cedricp

You need accommodation that acts as your primary residence. It doesn't need to be owned.

Ukkram

I think that is for 3rd country nationals going the Golden Visa route. I have a rental contract so want NHR.

EMR

Golden Visa is different to NHR and does require a large investment E500,000 not necessarily in property.

If ownng a property was not a pre condition of NHR why are so many buying properties to obtain this status.??
Renting would be easier and much less risky given the volatility of the property market.

I have some old paperwork from Blevin Franks and it only talks about property ownership.

I do not take the advice proffered by estate agents seriously.

Ukkram

Some estate agents are taking advantage of this regime and this gives the wrong impression that one HAS to buy property in PT to qualify for NHR.

mags-eddie

if you are going to apply for NHR make sure you have proof of paying UK tax for the last five years. It is now a little late in the day to be getting your tax records from the Inland revenue as they will not send them by email, but they will fax them through to your accountant.

EMR

It will be interesting to see how the financas react to someone renting who has not shown any intention to invest in the Portuguese economy claiming NHR status compared to someone who has bought a property.
You have to remember in Portugal the rules appear to be made up on the day and often are.
Is there anything in the small print that may specify a min period of residence under the NHR regime and therefore benefitting the Portuguese economy.
If you leave Portugal before the end of this period then any tax benefit gained must be repaid.
I do not exclude anything like this from being hidden away somewhere in the rules.

Ukkram

We will see. Tony, our residential immigration tax accountant is on fast forward with my application and I will keep you guys posted as we go along.

EMR

It of course possible that the Portuguese government not realising that the switched seeking to take advantage of NHR can just rent a small cheap apzrtment claim residentcy and not spend any significant time in PT.
A good tax fiddle if you can get away with it.

Ukkram

Shoosh EMR. You are living in a dream world. I am doing it totally legal and within the framework of the NHR regime that has been accepted by the PT IRS authority.
By the way, UK has a similar system.

EMR

The UK does not offer tax breaks of ten years.
Like much in Portugal I do not think that they have thought out the possible loopholes in the system.
But they are very good at changing the rules at any time.
As a property owner in Portugal for over 10 years I have a bit of experience of how things actually work as opposed to the theory.

Ukkram

Having property makes absolutely no diffs to NHR status at all.

EMR

The purpose of NHR was to attract new residents with wealth to Portugal and help re invigorate the property market.
Do not underestimate the ability of the Portuguese to change the rules at a whim .
They have recently changed the Golden Visa qualifications .

Red Eric

I challenge you to substantiate that with proof in writing from any official government website. Or from anywhere else that reliably states that the government is betting on the property market as a saviour for the Portuguese economy.

You have made that link in your own mind because you think it's the way to recovery. Property market bubbles have their downfalls, though - ask any Spaniard or Irish. Or British, come to that - especially those who can't afford a property of their own due to the peculiar circumstances that prevail there.

EMR

I do not suggest that it will be the saviour but it is certainly one factor.
There has been a significant influx of EU citizens tacking advantage of NHR by purchasing properties.
If it only made a difference of 1% then that would be a positive step.
The French are currently one of the largest groups buying under NHR as they seek to avoid the high tax regime in France.

Ukkram

The sole requirement to benefit from this preferential treatment is to become a Portuguese tax resident, not having been a tax resident in Portugal in the previous five years.

This is the sole requirement. No property mentioned at all.