The Spanish over 65 years old group is joining the French, Germans, Swedish and Finns in retiring in Portugal and taking advantage of Portugal’s Non-Habitual Resident tax regime.
According to the Spanish newspaper ABC, the Finnish Government has already accused Portugal of implementing tax breaks which amount to “unfair competition” and now the European Union is reviewing its policy on member-states offering such tax regimes to citizens of other member states.
There have been a string of articles published in Spain, including in the newspaper ‘El Mundo’ which trumpets Portugal as one of the best countries to live after retirement.
The newspaper says the “people are hospitable,” the “cities are attractive,” it highlights Lisbon, Porto and Braga and mentions the “vast rural landscape,” “healthy diet” and “wild unspoilt coastlines”.
ABC states that interest from British citizens has also picked up over Brexit uncertainties with the Lisbon and Porto regions attracting most applications for the NHR regime as well as the Algarve and Madeira.
ABC states the moving to Portugal means saving thousands of euros in tax payments. The newspaper gives the example of a Spaniard with a €1.5 million income paying 48% taxes in Spain (€700,000) while in Portugal on the same income, that Spanish citizen would pay just 20% in taxes, around €300,000.
“There are some companies and associations with partners who have high purchasing power and very good pension funds who are transferring their residence to Portugal to take advantage of the tax breaks on the other side of the border” states the newspaper.
Official numbers released at the end of 2018 show that the number of foreigners who opted for settled status in Portugal increased 83% over the past year and a half, particularly the British, French and Italians.
About Portugal Homes
PortugalHomes.com specializes in selling Holiday Homes and Investment Properties. We help buyers find the right property overseas whether it be for Golden Visa, NHR, Investment or simply a place in the sun, our properties are selected with great thought in mind to give our clients the best opportunities, we offer the complete service from Introducing them to Legal Representatives, Currency Exchange, Mortgage Advisors, Property Management, Rental and Furniture Packages along with making sure all our staff are trained to fully understand the buying process and taxes for every scenario, we provide the complete service to anyone looking to buy a new or resale property overseas for holiday use or as a short or long-term investment.
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Portugal Homes has very experienced and knowledgeable professionals working with some of the most established and reputable developers Portugal has to offer. Our vast experience allows us to guide you through the best investment choices.
Whether you want a holiday home or an investment property, we select the best units for your profile and take care of all the process from start to finish. Even after the sale! Our After Sales services assume the responsibility of furnishing your property at your taste, taking care of the property in your absence, managing the rentals if you wish to rent your property when you’re not in Portugal and so much more!
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My property advisor, Mathew McGurn, was truly excellent! His knowledge, professionalism and attention to details was much appreciated. He worked hard to not only find a property that fit all my requirements, he negotiated successfully with agents making sure my offer won over other buyers bidding for the same property. In addition, his communication skills, prompt response time and general help with my getting settled in Portugal went above and beyond the normal.Investor from the USA
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