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What has happened? Portuguese MPs have approved the rule changing the tax regime for non-permanent residents (NHRs), determining that tax benefits under the scheme will remain available only to employees of companies certified as "start-ups".
Details. The proposed Government Budget 2024 (OE2024) provides the abolition of the NHR regime, leaving it available only to people with income derived from careers in higher education and research or from skilled jobs through contractual allowances and productive investments in the local economy.
This tax incentive for research and innovation will therefore be available to people who, without having been residents of Portugal for the previous five years, become tax residents here and occupy jobs “in organizations certified as “start-ups” under the terms of the law.
These are the companies that have less than 250 employees, their annual turnover should not exceed €50 million, they should have been in operation for less than 10 years, they should have headquarters or a representative office in Portugal or at least have 25 employees in the country. Above all, they should not be the result of a large company division.
What else? The tax regime will also cover “skilled jobs recognized by the Portuguese Agency for Investment and Foreign Trade, EPE or IAPMEI – Agency for Competitiveness and Innovation, as relevant to the national economy, especially in the context of attracting productive investments.”
Source: Idealista
Photo by Aayush Gupta on Unsplash
