The END of the NHR
Do you know that NHR Program will end in 2024?
Stay with us and we will guide you!
1. What Is the Non-Habitual Resident Program in Portugal?
The Non-Habitual Resident (NHR) Program in Portugal is a tax regime designed to attract foreign residents to the country. This program was introduced to encourage the migration of qualified professionals and retirees by offering significant tax benefits.
2. What Are the Program Benefits?
The program benefits include exemption from income tax on foreign sources and reduced rates on certain types of income from Portuguese sources. Non-habitual residents can also enjoy exemptions from donations and inheritance taxes in some cases.
3. Data on the Number of Program Applicants
As of the latest available information, released
by the Audit Government Office, 74.258 individuals have applied for the
non-habitual resident status in Portugal until 2022. These numbers can provide
insights into the popularity and acceptance of the program among foreigners.
However accordingly to SEF, Portugal has almost 800.000 foreigners living today
in the country. Which means that less than 1% of the foreigners has requested
the benefit
4. Announcement of the End of the Program by António Costa in 2024
Recently, Portugal's Prime Minister, António Costa, announced that the Non-Habitual Resident program will be terminated in 2024. This decision may have significant implications for foreign residents benefiting from the current tax regime, specifically for those ones willing to be enrolled in on the program next year.
Conclusion:
Even if it's a minority that is interested in the program, we know that some potential applicants for the visa are worried about the situation. We only warn you to be aware that none shortcut proposed in order to benefit the program in time is the guarantee of the enrollment on the NHR..
Don't wait any longer to embark on your journey and make your dream of living in one of Europe's most beautiful countries come true. Contact us for more information on visa processes. The Change Consulting team provides the best experience for our clients.