Breaking down the Portuguese tax system.
Income tax in Portugal applies to the following:
You should be aware that the rates are different for residents and non-residents.
Expats can take advantage of special tax regimes. The non-habitual resident (NHR) regime in Portugal can reduce tax rates and offer tax exemptions in some cases for up to 10 years.
Residents in Portugal pay an income tax rate of up to 48%. However, those with NHR status pay a flat rate of 20%. NHR also benefits those looking to retire in Portugal, with pensions taxed at the lower rate of 10%.
To qualify for NHR status, you must not have been a tax resident in Portugal within the last five years.
The tax system in Portugal is very different to that of the UK. For this reason, we recommend speaking with one of our experts who can advise you based on your situation.
Our bespoke approach to tax planning will ensure you are as tax-efficient as possible. If you would like to find out more, contact us using the form below.
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