NHR

The Golden Visa Programme

Portugal, an Attractive Country for Non-European Union/EEA Nationals

To attract foreign investors to live and invest in Portugal, the Portuguese government has created a special residence card (Golden Visa) for foreign (non-EU/EEA national) investors.

For the purposes of obtaining the Golden Visa, the applicant should meet at least one of the following conditions:

1.    A transfer of capital to Portugal of at least  1m EUR
2.    Creation of at least 10 new jobs in Portugal
3.    Acquisition of real estate in Portugal with a value of at least, 500,000 EUR
4.    Acquisition of real estate, older than 30 years, in Portugal, or is located in an urban regeneration area and needs renovation work, amounting to a global value equal to, or greater than, 350,000 EUR; or
5.    A transfer of capital equal to, or greater than 350,000 EUR , that is aimed at developing and enhancing research activities developed by public or private scientific institutions, integrated into the national scientific and technological system; or
6.    A transfer of capital equal to, or greater than 250,000 EUR  that is aimed at the investment or support of artistic production, recovery or maintenance of national cultural heritage, through certain recognized institutions; or
7.    A transfer of capital equal to, or greater than,500,000 EUR , aimed at buying into investment funds or venture capital geared to the capitalization of small and medium enterprises who, for this purpose, present the respective viable capitalization plan.

The individual may invest directly, or through a company with its registered head office in Portugal, provided that it meets one of the above requirements. However, when the investment is made through a company, the investment amount considered for the purposes of granting a Golden Visa will be proportional to the share capital held by the applicant.

For the purposes of meeting the criteria relating to the acquisition of real estate, the following situations are also admissible:
 
⦁    Co-ownership of the real estate, with each co-owner making an investment of a minim of € 500,000;
⦁    Making only promissory contracts of purchase before the initial application for the Golden Visa, provided there is a minimum deposit of € 500.000 However, at renewal stage (i.e. after one year), the purchase of the property must have been completed;
⦁    (Bank) financing of the acquisition of the property for the purchase price in excess of € 500,000;
⦁    Rental or letting of the property for commercial, agricultural and tourism purposes.

The requirements should be met over a minimum period of five years, from the date the residence card is issued for the first time.

The first residence card (Golden Visa) is valid for one year and should be applied for with the Portuguese Foreign Services during the first 90 days of being in Portugal. This residence card may then be renewed for successive periods of two years, provided the conditions are maintained.

To be able to renew the Golden Visa, its holder should stay at least seven days in Portugal during the first year of validity and at least 14 days during each of the subsequent two-year renewal periods.

The investor’s family members are also allowed to enter and live in Portugal, based on the investor’s Golden Visa, through a family reunion application, which should be made as from the moment the Golden Visa for the investor is approved.

Once in possession of the Golden Visa, investors are allowed to travel within the Schengen countries without the need to apply for a visa. It is possible to stay in the Schengen area for 90 days in each period of 180 days.
It is now almost four years since the Golden Visa programme was launched.

From the alternative ways of investment chosen by investors to obtain the Golden Visa, the acquisition of real estate has been the preferred way and the most requested areas to invest are in Lisbon and its neighbourhood areas of Estoril, Cascais and in the Algarve.

The investors who obtain the Golden Visa may also qualify as potential beneficiaries of the Non-Habitual Residents tax residence regime.

Through the beneficial tax regime for Non-Habitual Residents and the Golden Visa regime, Portugal is a very attractive country to live and invest in, both for European and non-European nationals.

Non habitual residence

The non-habitual residency tax regime is attractive to Portugal therefore Algarve, as a retirement hotspot - How it works:

The Portuguese government introduced the NHR tax regime in 2009 to encourage ‘high value’ industries and individuals to relocate here. It offers those working in a ‘high added value’ profession in Portugal, a flat income tax rate of just 20%, 

Such professions include: architects, engineers, artists, auditors, doctors, university teachers and company managers, among others.

The tax concept of non-habitual resident was updated in 2013, with the previously hazy issue of retirement cleared up. Once it was made clear that income derived from pensions was exempted from taxation – both in Portugal, and abroad – the number of requests rose: between 2009 and 2012 only 100 foreigners wanted NHR status, while in 2013 some one thousand applications were made.

Under NHR, most types of income that comes from a foreign source or which is taxable in another country is exempt from Portuguese taxation for ten years and cannot be extended. In addition, applicants must not have been resident in Portugal during the last five years . 

A declaration attesting to this fact must be supplied, ( residing in Portugal for 183 days each year) alongside any additional information the Portuguese tax authorities may request. In practice, this means that expatriates can potentially receive some income and gains without paying tax in either country. 

Non habitual residence

The non-habitual residency tax regime is attractive to Portugal therefore Algarve, as a retirement hotspot - How it works:

The Portuguese government introduced the NHR tax regime in 2009 to encourage ‘high value’ industries and individuals to relocate here. It offers those working in a ‘high added value’ profession in Portugal, a flat income tax rate of just 20%, 

Such professions include: architects, engineers, artists, auditors, doctors, university teachers and company managers, among others.

The tax concept of non-habitual resident was updated in 2013, with the previously hazy issue of retirement cleared up. Once it was made clear that income derived from pensions was exempted from taxation – both in Portugal, and abroad – the number of requests rose: between 2009 and 2012 only 100 foreigners wanted NHR status, while in 2013 some one thousand applications were made.

Under NHR, most types of income that comes from a foreign source or which is taxable in another country is exempt from Portuguese taxation for ten years and cannot be extended. In addition, applicants must not have been resident in Portugal during the last five years . 

A declaration attesting to this fact must be supplied, ( residing in Portugal for 183 days each year) alongside any additional information the Portuguese tax authorities may request. In practice, this means that expatriates can potentially receive some income and gains without paying tax in either country. 

Non habitual residence

The non-habitual residency tax regime is attractive to Portugal therefore Algarve, as a retirement hotspot - How it works:

The Portuguese government introduced the NHR tax regime in 2009 to encourage ‘high value’ industries and individuals to relocate here. It offers those working in a ‘high added value’ profession in Portugal, a flat income tax rate of just 20%, 

Such professions include: architects, engineers, artists, auditors, doctors, university teachers and company managers, among others.

The tax concept of non-habitual resident was updated in 2013, with the previously hazy issue of retirement cleared up. Once it was made clear that income derived from pensions was exempted from taxation – both in Portugal, and abroad – the number of requests rose: between 2009 and 2012 only 100 foreigners wanted NHR status, while in 2013 some one thousand applications were made.

Under NHR, most types of income that comes from a foreign source or which is taxable in another country is exempt from Portuguese taxation for ten years and cannot be extended. In addition, applicants must not have been resident in Portugal during the last five years . 

A declaration attesting to this fact must be supplied, ( residing in Portugal for 183 days each year) alongside any additional information the Portuguese tax authorities may request. In practice, this means that expatriates can potentially receive some income and gains without paying tax in either country. 

Non habitual residence

The non-habitual residency tax regime is attractive to Portugal therefore Algarve, as a retirement hotspot - How it works:

The Portuguese government introduced the NHR tax regime in 2009 to encourage ‘high value’ industries and individuals to relocate here. It offers those working in a ‘high added value’ profession in Portugal, a flat income tax rate of just 20%, 

Such professions include: architects, engineers, artists, auditors, doctors, university teachers and company managers, among others.

The tax concept of non-habitual resident was updated in 2013, with the previously hazy issue of retirement cleared up. Once it was made clear that income derived from pensions was exempted from taxation – both in Portugal, and abroad – the number of requests rose: between 2009 and 2012 only 100 foreigners wanted NHR status, while in 2013 some one thousand applications were made.

Under NHR, most types of income that comes from a foreign source or which is taxable in another country is exempt from Portuguese taxation for ten years and cannot be extended. In addition, applicants must not have been resident in Portugal during the last five years . 

A declaration attesting to this fact must be supplied, ( residing in Portugal for 183 days each year) alongside any additional information the Portuguese tax authorities may request. In practice, this means that expatriates can potentially receive some income and gains without paying tax in either country. 

Non habitual residence

The non-habitual residency tax regime is attractive to Portugal therefore Algarve, as a retirement hotspot - How it works:

The Portuguese government introduced the NHR tax regime in 2009 to encourage ‘high value’ industries and individuals to relocate here. It offers those working in a ‘high added value’ profession in Portugal, a flat income tax rate of just 20%, 

Such professions include: architects, engineers, artists, auditors, doctors, university teachers and company managers, among others.

The tax concept of non-habitual resident was updated in 2013, with the previously hazy issue of retirement cleared up. Once it was made clear that income derived from pensions was exempted from taxation – both in Portugal, and abroad – the number of requests rose: between 2009 and 2012 only 100 foreigners wanted NHR status, while in 2013 some one thousand applications were made.

Under NHR, most types of income that comes from a foreign source or which is taxable in another country is exempt from Portuguese taxation for ten years and cannot be extended. In addition, applicants must not have been resident in Portugal during the last five years . 

A declaration attesting to this fact must be supplied, ( residing in Portugal for 183 days each year) alongside any additional information the Portuguese tax authorities may request. In practice, this means that expatriates can potentially receive some income and gains without paying tax in either country. 

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