GOLDEN VISA & NHR TAX PORTUGAL

YOUR PATHWAY TO PORTUGUESE TAX BENEFITS, RESIDENCY & CITIZENSHIP

GOLDEN VISA PORTUGAL

Portugal’s Golden Visa is one of a number of residency by investment programs developed by the Portuguese government with the aim of inward investment. Initiated in 2012 Portugal’s Golden Visa program has proven successful for both approved Portuguese Golden Visa holders, who also gain access to the Schengen area, and a path to citizenship, as well as supporting Portugal’s investment aims. 

GOLDEN VISA
INVESTMENT REQUIREMENTS

  • Capital transfer equal to or above €1,000,000;
  • Real estate investment with a value equal to or above €500,000 in one or more properties;
  • Real estate investment equal to or above €350,000 in a property 30 years or older requiring renovations;
  • A low density area real estate investment equal to or above €400,000, or €280,000 in a property 30 years or older requiring renovations;
  • Investment of €350,000 or above for research activities conducted by public or private scientific institutions involved in national scientific or technological systems;
  • Investments of €250,000 or above supporting the arts, artistic output, reconstruction or various forms of refurbishment of national heritage;
  • Investment or venture capital funding of €350,000 or above dedicated to share acquisition, or capitalisation of companies, whose maturity, at investment, is, at least, five years and, and a minimum 60% of the investment is realised in commercial companies with a head office in Portugal; 
  • Investment in establishing a commercial entity with head office in Portugal, combined with creation of  5 permanent employment roles, or share capital purchase of €350,000 or above for a minimum of 3 years. 

WHO CAN APPLY

  • A Portuguese Golden Visa is available to those outside of Portugal, the EU and EEE;
  • Investors meeting Portugal’s Golden Visa requirements, and their legal direct dependants. 

APPLICATION PROCESS

  • Real estate investments with final deed as proof purchase completion;
  • Applicants personal identification, and that of their direct dependants, if applicable;
  • Golden Visa application submission by individual or legal representative; 
  • On approval of Golden Visa the applicant will need to appear in person to submit biometric data and pay required fees; 
  • Golden Visa Card is typically issued within 6 to 7 months. 
  • Portuguese Golden Visa card holders gain access to move freely within the Schengen area;
  • Portugal Golden Visa card holders with active status above 6 years will be eligible to apply for Portuguese citizenship. 

NON-HABITUAL TAX BENEFITS PORTUGAL

Portugal’s low tax program known as the Non-Habitual Resident (NHR) regime aims to increase the country’s international competitiveness by attracting high net worth investors and professionals through a regimented white listed tax structure. First implemented in 2009 the program today offers tax benefits to more than 10,000 non-habitual tax residents who have successfully fulfilled the qualifications. 

NHR QUALIFICATION REQUIREMENTS

  • Foreign-sourced employment income is exempt from Portuguese tax if recognised in the source country either under a double taxation treaty or the OECD tax convention, and not deemed as Portuguese-sourced under applicable Portuguese law.
  • Foreign-sourced self-employment income, investments, royalties, capital gains and rental income will be exempt from Portuguese tax when taxed at the source country either under a double taxation agreement or under the OECD tax convention.​ Qualification requires self-employment income to be from non Portugal-source or non blacklisted country, under Portuguese law.
  • Foreign-sourced pension income, as of 2020, is liable to a 10% flat tax. A tax credit will be available for tax paid abroad and recognised under a double taxation treaty or deemed non Portuguese income under applicable law.  
  • Portugal-source employment or self-employment / sole trader income will be taxed at a flat rate of 20%, while other Portugal-sourced types of income will be taxed at the normal rates applicable to resident taxpayers, the calculation of the applicable marginal tax rate taking into account all income, including exempt income. 
  • Portugal-source ‘High Value Occupation’ income or self-employment, as listed below, will be taxed at a flat rate of 20%. Non qualifying Portugal-sourced income will be taxed at standard applicable resident taxpayer rates, calculated at the applicable marginal tax rate for all income, including exempt income.
  • Portugal has no wealth tax or capital gains tax. Inheritance and/or gifts when received by a spouse, descendant or ascendant are tax exempt. Inheritance or gifts received through other individuals will either not be taxed under existing Portuguese law or may be subject to a flat tax of 10%.

Administrators, managers or representatives of companies promoting production investments, provided projects are eligible and have granting tax benefits in accordance with applicable tax codes and Portuguese laws. 

HOW TO APPLY

Simply contact us below with your questions and/or to organise a free personal consultation with our legal partners specialised in Portuguese residency and conveyance. 

WHO CAN APPLY

  • Individuals with the right to reside in Portugal through EU, EEA, Swiss, Portuguese Golden Visa or other residency program recognised under Portuguese law.
  • Individuals who have not been Portuguese tax resident for 5 years or more. 

HIGH VALUE ECONOMIC
ACTIVITIES & PROFESSIONS

Those investing, executing or professionals in activities considered ‘High Value’ under Portugal’s new non-habitual residency program updated in January 2020. 

  • General company directors and executive managers;
  • Directors of administrative and commercial services;
  • Directors of production and specialized services;
  • Directors of hotel, restaurant, commercial and other services;
  • Specialists in physical sciences, mathematics, engineering and similar technical fields;
  • Physicians;
  • Dentists and oral specialists;
  • Intermediate level science and engineering technicians and professionals;
  • University and higher education teachers;
  • Information and communication technology specialists (ICT);
  • Information and communication technologies technicians;
  • Authors, journalists and linguists;
  • Creative and performing artists;
  • Farmers and qualified agricultural and livestock workers;
  • Forestry, fishery specialists and hunting workers;
  • Qualified industrial and construction workers in metallurgy, metalworking, electricity and electronics, food processing, wood manufacturing, clothing production, manufacture of precision instruments;
  • Qualified craftspeople including, handicrafts, printing, jewellers, artisans, 
  • Installation, machine and assembly workers, such as fixed installations and machine operators;

Professionals under the High Value criteria will need to possess: Verifiable qualifications, a minimum level 4 education within the European Qualifications Framework. A level 35 on the International Standard Classification of Education or have at least 5 years of professional experience in their field of expertise.

 

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