{"id":627,"date":"2020-07-09T01:32:25","date_gmt":"2020-07-09T01:32:25","guid":{"rendered":"https:\/\/default.houzez.co\/?p=627"},"modified":"2020-12-03T12:32:36","modified_gmt":"2020-12-03T12:32:36","slug":"non-dom-changes","status":"publish","type":"post","link":"https:\/\/arr.pt\/en\/nhr-changes\/","title":{"rendered":"What changed in the NHR tax regime in 2020?"},"content":{"rendered":"

Changes to tax rates and rules largely remained the same in the new budget adopted on 1 April 2020, and the changes introduced were largely anticipated. The most significant change was the introduction 10% Pension Income Tax for new NHR residents<\/strong>.\u00a0<\/span><\/p>\n

What is the tax scenario like in Portugal for foreign nationals living in the country or thinking of moving to Portugal?<\/p>\n

Income tax<\/span><\/strong><\/h4>\n

Since 2018, all seven income tax brackets have remained unchanged. However, the income thresholds were increased after remaining unchanged for three years.\u00a0<\/span><\/p>\n

The lowest tax rate of 14.5% now applies to income up to \u20ac7,112 (previously \u20ac7,091), whilst the highest rate of 48% applies to income exceeding \u20ac80,822 (previously \u20ac80,641).<\/span><\/p>\n

Investment income<\/span><\/strong><\/h4>\n

As before, interest and income from investments in shares, securities and bonds are taxed at a rate of 28%.<\/span><\/p>\n

Portugal remains attractive<\/span><\/strong><\/h4>\n

Although this is less favourable than a zero tax rate, the 10% tax on foreign pension income is still lower than in many other countries, such as the UK. <\/span><\/p>\n

And, of course, during the first ten years of residence in Portugal, the NHR still offers the opportunity to receive tax-free foreign income.<\/strong><\/p>\n

Property tax<\/span><\/strong><\/h4>\n

Additional Municipal Property Tax\u00a0AIMI in Portugal continues to levy <\/span>a tax on high-value Portuguese property, regardless of where the owner resides. The rates for 2020 for property owned by companies remain at 0.4%, for individuals at 0.7% and 1% for those who own property worth more than 1 million euros.<\/span><\/p>\n

Capital gains tax<\/span><\/strong><\/h4>\n

Residents are subject to a progressive income tax rate, whilst non-residents are taxed at 28%. For residents of Portugal, only 50% of worldwide income remains taxable.\u00a0Since 2019, pensioners or residents aged 65 or over may also be exempt from tax if they reinvest income from their principal assets into a qualifying insurance policy or pension fund.<\/span><\/p>","protected":false},"excerpt":{"rendered":"

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