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.
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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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