Non-Habitual Resident (NHR) Program in Portugal 2023: explore the Last Benefits for Non-Habitual Resident (NHR) Program in Portugal 2023, before its conclusion at the end of the year.
As of October 2nd, the Prime Minister announced changes, setting the end date for 2023. The NHR scheme, initiated in 2009, aimed to attract skilled professionals and pension recipients living abroad.
This regime will be discontinued from the 1st of January 2024. However, it will continue to be applicable to the following groups:
- Individuals already registered as NHR when the State Budget Law comes into effect;
- Those who meet the access conditions for the regime until the 31st of December 2023, as well as holders of a valid residence visa at that time, provided that the registration process is submitted by the 31st of March 2024.
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What You Need to Know About NHR:
This special scheme, the Non-Habitual Resident NHR Portugal program, offers a 10-year reduction in Personal Income Tax (IRS). While it doesn’t apply to all income, it significantly reduces tax rates for high-value-added activities, both for employment and self-employment. The advantage? An appealing IRS tax rate of only 20% on foreign income and an even lower 10% for pensions received from abroad under the NHR scheme.
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Existing NHR Holders:
If you’re already benefiting from the NHR program, rest assured that your status remains unaffected until the specified duration concludes. Prime Minister António Costa emphasized the success of the program, with a considerable number of beneficiaries choosing to stay in Portugal after the initial 10-year period.
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Why Consider Portugal?
Portugal boasts a stable political and social environment, ranking 7th globally in the Global Peace Index. Security, a skilled workforce, multilingual communication, and an excellent quality of life make it an attractive destination for families and professionals.
At Lemon Tree Homes, we offer comprehensive services, including tax consultancy essential for NHR registration. Our expertise extends beyond real estate transactions. We act as a “One-Stop-Shop,” addressing all your needs, ensuring a seamless transition to life in the Eastern Algarve region.
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Act Now! The Clock Is Ticking:
With only three months left until the Non-Habitual Resident NHR Portugal program ends, now is the ideal time to secure its benefits. Whether you’re interested in tax benefits, property acquisition, or holistic support, Lemon Tree Homes is your trusted partner.
Contact us today to explore how you can make the most of the remaining time under the NHR program. Don’t miss this opportunity!
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Isabel Romano | Lemon Tree Homes
