MOVING TO LIVE IN PORTUGAL, RESIDENCE GUIDE
Are you considering moving to live in Portugal?
PORTUGAL is increasingly a popular destination to move to, chosen not only by retirees but also by young remote workers or digital nomads, by families looking for a welcoming destination or by entrepreneurs looking for different incentive schemes.
Portugal is a country to which we are linked professionally and by long experience and exposure to different territorial realities, from the capital Lisbon to the beautiful Porto and the jewels of the Algarve.
Portugal, the P in the famous PIGS acronym that includes Italy, Greece and Spain, also experienced a further expansion of its debt position during the pandemic, which resulted in a debt/GDP level of up to 135.2%.
Now the government, driven by the rising cost of debt, has a plan to significantly reduce it to around 100% of GDP, through 2 routes that both impact the lives of Portuguese residents.
A reduction in spending, which if it does not go through a reduction of the state perimeter, turns into a reduction of services, from transport to health.
An increase in taxation, of which the example of the recent decisions on the taxation of the crypto world, initially used to attract residents to Portugal, is the evidence of this path.
TABLE OF CONTENTS, MOVING TO LIVE IN PORTUGAL, RESIDENCE GUIDE
- MOVING TO LIVE IN PORTUGAL, RESIDENCE GUIDE
- HOW TO CHOOSE A COUNTRY
- HOW TO APPLY FOR RESIDENCE IN PORTUGAL
- NIF CODE NUMBER
HOW TO CHOOSE A COUNTRY
To evaluate a country to expatriate with a professional approach, anyone has to have regard to several elements but Portugal is certainly a country with a mild, hospitable and welcoming climate, a relaxed lifestyle, a variety of landscapes and natural beauty and a rich cultural, artistic and historical heritage.
For these and many other reasons, it is often on the list of the best countries in Europe to move to.
Favourite destinations are the capital Lisbon, but also Porto or the famous Algarve area with its 150 kilometres of coastline in the south of Portugal, where life flows more peacefully and in contact with beautiful natural areas.
When choosing a country, whether it be
- of Expatriation,
- of Investment,
- of domiciling a business and a company,
- of opening a market,
- to carry out one’s professional activity,
- to transfer one’s pension or
- to be a digital nomad in smart working,
we have developed a model covering
6 macro-areas from the Geo-Political to the Macro-Economic situation, to then identify the well-known fiscal or regulatory issues
both in relation to individuals and to corporate or asset protection structures.
We offer a highly qualified professional advice, to compare the legal, tax, wealth, regulatory, financial, macro-economic, geo-political implications of these choices amongst different jurisdictions, considering the country of choice to be a fiscal resident, to locate assets, to domicile a company
The indicated advisory model and methodology are based on a specific foundation of academic studies, professional practices and experiential observations, which show how a country based on an extensive, pervasive and bureaucratic state, leads to a macroeconomic situation in which deficit and debt go into a direction of out-of-control growth that feeds on itself.
This condition is also present in many developed countries, in Europe in the PIGS (Portugal, Italy, Spain, Greece) joined during the pandemic by France, Cyprus and the UK, leading to an increased consumption of public resources, a country starved of taxes and debt that are then demanded from its tax residents, who are subject to taxation on all income and assets worldwide with an added obligation of a declaratory regime
HOW TO APPLY FOR RESIDENCE IN PORTUGAL
As for all European countries, after the 90-day period of residence, in order to formalise residency in the country as European citizens, it is necessary to register with the municipality.
In general, although it varies from municipality to municipality, with the application you must present:
- a valid identity document.
- a document proving that you are employed or self-employed or, alternatively, that you have sufficient income to support yourself.
- a document, such as a rental contract or a utility bill in your name, proving your residence in the country.
The certificate ‘Certidão de registo de cidadão da União Europeia’ is valid for 5 years and thereafter you can apply for a permanent residence permit.
You are considered a resident if you spend more than 183 days a year in Portugal or, if you have stayed for a period of less than 183 days, if you have a rented or owned dwelling proving your intention to reside permanently in the country.
NIF CODE NUMBER
As a Portuguese resident, you must have a tax code called NIF. The application must be submitted to the tax office where you reside.
If you reside in Portugal, you also have to apply for a social security number called NISS or ”Número de Identificação de Segurança Social”, which is necessary to pay social security contributions.
You are entitled to free health care and a general practitioner at the health centres or Centros de Saude in each territory.
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HOW TO CONSIDER THE OPPORTUNITIES OFFERED BY DIFFERENT COUNTRIES?
What do we need to check to assess a jurisdiction in addition to its macroeconomic situation, regulatory profile, taxation conditions, cost of living, its health system, climate, type of resident population, connections for people and goods?
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