NHR regime represents a major step forward in making Portugal a tax-free jurisdiction for individuals in receipt of qualifying non-resident income.
Qualifying income includes pension, dividend, royalty and interest income. Plus, professional income from high value-added activities, which benefit from a special flat tax rate of 20%.
The sole requirement to benefit from this preferential treatment is to become a Portuguese tax resident, not having been a tax resident in Portugal in the previous five years. This status is granted for 10 years.
Updates on Brexit
Due to the high level of demand and to ensure an efficient response time, a specific team has been constituted by EDGE, to provide support services for British nationals throughout the Brexit process. Each team member is bilingual and has participated in UK events with Brexit as a central theme.
There is currently a great deal of uncertainty, with the real possibility of the UK leaving the EU on January 2020, without a deal. However, the Portuguese authorities have been very supportive in their efforts to offer reassurance to British nationals, namely with the Law Proposal number 187/XIII and the consequent approval of Law number 27-A/2019, and EDGE is uniquely positioned to offer the most up to date, accurate and comprehensive advice and we will ensure that we will support clients and provide guidance to British nationals throughout the process.
Find out more about how Brexit may effect British nationals living in Portugal here.
The Portuguese Non-Habitual Residency (NHR) Key Benefits
Protect and grow your overseas wealth in a tax efficient/tax free white listed jurisdiction.
Earn income on your overseas wealth tax free or at a preferential rate of tax.
Dispose of your overseas assets tax efficiently or using tax exemptions.
Pass on your wealth without inheritance or gift taxes – including to you children and/or spouse.
Enjoy your retirement without tax on your overseas pension.
Pay a flat rate of tax of 20% on salary received in Portugal in the exercise of a High Added Value Activity.