NHR - Portugal Tax Regime Ends - What Happens Now - Expats/Investors Need To Know - Ep 165

[@annahopp]

Let's hope the Portuguese government replaces the NHR tax scheme with a new incentive. U.S. retirees often rely on their own investments for retirement (cuz the government retirement sux) and save up significant amounts. With the right tax incentives a lot of that money could move to Portugal and be invested in local communities.

[@ourjourneyonpicoisland-car552]

We are all hoping for any new incentives to be smart, not only for Gov't, expats but also the locals. I feel that there is positive change up ahead, need to think positive. Take care!

[@Jetmab04]

Thanks very much for sharing this! Looking forward to hear more about the teal estate situation on the islands...

[@ourjourneyonpicoisland-car552]

Thank you for watching, glad you enjoyed it. Cheers.

[@neoarmour]

Thanks for the info. Currently in São Miguel and just applied for my cididania❤

[@ourjourneyonpicoisland-car552]

Congrats, hopefully you will be accepted soon. Enjoy Sao Miguel. Cheers

[@DarrenJCrawford]

So we have just over a month to buy a place. 😆 But seriously, that was a good incentive, but not one to dive into buying any property, still looking. On your last video there was no comments because when I tried to leave one it would give me an error, so that's what probably happened to everyone else.

[@ourjourneyonpicoisland-car552]

There are people that buy properties and won't become residents, therefore are unable to apply. To apply for NHR, you have to be a resident of Portugal, you can also rent...buying is not a must. Either way this program will most likely end, but the final vote has not happened yet. For more specific information on NHR, best to contact professional advisor. Take care Darren.

[@scottmacconnell470]

We need more information for retirees. It seems that the progressive tax rate applies to every form of pension and savings. Can Portugal tell the difference between a pension and a 401K for example?

[@Pettson46]

I live in Sweden and have thought about moving to Portugal as a pensioner. Does this mean I have to pay tax on my pension in both Sweden and Portugal?

[@ourjourneyonpicoisland-car552]

Thank you for reaching out, and watching the video. This is not our expertise, best to contact a Portuguese tax professional. Regards.

[@AndrewKitowski-gt8wo]

Country with unstable tax policy is not place to invest. Lisbon is cover with graffiti and most housing need major fix up. This is not good future for investors.

[@ourjourneyonpicoisland-car552]

All I can say, is that there is no perfection anywhere. Out of 191 + countries; Portugal is still one of the best countries to visit, live and invest...in our opinion. Especially true now, with all that is happening in the world. Appreciate your comment. Cheers!

[@ericyuan9718]

seems like this video was made just for me

[@ourjourneyonpicoisland-car552]

We're glad. Hopefully, it's helpful. Keep in mind that we also have a bonus NHR video tomorrow. Cheers

[@zanita66]

Does the recent scandal involving the Prime Minister affect any of these changes?

[@zepedro6666]

No. The 2024 State Budget was approved with all the measures including the end of NHR, which by the way was never designed to last forever and even if didn't was cancelled the program itself is temporarily as it only last 10 years. There another tax programs and visas to use for foreigners and my advise is to have a meeting with an official accountant listed in the National Accountant Order list (Ordem dos Técnicos Oficiais de Conta). I hopefully this helps

[@ourjourneyonpicoisland-car552]

From what we understand, they still need a final vote to finalize the end to this program. There are quite a lot up in the air, stay tuned for our bonus video tomorrow. Best to contact a professional tax advisor. Take care.

[@jonathansargent6224]

I see a lot of the similar questions that people have about if your pension is taxed both in your home country and portugal. I have a state government pension from the United States. Do you have advice as far as how to find an Portuguese e tax person that could answer these questions?

[@ourjourneyonpicoisland-car552]

Questions about the pension and double tax are very popular. Unfortunately we really don't know much about this subject, you would need a Portuguese tax expert to fill you in. Here is a website the some expats I know have used. www.expatconsultportugal.com/ I hope this helps. Take care Jonathan.

[@jonathansargent6224]

Thank you and you too!

[@rlcarver]

Too many changes made on a whim there now. Too old for that. Good luck.