Several Portuguese economic sectors looked with anticipation and dread to possible amendments to the Portuguese Golden Visa regime. The sense of urgency is now present when considering applying for EU residency under this program.
The Portuguese Government has been discussing changing the Golden Visa regime since 2019. When the Parliament enacted the State Budget for 2020, it authorized the Portuguese Government to amend the regime framework of the ARI (Autorização de Residência para Investimento), also known as the Golden Visa. …
Due to the pandemic, the Portuguese Government has implemented exceptional measures to mitigate companies’ and individuals’ financial impact.
Framework: Law 1-A / 2020 of March 19 and Law 4-C / 2020 of April 6
Concerning rental agreements and mortgage payments, since mid-2020, several moratoria are in place, providing for:
For the moratorium to apply to a residential rental agreement, the tenant must prove a 20%…
As of January 1st, 2021, the minimum wage in Portugal is set at 665 euros. In the case of part-time employees, the minimum monthly salary must be prorated.
This publication or document contains general information and is not intended to be comprehensive nor to provide legal or tax advice or services. It should not be acted on or relied upon or used as a basis for any decision or action that may affect you or your business. Professional legal advice should be requested for specific cases. We do not undertake any continuing obligation to advise on future legal amendments, or of the impact on the conclusions herein. Prior results do not guarantee a similar outcome. The contents of this publication or document may not be reproduced, in whole or in part, without the express consent of GFDL.
After requesting the Portuguese Government to review the list, the Principality of Andorra is no longer a blacklisted jurisdiction for Portuguese tax purposes.
The list contains the countries, territories, and regions with clearly more favorable privileged taxation regimes. Special Portuguese provisions governing transactions with entities located in tax havens (offshore) enforce increased taxation and special anti-abuse measures.
The new list enters into force on January 1, 2021.
This publication or document contains general information and is not intended to be comprehensive nor to provide legal or tax advice or services. It should not be acted on or relied upon…
In this unstable time, Portugal gives everyone a new opportunity to move to a sunnier and safer place or start their path to a second passport.
Notwithstanding the current pandemic, the Portuguese Immigration Authorities continue to issue residency visas to foreign citizens who meet the requirements.
Portuguese borders are open for E.U. citizens and holders of a Residency Visa or Permits, such as the Golden Visa.
Nevertheless, an ordinary Schengen visa will not be enough to allow entry to Portugal unless the foreign citizen can qualify under one of the entry ban exemptions.
Indeed, most types of residency permits must…
On November 10th, the Portuguese Parliament introduced new amendments to Portuguese nationality law
Children born in Portugal to foreign parents residing in the Portuguese territory for more than one year are now able to apply for citizenship. The child must be born in Portugal and the parents need to prove they have been legal or illegal residents in the country for at least one year prior to his/her birth.
This regime is applicable to all types of residency in Portugal, including the Golden Visa. …
The Withdrawal Agreement between the European Union and the United Kingdom provided a specific legal framework to uphold a transition period’s status quo.
UK nationals moving to Portugal during the transition period have been enjoying the same as those who arrived in Portugal before Brexit.
The Agreement provides that all UK citizens have until December 31st, 2020, to register their residence in Portugal in a simplified manner. Portugal would grant residency for five years.
After January 1st of 2021, all UK citizens who have failed to complete such registry shall be exposed to a longer and more complex regime, as…
The recent Portuguese transposition of the Fifth Directive on AML* has a direct impact on cryptocurrency businesses.
In addition to extensive AML and KYC procedures being enforced on some crypto businesses, regulatory registration is now required.
This Directive is the latest European Union legal framework governing the measures against the use of the financial system for money laundering or terrorist financing purposes.
The new law’s scope expands the scope of compliance requirements and creates new obligations to be adopted by entities operating with virtual assets. …
The SRD II, Directive 2017/828 of May 17, 2017, amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement, has been transposed to the Portuguese legal framework.
The transposition law (Law 50/2020 of August 25) entered into force on August 26, 2020.
About the SRD II
The SRD is a European Union Directive to strengthen the position of shareholders and ensure that decisions are made for a company’s long-term stability. It impacts corporate governance in companies with registered offices in EU Member States and whose securities are traded on EU’s regulated markets.
It creates tools to encourage long-term shareholder…
The Participation Exemption Regime revisited
The Portuguese participation exemption regime allows international enterprises to avoid double taxation of dividends and capital gains from the disposal of foreign and Portuguese shareholdings. It applies to both inbound and outbound flows.
It placed Portugal on the map as a privileged jurisdiction for companies to do business and invest worldwide in a tax-efficient manner.
A qualified shareholding requires a 10% direct or indirect shareholding (or voting rights) held for 12 months.
In the case of outbound payments, the Parent Company must be tax resident in a European Union jurisdiction or in a country with…