More than 2,200 French national bought house in Portugal last year and 20,000 will live in the country by the end of 2015.
This is the estimate from the Franco-Portuguese Chamber of Commerce & Industry , French retirees are moving to Portugal attracted by the golden retirement package offered by the Portuguese tax man, “there are many migrants who live eight or nine months in Portugal and the rest of the time in France. They already can benefit from new laws and not pay taxes on retirement income or on capital gains or dividends.”
The status of non-habitual resident in Portugal, in force since January 2013, allows any retired EU citizen tax exemption for ten years, provided he or she has not been a tax resident in Portugal in the last five. The laws also cover professionals pursuing a high added value job, which may benefit from an income tax reduction to an attractive 20%, somewhat more attractive than France’s top rate of 75%.
In the first Real Estate and Portuguese Tourism fair, between 70% and 75% of visitors were French, mostly retired, but the tax benefits can also be taken full advantage of by Portuguese immigrants who want to return to the country.
Story from: algarvedailynews.com