However, premiums contributed to the policy are subject to parafiscal charges:.048 to the Insurance Supervisory Authority and.5 to the National Medical Emergency Service (inem) in case of death cover (not mandatory).
Any penalties may also attract interest.
While the local inheritance tax regime is relatively straightforward, succession law here is vastly different to the UKs.Unlike the UK, where tax is generally paid endevr coupon code before an inheritance or gift changes hands, in Portugal tax is paid by the person receiving.The law can determine who receives your estate.If you are moving to Portugal you are required to register tee time discount book as a tax payer before you embark on any paid activity in Portugal.Individuals may benefit from the RNH status if they meet the following requirements: they become Portuguese residents for tax purposes tascaparts com coupon code under Portuguese legislation9; they have not been a resident for tax purposes in Portugal for the previous 5 years.The individual will be required to qualify under the domestic rules as a resident in Portugal for tax purposes in every year of the above referred 10-year period in order to benefit from the taxation applicable to non-habitual tax residents.The government outlines more information about the NHR program and how to apply in this brochure.You also need to meet the criteria for being a tax resident in the year of application the simplest way of achieving this is to be present in Portugal for more than 183 days.
The aim of this regime is to attract specialized foreign professionals.
It has been continually improved in subsequent years2 in order to attract highly-skilled professionals, wealthy individuals and foreign pensioners to Portugal.
Foreign pensions, pension is tax-exempt in Portugal3 if: the pension is taxable in the country of source under the relevant tax treaty, or the pension is not paid by a Portuguese entity.249/2009 of 23 September 2009 2 Administrative ruling.For people with pensions there is beneficial tax treatment for income received from pensions and other life insurance products.12/2010, of 7 January the income derived from this activity will be taxed at a special rate.UK inheritance taxes of 40 on your worldwide assets, in addition to Portuguese stamp duty (although measures are available to avoid double taxation on the same asset).This means that certain relatives are entitled to a portion of your estate, despite what is stipulated in your Portuguese will.If you live in Portugal or have Portuguese assets, you need to make sure your estate planning is in order.
At a basic level, the rules for becoming a Portuguese tax resident are relatively straight forward.
However a number of other factors may also see you deemed as a tax resident including: You have a permanent residence in Portugal on December 31st in that tax year.