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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AVERAGE SALARY IN PORTUGAL IN 2021

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  According to the Portuguese National Statistics Institute (INE), between January and December of last year, the average regular gross remuneration per worker – which excludes holiday and Christmas allowances – rose 3.1% (1,106 euros). The average gross base remuneration grew 2% (1,039 euros). The total remuneration varied between 885 euros (in companies with 1 to 4 employees) and 1,686 euros (in companies with 250 to 499 employees).  In companies with 500 workers or more, the total remuneration was slightly lower: 1,634 Euros.  The average remuneration per employee in companies with 50 to 99 employees (1,351 euros) was the closest to the total for the economy (1,361 euros). The total remuneration of the Public Administration increased by 0.7% in 2021 (from 1,898 euros in 2020 to 1,911 euros in 2021.  INE states that this increase “was lower than that recorded in the previous year (2.7%) and that observed in the private sector of the economy (4.3% – from 1,193 to 1,245 euros)”.
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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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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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