Re: NHR status portugal
 

I agree. The property market is inflated in the Algarve, Lissabon and Porto-region.
When more taxes come in, Portugal can invest more and everybody is happy.

Re: NHR status portugal
 

I did not say end it, just amend it.
It's purpose was to help restore the property market, that has been done.

Re: NHR status portugal
 

Last year there were approximately 154,000 properties bought/sold in Portugal with the majority in the Greater Lisbon and North of the country. The NHR residents in the same period were probably about 5/6,000 based on previous years data. They are not sufficient to inflate property prices even if all of them bought . What is happening is the the economy is steadily improving and credit remains cheap so people are more encouraged to invest in a new home or property upgrade.

Re: NHR status portugal
 

The property market in the Algarve will paint a different picture, that is where the majority of non Portuguese NHR or not buy.
In an steadily improving economy the need to attract those who move only to benefit from NHR is no longer there.
Tax benefits for the more affluent is hardly fair is it.
Where are the reciprocal benefits for the Portuguese.
It's time to amend it, tighten up end eventually end it.
We are already seeing steps by countries who are losing tax income to change their rules , do not be surprised if more follow.

Re: NHR status portugal
 

Your point about potential changes to the NHR scheme I understand but there are 400,000 foreigners living in Portugal of which Brazilians are the largest group over 80,000, followed by people from Cabo Verde, Ucraine, Rumania and China. The Brits and the French by comparison do not reach 20,000.
The largest group , Brazilian, in the majority are not people who have come for tax benefits they have come for family, in the hope of a better life and similar reasons. Most are in low paid jobs but better placed than they were in Brazil.

Re: NHR status portugal
 

Estimates of Brits living in Portugal is around 50,000, the majority in the Algarve .

Re: NHR status portugal
 

If changes to nhr rules were introduced in 2019 budget when would that be?
Ie which month?
Cheers

Re: NHR status portugal
 

But many of them don't declare residency (or income?), so the NHR scheme isn't relevant to a lot of them.

Re: NHR status portugal
 

Registered are about 19,000, many of which came long before 2010.

Re: NHR status portugal
 

Registered and living in Portugal, different figures.
50,000 comes from an analysis of how many and where Brits live in the EU.
Brits are probably not great takers up of NHR for the reasons given in another post.
I know an estate agent who has done very well selling some of the cheapest properties on their books to French coming to take advantage of NHR.
The Pestana group has specifically targeted the NHR market.

Perhaps the question is, do you move to Portugal because you want to, or just to take advantage of NHR, stay for the minimum each year or less and then move on to somewhere else once the tax advantage ends.

Re: NHR status portugal
 

That I appreciate as well and even know some who are "Below the radar" but the discussion was/is about NHR. What amazes me is how they continue to get away with it .I suppose it is a bit like the black economy , there is always someone who will take the risk and that is a major gap in the country's tax income.

Re: NHR status portugal
 

This link will take you to the SEF data on foreign residents

https://sefstat.sef.pt/relatorios.aspx

Re: NHR status portugal
 

Effective from 1st Jan as a rule, unless otherwise stated.

Re: NHR status portugal
 

Where are you getting this stuff from?

Part of it from estate agents, fairly obviously and I'm pretty certain they wouldn't agree with you over job done, time to call a halt (not that that's a reason not to, I'm just saying). But "restoring the property market" certainly wasn't the stated aim when the regime was introduced in 2009 and the reasons for the state of the market today with its particular hotspots owes itself principally to a number of other factors, in my opinion, not least of which some pretty drastic changes with regard to the rental /holiday lets sector.

The Brits on here considering moving to Portugal certainly seem to be greatly interested and if they aren't already aware of the regime and its benefits, we generally make them so.

The tax benefits are not solely for the more affluent - you can benefit a good deal over 10 years with a very modest income and you don't need to buy a property to qualify.

As for "reciprocal benefits for the Portuguese" there isn't any such principle in existence, nor any need for one, even if it were restricted to EU citizens (which of course it isn't). It's a Portuguese regime with (supposedly) benefits for Portugal. There isn't any notion of an equal offer being required all round to even things up. The benefit for the Portuguese is that if any of them return after an absence of more than 5 years they can enjoy exactly the same benefits the regime offers as new arrivals from anywhere else in the world.

Re: NHR status portugal
 

Eric, you are a northerner, things are different in the south , where most expats have property.
There is actually a shortage of decent new listings in the Algarve.
New estate agent branches are popping up like mushrooms.
They are having their best years since pre recession.
Agents are employing French French speakers to cope with demand.
It would be interesting to see the numbers, nationalities and location of those in receipt of NHR.
I still believe that if nothing else it has distorted the property market, and that all the reasons for its creation no longer exist.
It is time to amend it, not remove it.
Min spend of E200k as one example.
But none of this matters if home countries tighten up on the tax free export of income which may be more likely than the end of NHR.