Portugal will abolish the preferential tax regime for foreigners. Applications to join will no longer be accepted in 2024. The scheme was introduced in 2009, but under current conditions it has started to lead to tax injustice.
In 2024, Portugal will abolish the special tax regime under which foreigners living in the country pay taxes at a flat rate of 20%. Bloomberg reported this.
Portugal introduced a preferential tax regime in 2009. According to it, foreigners paid taxes at a fixed rate of 20% for 10 years, while the country has a progressive tax rate reaching 48%.
The Prime Minister of Portugal, Antonio Costa, noted that under current conditions preferential treatment leads to tax injustice. According to Bloomberg, 89,000 people used it during the regime.
In February, Portugal reduced the program of so-called golden visas, which could be obtained to invest in the state’s economy.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
