Non-Habitual Residents – the step-by-step process to get NHR
By Dr Eduardo Serra Jorge -
11th June 2020
“Non-habitual residents” are considered to be individuals who transfer their residence to Portugal and who, at least in the five years prior to registration as a “resident”, have not maintained their tax domicile in Portuguese territory.
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Law 89/2017 of 21 August was published on 21 August 2017. Among other measures, the new law approved the Legal Framework on the Central Register of Beneficial Owners ("CRBO") provided for in article 34 of Law 83/2017 of 18 August (New measures to combat money laundering and terrorism financing). This law also transposes Chapter III of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing ("4thDirective").
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The Golden Visa Programme launched by the Portuguese Authorities in October 2012 is the best investor visa scheme in Europe. Its a fast track for citizens from non European countries and the family members to obtain a fully valid residency permit in Portugal and to travel freely in the vast majority of the countries in Europe (Schengen area).
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Tax regime for non-habitual residents The tax regime for non-habitual residents aims at attracting to Portugal nonresidents engaged in high value-added activities or receiving income from intellectual or industrial property rights or know-how, as well as beneficiaries of pensions obtained abroad. It is applied for a period of 10 consecutive years.
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Taxation of rental properties in Spain The tax implications of renting out a Spanish property
Introduction There are various situations to consider:
you receive rental income from a Spanish property but are not resident in Spain. For example if you buy a holiday home which you use but occasionally rent out.
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ABOUT THE REGIME
The Portuguese Non-Habitual Residency status enables those who become tax resident in Portugal, and are accepted as NHR, the opportunity to receive qualifying income tax free both in Portugal and in the country of source of the income.
The NHR regime represents a major step forward in making Portugal a tax free jurisdiction for individuals in receipt of qualifying non-resident income.
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Owners of holiday rental properties face Capital Gains Tax blow Two news items relating to the Alojamento Local (AL) registration system for those property owners involved in short-term lettings to tourists further have reduced the chances of anyone registering without being forced to.
Owners who have their AL licence and who later remove their property from the scheme, for whatever reason, then are liable to pay capital gains tax, whether they are selling their property or not.
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CGT: Older Properties and Unauthorised Improvements Many property owners who acquired their homes in Portugal in years gone by face a common dilemma: they bought at a time when real estate was dirt cheap. These houses were often primitive and in poor condition, requiring substantial renovations.
In those days, it was common practice to do the work and worry about the formalities later: no building permits, no formal plans, no invoices issued or kept.
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As a relatively new tax, it is not surprising that many have been caught unaware of their liability to pay AIMI and, more importantly, how they can avoid the disturbing consequences.
The additional assessment to IMI (Adicional Imposto Municipal Imobiliário) is sending shock waves to individuals and company owners who unwittingly find themselves under the weight of this added fiscal obligation.
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