Expats Left Reeling as Tax Breaks for Overseas Brits Vanish - A Major Blow!

[ad_1] Portugal to End Tax Breaks for Expats in Effort to Lower Property Prices Portugal's Prime Minister, Antonio Costa, has announced that the country will be terminating its tax breaks for expatriates in an attempt to bring down property prices. Costa stated that the low-tax scheme is no longer justified for foreign residents, as it has led to a significant increase in housing prices in the country. The tax scheme, known as Non-Habitual Residence, was introduced in 2009 to attract foreigners and stimulate economic growth after the financial crisis. It allowed individuals who spent more than 183 days a year in Portugal to benefit from a 20% tax rate on Portuguese-sourced income from high-value-added activities. Expats could also enjoy a 10% flat tax rate on pensions from another country. However, Costa believes that the scheme has inflated the housing market and created a fiscal injustice. He has pledged to close the scheme for new applicants starting in 2024. Current beneficiaries of the tax breaks will still be able to enjoy the benefits. Approximately 42,000 Britons currently reside in Portugal, but new expats will not be eligible for the low-tax scheme. Official figures indicate that the policy has resulted in approximately £1.3 billion of foreign income going untaxed. The announcement comes in the wake of widespread protests across Portugal against soaring property prices. Housing prices in the country have increased by 78% between 2012 and 2021, with a 65% rise in rent prices in Lisbon alone, making housing unaffordable for many residents. This move follows the Portuguese government's decision earlier this year to end its golden visa program, which grants visas to non-EU nationals who make significant investments in the country. The termination of the tax breaks for expats is seen as a step towards addressing the housing affordability crisis in Portugal and creating a more equitable tax system. [ad_2] https://market-news24.com/finance/expats-left-reeling-as-tax-breaks-for-overseas-brits-vanish-a-major-blow/?feed_id=71211&_unique_id=651d7902a9ca7

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