PLAY airlines is stepping outside the normal comfort zone that airlines are used to.
19.10.2023 - 04:01 / forbes.com / Antonio Costa
Europe has a reputation for high taxes… but this isn’t always fair. In fact, there are many low-tax and even-no tax schemes in place in various countries, which investors, businesses, retirees, and even remote workers can take advantage of.
These schemes are always subject to change or even cancelation… so I always advise people to move quickly if they want “in” on a particular program.
Portugal is a case in point.
Hot on the heels of major changes to its Golden Visa program—which mean that property is no longer a qualifying investment to gain residency—Portugal is considering another major change that will affect expats. Specifically, how expats are taxed.
Portugal’s Golden Visa changes have been reported by some as a ban or total cancellation of the Golden Visa regime. In fact, in the end, the final bill approved by parliament keeps the Portuguese Golden Visa in place, but takes away what was by far the most popular form of investment to get the visa… purchasing a property. Options to invest in Portuguese business, culture, or a fund remain.
But Portugal’s latest proposed change could hurt the country’s attractiveness for expats even more…
Portugal’s prime minister, António Costa, told CNN that it “no longer makes sense to continue” a special tax incentive program that benefits expats, and said his government would seek to end the regime after 2024.
Portugal’s Non-Habitual Resident (NHR) tax program offers a flat tax of 20% on employment income for 10 years, for those who move to the country, among other benefits. There’s zero tax on most forms of income from outside Portugal.
The NHR, like the Golden Visa, is being blamed for contributing to Portugal’s housing crisis, with prices pushed up for locals because of an influx of wealthy foreigners. And so the government wants to abolish it.
I spoke with Portuguese attorney João G. Gil Figueira, who deals with a lot of expat issues, and this was his take…
“In truth, I am still thinking about it. There are obvious implications in terms of attracting new residents to Portugal if the program ends. We have now seen the first proposal of the State Budget and the new regime that should replace the NHR is extremely limited in scope, to a point it’s not comparable at all. The State Budget will grandfather-in existing beneficiaries and applicants, so in the last week we have seen an influx of people trying to secure the status.”
“Even some left-wingers say terminating the NHR is not going to tackle the housing situation. It’s too late now. Credible experts converge on the opinion that the housing crisis is a supply and demand problem created by the lack of new construction. Even Mário Centeno, our left-wing ex-Minister of Finance, thinks that this plan does not
PLAY airlines is stepping outside the normal comfort zone that airlines are used to.
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