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Posted by portugalpress on September 17, 2018

Whatever the tax authorities of Sweden or Finland feel, Portugal has no intention whatsoever in doing away with its “best kept tax secret”: the Non-Habitual Residents Regime. The same goes for Golden Visas.

The two are very important for the Portuguese economy, foreign affairs minister Augusto Santos Silva has stressed in a radio interview with Antena 1, and have brought with them value in both investment and people.

In fact, Portugal is not only going to maintain its fiscal attractions, it plans to develop them, he said, in much the same way as Ireland, Holland, Luxembourg and Spain.

Santos Silva’s comments have brought sighs of relief, particularly from within the real estate sector.

Left-wingers Bloco de Esquerda have been pushing for both regimes to be scrapped on the basis that they are creating ever-increasing property prices.

As to the changes resulting from the displeasure of Sweden and Finland (click here), Santos Silva hinted that whatever comes out of talks ongoing with both countries, it is likely to be a “reasonable solution” that defends the interests of the Portuguese and values the very close relationship (Portugal has) with Scandinavian countries”.

The bottom line, said the minister, is that “there will not be total elimination of the current benefits conceded to these non-residents”.

This was perhaps the high point of the interview for Finns and Swedes whose own country’s press has alluded to the end of NHR tax benefits altogether.

Concluding the “Conversa Capital” slot, Santos Silva reiterated Portugal’s support for establishing a permanent solution to the migrant crisis - stressing that the country has already doubled the numbers it is prepared to welcome.

natasha.donn@algarveresident.com

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