NHR's Potential End: 65% Would Rethink Moving to Portugal
Oct 13, 2023
Lisbon, Lisboa e Vale do Tejo Oct 12, 2023 (Issuewire.com) - A recent survey conducted by Portugalist.com among more than 300 prospective expats reveals that Portugal's announcement that it will end its Non-Habitual Residency (NHR) tax regime could have a significant impact on their decision to move to Portugal.
A significant 33% stated that without the NHR benefits, they probably wouldn't move to Portugal. Another 32% mentioned that the change would somewhat influence their decision. In total, this means that 65% would carefully reconsider their move to Portugal if the NHR regime was removed.
According to Portugalist.com founder James Cave, "The NHR regime is a selling point that separates Portugal from other European countries. It showcases Portugal's desire to attract foreigners to Portugal and for those on the fence between other European countries, the NHR tax regime is often what seals the deal. Removing it would not only dissuade many of the high earners the scheme looks to attract, but more importantly, it would make Portugal less appealing as a place to move to, regardless of earnings or wealth and regardless of whether people would actually benefit from being taxed under the regime."
It wasn't just those with large incomes that were disappointed by the announcement but those with more modest incomes too. For many pensioners, in particular, the NHR regime made a move to Portugal possible. Without it, many stated that Portuguese taxes would eat too much into their budget and make living there in Portugal less feasible.
However, it's possible that a significant number of expats believe the NHR regime may be more beneficial to them than it actually would be. Of those surveyed, less than a third said they had researched it fully with most admitting that they either only understood the basics (58%) or 'don't know a lot about it' (15%). Only 27% stated that they had researched it fully.
"There has been a lot of hype around the NHR regime and many people mistakenly assume that if they want to pay the least amount of tax in Portugal, they should be taxed under the NHR regime rather than standard Portuguese tax rates," continues James Cave. "However, this isn't always the case, and often comes down to people assuming this is the best option and not because they've spoken to a finance professional."
As to those that said that the potential change would have no effect on their decision to move to Portugal, this often came down to personal beliefs. Many disagreed with the idea of two tax regimes where people living in the same country are given different tax opportunities depending on whether they had moved to the country, returned there, or had been born there.
The Portugalist.com survey surveyed more than 300 respondents from all over the world, with the majority of respondents (40%) currently living in the United States and 18% in the UK. 42% of respondents are gearing up to move to Portugal within the next year. Additionally, another 28% are considering relocation within the next five years. This indicates a strong interest in Portugal as a preferred destination for expatriation.
Source :Portugalist.com
This article was originally published by IssueWire. Read the original article here.
More News
The ‘Queen of the Chinese’ and a forgotten history on the US-Mexico border
At Texas’ dusty Concordia Cemetery, grass grows over graves in a 140-year-old Chinese burial ground. Some headstones have been stolen or vandalised; others have been marked by flat concrete slabs etched with names in Chinese and English. The slabs were harder to steal than traditional headstones. Still other graves have no visible markers. “I don’t think many people go out there,” says Linda Chew, a retired judge in El Paso, the state’s sixth-largest city. Yet interest in the history of the...
Lula’s win in Brazil deals blow to Trump’s Latin America push: former China envoy
Brazilian President Luiz Inacio Lula da Silva’s re-election marks a turning point for Latin America and US-Latin American relations, said Chile’s former top envoy to China, who predicted a slowing of Washington’s regional push. “I do think the re-election of President Lula marks a major turning point in Latin America and in US-Latin American relations, while also having a broader significance for the Global South,” said Jorge Heine, who served as Chile’s ambassador to China from 2014 to 2017 and...
German leader’s China visit latest sign of foreign diplomacy pivot beyond Beijing
German President Frank-Walter Steinmeier has begun his state visit to China in the eastern province of Anhui, spotlighting a growing trend among visiting foreign leaders to look well beyond Beijing. Steinmeier arrived in the provincial capital Hefei early on Tuesday to begin a five-day state visit, marking his first trip to China in nearly eight years and confirming an exclusive report by the South China Morning Post earlier this month. When foreign dignitaries bypass Beijing for provincial...
Taiwan vows vigilance as Beijing releases detailed satellite imagery of island landmarks
Taiwan’s military has vowed to remain vigilant against mainland Chinese intelligence-gathering activities after Beijing released high-resolution satellite images of the island, raising concerns about its growing surveillance capabilities. “The defence ministry will not lower its vigilance at any time regarding all such satellite imagery and related intelligence collection directed at Taiwan,” Defence Minister Wellington Koo Li-hsiung told reporters on Tuesday. “We will also take appropriate...
Uber faces Australian class action over sexual assaults, harassment by drivers
The managing law firm’s class action callout follows a flood of legal actions in Australia and abroad concerning Uber’s handling of driver misconduct claims.
How China ‘risk factors’ loom over Anthropic’s hotly anticipated IPO filing
Open-weight models, China-US tensions, Taiwan – just a few of the more than dozen references to China-related risks cited in Anthropic’s much-anticipated listing prospectus, which was finally released on Monday after months of speculation. Mostly concentrated within the 93-page “risk factors” section of the filing with the US Securities and Exchange Commission, the disclosures reveal how the Silicon Valley start-up assesses the commercial threats posed by China and its artificial intelligence...
Western Australia becomes first state to legalise plug-in ‘balcony solar’
The products are extremely popular in Europe, where plug-in solar panels are sold from major outlets like Ikea.
Superquiz, Wednesday, October 28
Trivia buffs, test your knowledge with today’s interactive superquiz.
California’s Potential Quartz Ban Pushes Contractors and Retailers to Alternatives
Manufacturers and their customers are using materials made without the clouds of dust that have sickened workers in quartz-cutting shops.
China’s Defence Minister Dong Jun to miss Asean defence talks as fifth plenum convenes
China’s Defence Minister Dong Jun will skip this week’s meeting of Southeast Asian defence chiefs and their dialogue partners in Cebu, with Beijing instead sending its defence attache in the Philippines. Dong has attended the Asean Defence Ministers’ Meeting-Plus (ADMM-Plus) for the past two years. This year’s ADMM and ADMM-Plus, scheduled for Wednesday and Thursday, coincide with a major Communist Party meeting known as the fifth plenum, which is running in Beijing from Monday to...
US, Japan rehearse coordinated strikes to challenge PLA control of waters near Taiwan
US and Japanese forces have rehearsed coordinated anti-ship strikes and mobile missile deployments across Kyushu and Japan’s southwestern islands, testing tactics designed to challenge Beijing’s ability to control surrounding waters in a conflict over Taiwan. Now in its second week, the 11-day Keen Sword 27 exercise has tested how the allies could threaten Chinese warships from multiple directions while keeping their own forces harder to target. They have also practised repairing runways and...
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.