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Portugal’s beneficial tax exemption system: Non-Habitual Residence (NHR) programme

One of the only certainties in life is paying taxes. Be the exception to the rule by buying a property in Portugal.

The traditional motivations for relocating to Portugal are tantalising. Perhaps you want to swap the office for one of the Algarve’s many golf courses, or maybe you can picture yourself reading your book by your villa pool in December, soaking up the rays – the long, cold British winter but a distance memory.

Now there’s even more reason to be bold and explore the Portuguese property market – particularly for the financially savvy. Introduced in 2009, the Non-Habitual Residence (NHR) programme allows people from other European countries to take advantage of Portugal’s beneficial tax exemption system.

In layman’s terms, the NHR offers a 10-year exemption on any taxes on most incomes and, if you earn over a certain amount, you will pay only 20 percent. The retired pay no tax on savings for 10 years. To take advantage of these financial benefits and ensure you have even more fun in the sun, there is just one simple rule – you need to own a property and live in Portugal for six months and one day a year. Don’t panic! Because the NHR isn’t connected to the EU, Britons can continue to both apply and benefit from it post-Brexit.

If this irresistible cocktail of sunshine and tax breaks has inspired you to take your first steps to finding the perfect property in Portugal, you should download your free copy of the Portugal Property Guide . This comprehensive guide covers every aspect of the journey: from finding and financing your new home, to legal matters and the realities of life in Portugal. By brushing up on the key elements of the property buying process before you head out to Portugal, you will be well placed to begin your search.

If this is the first time you’ve purchased a property overseas, the importance of getting the best deal possible on the international currency transfers you will inevitably need to make to pay for new home, will soon become evident. The currency markets are in constant flux under the influence of various political and economic factors. In the context of an overseas property purchase this means that as the exchange rates fluctuate, so does the price of your villa on the Algarve or your apartment in Lisbon.

Don’t wait until the last minute to address this important issue. MoveAgain recommends Smart Currency Exchange for all your currency needs. As a currency specialist, Smart will help prevent the pound’s ups and downs from hitting your budget.

For more information and to see how much you could save call 020 7898 0541 or click here for a free quote with no obligation.


 

Nov 24, 2016 | 431 Page Views

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