2024: The End of Portugal's NHR Scheme - Discuss the Implications and Alternatives?

[GalacticGazelle]

I heard that the NHR program in Portugal might be removed in 2024. What are your thoughts on this?

 

[Marzio]

Source

 

[GalacticGazelle]

PM scraps NHR tax scheme

Portugal’s prime minister António Costa has announced the end of the special NHR tax regime for non-habitual residents

www.portugalresident.com

 

[Marzio]

What are your thoughts on this?

Looks like we have one (great) option less for tax residency.

 

[Larin]

Oh wow. That was unexpectedly expected. Good thing I never moved my tax residency there.

 

[Marzio]

Good thing I never moved my tax residency there.

Why? They said that those that have NHR will enjoy their status for 10 years from the date of joining.

 

[Larin]

Why? They said that those that have NHR will enjoy their status for 10 years from the date of joining.

Indeed. Just saw that part of the announcement. But it looks like they are really cracking down on anything that made portugal attractive. I wish them well. The regular taxes in Portugal are atrocious.

 

[scooterguy]

Uruguay has a similar regime.

Uruguay doesn't tax foreign income but does tax foreign investments. New residents get a 10 year tax holiday that exempts them from any taxes on their foreign investments: Tax in Uruguay | HTJ Tax.

I've been considering it myself, but the country itself doesn't fully convince me. It's expensive and seems a little dull. Being next to more exciting countries such as Argentina or Brazil is a plus though.

 

[celizo]

Portugal Plans to End 10-Year Tax Break for New Residents

Portugal plans to end the non-habitual resident regime that offers lower tax rates during 10 years for some people who move to the country as Prime Minister Antonio Costa takes further steps to face the country’s housing crisis.

www.bloomberg.com

"Portugal Plans to End 10-Year Tax Break for New Residents"

 

[patterson]

I know it will still take some time until this becomes a law, but if you were planning to apply, better move fast.

Most local source I could find: https://www.jornaldenegocios.pt/...

 

[manukahoney]

Well, that was the only reason someone would pick Portugal over Spain (except the guys from Brazil of course).
Now you have Cyprus, Ireland, Malta for non-dom and to some extend Italy as a low-tax option in EU unless you can afford Monaco or willing to live in a micro-state.

 

[Martin Everson]

I would give Portugal a wide berth after this announcement if your planning to move there.

Don't worry the same people complaining about inflated housing market could soon be complaining about a deflated housing market in some years time .

 

[Alonzo]

PM scraps NHR tax scheme

Portugal’s prime minister António Costa has announced the end of the special NHR tax regime for non-habitual residents

www.portugalresident.com

If it really happens then there will be no reason to move to Portugal starting 2024.

 

[Onassis]

Now you have Cyprus, Ireland, Malta for non-dom and to some extend Italy as a low-tax option in EU unless you can afford Monaco or willing to live in a micro-state.

Wouldn't be surprised if those are next

 

[WorldCitizen99]

This source says the PM said it would end AFTER 2024. DOes this mean if we move and get it set up prior to the end of 2024, we should be grandfathered in?

Portuguese Prime Minister Says NHR Regime Will End After 2024 - IMI - Investment Migration Insider

Motivated by the weekend's protests over housing affordability, the PM has agreed to the extreme left's demands to end the NHR regime in 2024.

www.imidaily.com

 

[Martin Everson]

This source says the PM said it would end AFTER 2024. DOes this mean if we move and get it set up prior to the end of 2024, we should be grandfathered in?

Portuguese Prime Minister Says NHR Regime Will End After 2024 - IMI - Investment Migration Insider

Motivated by the weekend's protests over housing affordability, the PM has agreed to the extreme left's demands to end the NHR regime in 2024.

www.imidaily.com

Wait for official written statement from government or get a legal opinion from a local lawyer. If your thinking of taking the risk now then get whatever they tell you in writing.