According to the Nomad Report 2023 from the rental property platform Flation, Portugal has emerged as the top choice for digital nomads, with 27% of survey participants selecting it as the most attractive destination.
Portugal is an excellent place to live. The crime rate is low and the cost of living is cheap. Portugal is known not only for its gastronomy, stunning architecture, beaches and breathtaking ocean views.
The country consistently ranks first on the list of countries with the highest comfort levels. In addition, Lisbon is the most popular city for digital nomads for the third year in a row, according to Nomadlist.com.
But not only that, with the largest community of digital nomads, every week, the Meetup platform hosts in Lisbon a variety of events, including dinners, volunteer opportunities, comedy shows, open mic nights, co-working days, seminars, workshops, and panel discussions.
Closure of the Non-habitual Residence (NHR) Tax Law
Portugal’s Non-Habitual Residence (NHR) program will close to new applicants in 2024 and face modifications to its tax laws.
This measure will end the program that grants foreigners a ten-year period of lower income tax rates in an effort to stimulate the housing market.
According to Prime Minister Antonio Costa, the change is due to the fact that it is considered that NHR has fulfilled its function and should no longer be a factor in the increase in housing costs.
“In 2024, special taxation for non-habitual residents will end. Whoever has it will keep it,” said Costa.
Nevertheless, individuals who currently benefit from the NHR scheme will continue to enjoy their tax benefits throughout the 10-year period. This adjustment could encourage digital nomads to move to Portugal in the coming months to make the most of the current tax framework before it expires.
Portugal Digital Nomad Visa
Portugal offers a digital nomad visa that allows foreign nationals to reside there and work remotely for companies abroad. Portugal offers two types of visas for digital nomads:
Residency visa: Initially, it permits a four-month stay, but upon arrival in Portugal, you have the option to apply for a two-year residence permit.Temporary stay visa: This visa grants a 12-month stay in Portugal. It’s not extendable or eligible for residency conversion, but you can renew it up to four times.
Who Can Apply for a Portugal Digital Nomad Visa?
The following conditions must be met to obtain a Digital Nomad visa in Portugal:
Age requirement: You need to be at least 18 years old.Citizenship eligibility: You must be a citizen from a non-EU/EEA country.Monthly income prerequisite: Your monthly salary should exceed €3,040.Employment conditions: You must hold a remote or freelance work contract.Housing arrangement: You must have secured accommodation in Portugal.
The post Portugal To Cancel The Non-habitual Residence (NHR) Tax Benefits For Digital Nomads appeared first on Traveling Lifestyle.
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By: Viktor Vincej
Title: Portugal To Cancel The Non-habitual Residence (NHR) Tax Benefits For Digital Nomads
Sourced From: www.travelinglifestyle.net/portugal-to-cancel-the-non-habitual-residence-nhr-tax-benefits-for-digital-nomads/
Published Date: Sun, 22 Oct 2023 12:58:00 +0000
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