PORTUGAL MAKES TOP TEN OF RETIREMENT DESTINATIONS

The Annual Global Retirement Index places Portugal as the seventh best destination in the world to retire. The top three destinations listed by International Living are Costa Rica, Mexico and Panama. Spain has listed two positions below Portugal in ninth and is the only other European nation on the list.

According to International Living’s report, “the third-safest country in the world in the 2017 Global Peace Index, Portugal is not only secure but beautiful.” It adds that “if Portugal’s attributes have convinced you to give it a try, here’s a tip: Begin your test drive in the capital. Lisbon is easy to reach, with direct flights from major cities around the world.”

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BANKRUPTICIES DOWN

The total number of bankruptcies (companies and individuals) declared by Portuguese courts of first instance dropped by 5% year-on-year in the first half of 2015. However, bankruptcies remained very much at a historical high with the total amount of value involved in the second quarter of this running six times higher than that registered in the corresponding period of 2007. The total number of individuals going bankrupt was down 0.3% in annualized terms with the remaining involving companies going to the wall, up 0.3% on last year.
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WHAT IS THE PORTUGUESE NON-HABITUAL TAX RESIDENCE REGIME?

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The non-habitual tax resident regime is a more favourable tax status, applicable to foreigners who became residents for tax purposes in Portugal. Among the tax advantages associated with this regime is the possibility of a more favourable tax rate of income from work (20%) and exemption, under certain conditions, from paying in Portugal taxes related of income from abroad (e.g. pensions). In the latter case, however, most of the income from capital gains and some capital income are excluded from the exemption. These advantages are granted for a period of 10 years, non-renewable, and benefit only citizens who have professions considered by the law as having added value, such as the professions associated with cultural activities, engineering, medicine, new technologies and management. In order to benefit from this regime, it is necessary to reside in Portugal 183 days a year, to have a tax residence here and to register as such until March 31 of the following year. This regime w
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WHAT IS THE NIF NUMBER?

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"NIF" stands for Número de Identificação Fiscal Tax (tax identification number). It is a 9-digit unique personal identifier used for tax purposes. This tax number is needed for most relevant legal acts carried out in Portugal, such as the opening of a bank account or the purchase of a property. You can ask for a NIF in person at any Portuguese tax office, or other designated offices. The number itself is issued on the spot, totally free of charge. However, there may be fees involved if you ask for an official card with the NIF or if you need a fiscal representative. You need a representative when you are not a Portugal or European Union resident. The tax representative is responsible for complying with the tax obligations of the represented person and can be a natural person or a company.  Anyone with a fixed residence in Portugal who accepts the responsibility is eligible, regardless of nationality, so you could ask a friend or someone who knows you in Portugal. It is also
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NUMBER OF UNEMPLOYMENT DROPS

According to a monthly report on the employment market released by the Institute of Employment and Professional Training (IEFP), the total number of unemployed people was lower than the number registered in the same month of 2017 (-85,169 or -17.5%), and higher compared to the previous month (788 or 0.2%). The Government expects the country’s Gross Domestic Product (GDP) to grow by 2.2% next year, the unemployment rate to hit 6.3% and public debt to drop to 118.5% of GDP, while promising civil servants higher pay and raising social benefits. Portugal has seen strong recovery since the 2011-2014 financial crisis, with the economy supported by foreign investment, tourism and rising exports.
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