Portugal Fiscal Hope Book

jedi21@nym.hush.
com 26 Nov 2020
YOUR TAX-FRIENDLY ESCAPE

IN ‘UNCERTAIN’ DAYS!
IVEN DE HOON
jedi21@nym.hush.com 26 Nov 2020
CONTENTS
PORTUGAL, FISCAL HOPE IN

VERY UNCERTAIN DAYS! 3
NHR – SCHEME OR PAY 10 YEAR NO TAX! 6
GOLDEN VISA: THE GOLDEN GATE TO

EU-RESIDENCE AND CITIZENSHIP! 12
THE TIMELINE! 14
YOUR RIGHTS AS A RESIDENT 16
THE WAYS TO GET THE GOLDEN VISA! 18
PERSONAL REQUIREMENTS 23
VISA D: THE HIDDEN GATE TO

RESIDENCY AND CITIZENSHIP IN EUROPE 26
WHAT ARE THE MINIMUM

STAY REQUIREMENTS 29
Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 3
PORTUGAL, FISCAL HOPE IN

VERY UNCERTAIN DAYS!
Portugal is not only a fantastic country for vacations...who

would not be enticed by a country offering almost 1800 kms
of pristine beaches, Atlantic waves pounding on breath-
taking coastlines. Otherwise, you might prefer a round of
golf at one of the many unique courses in and around Lisbon,
Estoril or the Algarve. How about enjoying melancholic
and nostalgic Fado – music deeply entwined in Portuguese
heritage. Discover an array of local Portuguese wines: red,
white, vinho verde and port wines, moscatel, aguardente to
complete the experience.
Over the years, Europe’s poor relative has become a place of

amazing modern architecture, effortlessly co-existing with
centuries old traditions and heritage.
Of course, you did not come to www.nomoretax.eu for

a “tourist information service” but because Portugal has
become a smart & savvy fiscal friendly country!
Now, briefly, a summary of the most important fiscal

advantages available for you.
The NHR tax regime ensures that, in most cases, you will
be exempt from any tax in Portugal for the first 10 years of
residency. We apply on your behalf with a 99% success rate.
4 Iven De Hoon
Various interesting structures are possible in combination

with, for example, American companies, payment of
dividends, ….
Cryptocurrencies: are usually not taxed which is a very

interesting fact, please contact us to discuss the small but
very important details concerning this point of interest.
Pensions are in many cases only taxed at 10%...
No inheritance tax and a, maximum of 10% stamp duty to

apply on donations between individuals which are not part
of your nuclear family.
For EU-citizens, but also for those who are non-EU citizens,
it is feasible to get a residence in Portugal, which in time can
even lead to Portuguese citizenship (i.e. EU passport), after 5
years of residence. We have the Golden Visa and the Visa D
as gateways to Europe, for non – EU-citizens.
We are your one-stop-shop for Portugal, with an international

team locally present. From A-Z, we have the right in-house
specialist and our own lawyers to assist you with registering
in the country, bank introduction, obtaining residency,
obtaining the NHR tax regime, and so much more.
Our clients will obtain their personal single point of contact

for anything they require in Portugal, and of course our
complete team is fluent in English and Portuguese, but we
can also assist you in Dutch, French and German.
Would you be interested to know more, please do not

hesitate to get in touch with us: info@dehoon-dhp.com
So we will now give you the details in this book! Enjoy! Read
the book and… come to live here.
Iven De Hoon
Lisboa, november 2020

6 Iven De Hoon
NHR – SCHEME OR PAY

10 YEAR NO TAX!
WHAT IS NHR?
Don’t worry it is not another virus or a mutation of corona… It
is a very attractive tax advantage in Portugal. You will pay in
most cases no tax for the first 10 years you reside in Portugal!
Here are the details.
FOR WHOM?
The’ non-habitual resident’ regime is open to anyone who
has the right to reside in Portugal (an EU/EEA/Swiss citizen
or a holder of a residence permit) and has not been a tax
resident of the country during the previous 5 years.
TAX ADVANTAGE?
What is your advantage now? Under this regime, the following
taxation rules apply:
1. Foreign-source self-employment or sole trader income,

royalties, capital gains and investment or rental income will be
exempt from Portuguese tax as long as they may be taxed in
the source country either under a double taxation agreement
or under the OECD model tax convention. In addition,
such income must not be deemed Portugal-sourced under
applicable Portuguese law, and must not be sourced from a
blacklisted tax haven. So when you get for example dividends
from Hong Kong you will not be free of taxes in Portugal and
you will not enjoy the NHR.
2. Foreign-source employment income will be exempt from

Portuguese tax if it is liable to tax (at whatever rate) in the
source country either under a double taxation treaty or under
the OECD model tax convention and is not deemed Portugal-
sourced under applicable Portuguese law.
Pension income will be taxed on a tax rate of only 10%, but

sometimes it is more complicated than that and we need to
look into the double tax treaties…
8 Iven De Hoon
GOOD TO KNOW… One interesting feature of this regime is

that many double taxation treaties (of which Portugal signed
79) grant the source country the possibility of taxing income
paid to residents of the other country, although in practice
many countries abstain from using this possibility so as to
attract foreign investment. This means that in practice many
types of income will often be zero-taxed in the hands of the
“non-habitual resident”, since Portugal will not tax them
merely on account that they may be taxed in the other country.
EXAMPLE. Taking the UK/Portugal treaty and 2 types of
income as an example, if you are a resident of Portugal but
receive income from the UK, then, in respect of such income,
the UK has the power to:
• Tax dividends under article 10, although it does not if the

recipient is not a UK resident
• Tax royalties under article 12, although it does not if the

recipient is not a UK resident
I.e. if you receive dividends or royalties from a UK company,
such income may be subject to tax in the UK under the UK/
Portugal agreement. As a consequence, although in practice
it will not be taxed in the UK, it will not be taxed in Portugal
either if you benefit from “non-habitual resident” status.
ATTENTION! Capital gains deserve careful consideration.

They are treated differently according to whether they
originate from the disposal of immovable or movable property.
While capital gains from the alienation of real estate may under
the double taxation treaty be taxed in the country in which the

property is located and will therefore be exempt in Portugal,
capital gains from the alienation of other types of property
(like shares, securities…) are, in most circumstances, taxable
only in the beneficiary’s country of residence. For instance the
double tax treaty between the UK and Portugal statutes that
capital gains derived from the alienation of movable property
shall only be taxable in the country where the individual is
resident, whereas the double tax treaty between Brazil
and Portugal statutes that such gains can be taxed in both
contracting states. As such under the NHR, such gains will be
exempt in Portugal.
As such, capital gains from the sale of securities will be
subject to tax in Portugal, currently at a flat rate of 28%.
Before becoming a non-habitual resident of Portugal, tax
advice should therefore be taken by anyone who anticipates
significant capital gains from the sale of securities etc.
STAY REQUIREMENTS?
Although the individual must be deemed a resident of Portugal
when he/she submits the application, there is no minimum stay
requirement afterwards.
Tip. It is even possible to stop being a Portuguese tax resident
for one or more years without losing non-habitual resident
status.
10 Iven De Hoon
OTHER REQUIREMENTS?
In order to qualify as a “non-habitual resident”, a foreign
individual having the right to live in Portugal must register
as a tax resident of Portugal after not having been resident
in this country during at least the previous 5 years. It should
be noted that under the law an unregistered individual will
be deemed resident for tax purposes if he/she either spends
more than 183 days in the country during a 12-month period,
or has a place of abode in the country, “in a way that may lead to
the supposition of an intention to keep and occupy it as a habitual
home”.
TIP. However, there is no minimum stay requirement

for a Portugal-registered tax resident. So you will just
need to rent or purchase a house in Portugal!
ATTENTION! EU, EEA and Swiss citizens have an automatic

right to live in Portugal, and individuals of other nationalities
must obtain a residence permit.
10 years. Recognition of non-habitual resident status is
not automatic and is granted for a period of 10 years upon
successful application to the Portuguese tax authorities
up until March 31st of the year following that in which
Portuguese residence was taken up.
In order to apply, all that is required is the filing of a request and
of a statement to the effect that the applicant was not resident
for tax purposes in Portugal during the 5 years preceding the
arrival in Portugal.
Only in the event the tax authorities have doubts concerning

the truth of what is stated will they request additional
documentation, which may include a tax residence certificate
from the previous country and/or a document proving that the
vital and economic interests of the applicant were centred in
another country during the previous 5 years.
Extra candy! In Portugal there is no wealth tax or capital duty,

and an inheritance or a gift received by a spouse, descendant or
ascendant is tax exempt. Inheritance or gifts received by other
individuals will be either not taxable under territoriality rules,
or else may be subject to a flat 10% stamp duty.
Exciting structures…
Like we told you every case is different, but there are some
exciting structures possible with the NHR-schemes…
We could combine Bulgarian, English or even American
companies … which NHR. Ask us for details!
12 Iven De Hoon
GOLDEN VISA: THE GOLDEN GATE TO

EU-RESIDENCE AND CITIZENSHIP!
When a non-eu citizen wants to live in Europe it is not that

easy… The Golden Visa provides a great opportunity in
this matter! Just invest (for example in real estate) and get
a residence in a country with high quality of live and a good
climate, very safe (number three in the world) and get access
to the most other European countries. And as a ‘cherry on the
cake’ get after 5 years Portuguese (EU) – citizenship. Go for it!
WHY APPLY FOR THE GOLDEN VISA PORTUGAL

PROGRAM?
1.Permanent free entry and circulation in Portugal and the

other 26 Schengen Space countries.
2.Freedom to live and/or work in Portugal. And! the minimum

stay requirements are 7 days in the first year and 14 days
during each of the two subsequent 2-year periods, whether or
not consecutive, while keeping another residence (if so wished)
in another country. So complete freedom!
3.Option to become a “non-habitual resident” of Portugal for

tax purposes, thereby paying little or no tax for 10 years (see
before!).
4.Option to obtain permanent resident status after 5 years of

having made the initial investment.
5.Option to acquire Portuguese citizenship after 5 years of

having made the initial investment.
6.The benefits are extensible to the investor’s family, including

the spouse or partner, under-aged or dependent children of
either spouse or partner, dependent parents of either spouse
or partner, and under-aged siblings of either spouse or partner
if legally under their supervision.
7.Flexible and affordable investment options.

14 Iven De Hoon
THE TIMELINE!
Below is a timeline of the Golden Visa Portugal program;

it demonstrates the process and the time expected for
applications to be completed. The Golden Visa Portugal
program is a fast-track pathway, although that is subject to
your chosen means of investment. You can read more about
investment types on our Golden Visa requirements document.
Golden Visa Residence

3 months Application 2 to 8
START application is approved Card 1 (valid
by law* weeks for 1 year)
Renewal 1 is
2 to 8 Residence
YEAR 1 applied for from 2 months Application
is approved weeks Card 2 (valid
(7 days min. stay) 90 days before by law* for 2 years)
the expiry date**
Renewal 2 is
YEARS 2 & 3 2 to 8 Residence
applied for from 2 months Application
(14 days min. stay) is approved weeks Card 3 (valid
90 days before by law* for 2 years)
the expiry date**
Renewal 2 is Permanent
YEARS 4 & 5 applied for from 2 to 4 Application 2 to 8 Residence
(14 days min. stay) is approved or Golden
90 days before months weeks Visa Card 4
the expiry date** (estimate) is issued
On any date Citizenship 2 to 8 Citizenship is

Up to 12 Application granted and EU
from day 1 is applied for is approved weeks passport may
months
of YEAR 6 be applied for
* – The maximum processing time provided for by the law may be exceeded in
practice by the border agency.
** – The Golden Visa rights will be lost in the event the renewal is not applied for
within a maximum of 180 days from the expiry date of the previous residence card.
*** – The Golden Visa may be renewed indefinitely for successive 2-year periods
as long as the investment remains in place.
Tip. Investments are interchangeable. This means that

the investment has to be kept but not necessarily in the
same investment. As such you may, for example, hold 1
million eur in a bank account, which will entitle you to
the Golden Visa and after one or two years withdraw
that money, invest a minimum of 500.000 EUR in real
estate and still keep the Golden Visa. The individual
actually as the freedom to manage his investments as
long as any investment required by law is kept.
16 Iven De Hoon
YOUR RIGHTS AS A RESIDENT
As a resident of Portugal under the Golden Visa Portugal

program, you will be entitled to access at least the
following with no need for any special authorisation:
• Education and professional training
• Official recognition of education diplomas and professional

qualifications
• A professional activity, as an employee or as an

independent professional
• Healthcare
• Social security benefits, tax concessions and trade

union protection
• The law and the courts of law

18 Iven De Hoon
THE WAYS TO GET THE GOLDEN VISA!
1. REAL ESTATE INVESTMENT

Invest between 290.000 EUR and 500,000 EUR into
Portuguese properties. This method of utilising the Portugal
investment visa allows you to purchase property(ies) solely
or as a co-ownership agreement. The variation in investment
cost is dependent on purchasing requirements outlined in the
Golden Visa scheme.
These require you to purchase a new property of 500.000 EUR

or properties of a lower value of a certain age and, in areas
designated by the government as areas of urban rehabilitation,
beautification or ‘low density areas’.
TIP. You can rent them out!
2. SIENTIFIC INVESTMENT

An investment of €350,000 (minimum) to an accredited
institution that will benefit the national scientific and
technological infrastructure, (typically in a ‘low density area’)
can be accepted as part of the Portugal Investment Visa
program. Please note, that this is only possible when such
accredited projects are ongoing.
3. ARTISTIC / CULTURAL INVESTMENT

An investment of €250,000 (minimum) to, or in support
of, artistic production and sustaining the national cultural
heritage. This is also only available when accredited institutions
are conducting appropriate projects. Often projects are not
available to private investors.
4. INVESTING IN FUNDS
Investing €350,000 (minimum) in Portugal-regulated funds
dedicated to the capitalisation of companies. This investment
type is conditional on the company; it must be at least 60%
20 Iven De Hoon
Portuguese registered business and the maturity of units is no

less than 5 years old from the date they are bought.
TIP. Alternatively, the same sum can be invested in

setting up your own private Portuguese company that
creates 5 permanent jobs or investing the share capital
that creates the opportunity for an existing Portuguese
company to create 5 permanent jobs.
This can also be in the format of a single-member private

limited company in which no minimum investment is required.
The LTD (Lda in Portugal) must demonstrate 10 sustainable
job opportunities.
6. INVEST 1.000.000 EUR IN PORTUGAL

This is the most flexible method of obtaining visa access to
Portugal. You can make a bank deposit, purchase shares in
a Portuguese company or the incorporation of a single-
member private limited company by paying the share
capital of at least €1 million; such company can be free to
invest wherever and in whatever it wants. Alternatively, an
equivalent purchase of Portugal sovereign debt instruments
or purchase of any securities issued by Portugal-based entities.
Requirements for the Portugal investment visa program can
be reduced if investment is made in a designated ‘low density
area’.
*"Low density areas"

are the NUTS 3 regions
having less than 100
inhabitants per square
kilometre or a per
capita GDP of less than
75% of the national
average.
In practice, this is
applicable for the
whole of Portugal with
the exception of the
coastal areas south
of the River Lima and
north of the River Sado.
The map opposite
shows the area that
does not qualify as "low
density" according to
the most recent data
supplied by INE, the
national statistics
institute (2013/2014).
The islands of Madeira and Azores are also excluded from
the "low density areas".
22 Iven De Hoon
FURTHER SPECIFICATIONS
• Location – the Portugal investment visa may be made in

any location within the national territory (or through a
Portuguese bank in the case of the financial assets route).
• Duration – the investment must be kept for at least 5 years.
• Changes To The Investment - the Portugal investment visa
may only be replaced provided that: (a) the new investment
be of the same investment type; and (b) the replaced
investment be disposed of only once the new investment
has been made.
• Charges (e.g. mortgages) - the investment must be kept
free of charges, but only in respect of the minimum required
amount, there are no other restrictions.
• Structure – the investment may be made privately, whether
singly or cooperatively, or through a company. In the case
of a company, this must be a Portuguese single-member
private company, and the relevant amount will be that of
the paid-in shares in this company.
• Real Estate – the property may be of any type (residential,
commercial, agricultural, etc), in any number (including
part ownership) and whether income-generating.
• Shares And Other Securities – the issuing entity must be
registered in Portugal and it may be new or existing, of any
type, and may or may not be listed on the stock exchange.
PERSONAL REQUIREMENTS
• Not an EU, EEA or Swiss citizen

• No convictions of crimes punishable in Portugal by more
than 1-year imprisonment.
• No legal accessibility issues to the Schengen Territories.
24 Iven De Hoon
AMAZING STAY REQUIREMENTS!
Under this Golden Visa programme there are no maximum

stay requirements; but you are required to spend at least 7
days in Portugal during the year of your initial investment. It
is not necessary for this time to be consecutive. Following the
first year, the minimum stay requirement increases 14 days
for each subsequent 2-year period. Again, this does not have
to be consecutive.
The Portuguese border agency may require evidence that you
complied with these minimum stay requirements when you
apply for the visa renewals. This can be in the form of passport
stamps, flight tickets and proof of lodging (but note that
your passport will not normally be stamped when you travel
between Portugal and another Schengen Space country). Your
right to permanent residency or citizenship after 5 years is not
affected by how long you actually stayed in the country under
this investment visa program, as long as you comply with the
minimum stay requirements.
FAMILY REUNION
At any time upon or after your application, you may apply for
the following family members:
• Spouse or partner, the quality of partner having to be
proved under existing law.
• Under-18-year-old children, dependent incapable
children, or over-18 dependent children who are under
26, unmarried and enrolled as full-time students.
• Dependent parents of either spouse or partner, who, if

under 65, have to obtain a certificate of no income from
the tax administration of their country of residence.
• Under-18-year-old siblings of either spouse or partner
if legally under their supervision.
If you are a prospective applicant or would like to explore your

options to obtaining a residency in Portugal, get in touch with
a member of our expert team. We are also equipped to assist
you or connect you with relevant parties for making your
initial investment.
26 Iven De Hoon
VISA D: THE HIDDEN GATE TO

RESIDENCY AND CITIZENSHIP IN
EUROPE
N
on-EU/EEA/Swiss citizen who intend to relocate to Portugal
and have a reasonable net regular passive income can apply for
this route to residency. The subsequent residence permit does
not preclude the holder from having a professional activity in
Portugal. Therefore, this is generally one of the best alternative
to the Golden Visa for someone who actually intends to live in
Portugal over an extended period of time.
A Portugal passive income D7 visa or permit can only be

applied for after a series of residence applications are filed by
the main applicant at the Portuguese Consulate. Once this is
issued, his/her immediate family members are also entitled to
enter into the Portugal residence permit program under the
“family reunification” regulations.
Passive income D7 visa permits are issued as credit-card sized
ID cards (similar to those of the Golden Visa and are registered
with the Schengen Space central system, thereby entitling
the holders to enter all Schengen Space adherent European
countries with no need for a visa). Do not hesitate to get in
touch with us should you wish to learn more about any of the
above or about the Portugal residence permit program.
Benefits Of The Portugal Passive Income D7 Visa

The process for a passive income D7 visa is considerably faster
and less costly to obtain than a Golden Visa and also entitles
the holder to the main benefits of Portugal residency, namely:
• Permanent free entry and circulation in the Schengen
Space, comprising 26 European countries.
• Freedom to live in Portugal and, if so wished, to have a
professional activity in this country.
• Option to become a non-habitual resident (NHR) of
Portugal for tax purposes (little or no tax for 10 years on
most foreign-source income).
28 Iven De Hoon
• Access to other Portugal residents’ rights, such as

education, recognition of diplomas and qualifications,
healthcare, social security, trade union protection, the law
and the courts of law.
Portugal Residence Permit Program Application

Requirements
The applicant for a Portugal passive income D7 visa as part
of the Portugal residence permit program must begin the
proceedings, completing this checklist:
• Open a banking account in Portugal.

• Secure long-term accommodation in Portugal (by either
buying, renting or borrowing a property).
• Apply online for a residence visa and for an appointment
for an interview at the Portuguese Consulate serving his/
her current region of legal residence, even if the applicant’s
nationality entitles him/her to enter Portugal without a
visa.
WHAT ARE THE MINIMUM

STAY REQUIREMENTS
Except in the case of duly justified personal or professional

reasons, the holder of a temporary residence permit (such
as the Portugal passive income D7 visa and not including the
Golden Visa), is expected not to be away from Portugal for
more than 6 consecutive months or 8 non-consecutive months
during the validity of each permit, being the first one granted
valid for 24 months and the second one for 36 months. For
the holder of a permanent residence permit, this is increased
30 Iven De Hoon
to either 24 consecutive months or else 30 non-consecutive

months in any given period of 3 years.
SO THIS IS THE BIG DIFFERENCE WITH THE GOLDEN VISA,

with the GOLDEN VISA you can still live outside Portugal.
You have complete freedom, this you don’t have with the Visa
D. As such, this type of VISA is specifically recommended for
individuals that actually want to live in Portugal or else in
another country within the Shengen area…
Visit Us Write Us
www.nomoretax.eu info@dehoon-dhp.com
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E-mail: info@dehoon-dhp.com E-mail: info@dehoon-dhp.com E-mail: info@dehoon-dhp.com
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jedi21@nym.hush.

com 26 Nov 2020

YOUR TAX-FRIENDLY ESCAPE

PORTUGAL, FISCAL HOPE IN

NHR – SCHEME OR PAY 10 YEAR NO TAX! 6

GOLDEN VISA: THE GOLDEN GATE TO

YOUR RIGHTS AS A RESIDENT 16

THE WAYS TO GET THE GOLDEN VISA! 18

VISA D: THE HIDDEN GATE TO

WHAT ARE THE MINIMUM

Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 3

PORTUGAL, FISCAL HOPE IN

Portugal is not only a fantastic country for vacations...who

Over the years, Europe’s poor relative has become a place of

Of course, you did not come to www.nomoretax.eu for

Now, briefly, a summary of the most important fiscal

Various interesting structures are possible in combination

Cryptocurrencies: are usually not taxed which is a very

Pensions are in many cases only taxed at 10%...

No inheritance tax and a, maximum of 10% stamp duty to

We are your one-stop-shop for Portugal, with an international

Our clients will obtain their personal single point of contact

Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 5

Would you be interested to know more, please do not

Lisboa, november 2020

NHR – SCHEME OR PAY

Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 7

1. Foreign-source self-employment or sole trader income,

2. Foreign-source employment income will be exempt from

Pension income will be taxed on a tax rate of only 10%, but

GOOD TO KNOW… One interesting feature of this regime is

• Tax dividends under article 10, although it does not if the

• Tax royalties under article 12, although it does not if the

ATTENTION! Capital gains deserve careful consideration.

Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 9

the double taxation treaty be taxed in the country in which the

TIP. However, there is no minimum stay requirement

ATTENTION! EU, EEA and Swiss citizens have an automatic

Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 11

Only in the event the tax authorities have doubts concerning

Extra candy! In Portugal there is no wealth tax or capital duty,

GOLDEN VISA: THE GOLDEN GATE TO

When a non-eu citizen wants to live in Europe it is not that

Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 13

WHY APPLY FOR THE GOLDEN VISA PORTUGAL

1.Permanent free entry and circulation in Portugal and the

2.Freedom to live and/or work in Portugal. And! the minimum

3.Option to become a “non-habitual resident” of Portugal for

4.Option to obtain permanent resident status after 5 years of

5.Option to acquire Portuguese citizenship after 5 years of

6.The benefits are extensible to the investor’s family, including

7.Flexible and affordable investment options.

Below is a timeline of the Golden Visa Portugal program;

Golden Visa Residence

On any date Citizenship 2 to 8 Citizenship is

Portugal, Your Tax-friendly Escape in ‘Uncertain’ Days! 15

Tip. Investments are interchangeable. This means that

YOUR RIGHTS AS A RESIDENT

Except in the case of duly justified personal or professional