Find out what changed in the Tax Regime for Non Habitual Residents
When Tax Regime for Non-Habitual Residents (RNH) was first implemented, Portugal was in the midst of a severe financial crisis that largely conditioned investment in the country. In order to attract capital and skilled professionals, this program was shaped according to the needs the country was facing at the time, limiting the access to the NHR to professionals from economic activities of a scientific, artistic or technical nature, such as:
- Plastic Artists;
- Managers and Administrators;
- Among others.
However, in recent years the socio-economic conjuncture of Portugal has been improving, changing the lack of qualifications and missing professional areas in the country. Thus, in order to keep the program in line with the current reality, an update of the list of economic activities contemplated in the current NHR was approved in July 2019. This overhaul is intended to make the list more objective and in line with the needs of industries and is therefore now based on the Portuguese Classification of Professions rather than the Codes of Economic Activities initially used.
The new table of high value added professions will enter into force on 1 January 2020 and it will cover all applications subsequent to its implementation. For access to the updated list click HERE
If you are looking to get in touch with Real Estate Boutique, please be aware that you can do so at any of our offices in Porto and Lisbon, or through our website, using our CONTACTS
area or by speaking directly with one of our TEAM
Source: EDGE, 2019