Spanish resident millionaires look to Portugal as their destination

The current political and social instability in Spain has triggered an avalanche of tax consultations to bring Spanish citizens fortunes to Portugal. Spanish millionaires are already studying the possible transfer of their wealth to Portugal for fear of fiscal policy change due to a new government – the Spanish newspaper El Economista says.

According to inspector Esaú Alarcón, a lawyer at Gibernau Asesores heard by that economic newspaper, “Portugal is currently viewed with good eyes by high-income people, because it has a kind of our “Beckham” regime (this is a special regime applied in Spain to people who for work reasons move their tax residence to the country), obtaining greater tax advantages.” “Basically, (in Portugal) there are fewer conditioning factors and there are 10 years of tax benefits, as opposed to six as here.” Taxes Esau Alarcón refers to El Economista.

Alarcón’s testimony is not unique, many other inspectors acknowledged to that newspaper that “they received a flood of questions from their clients to move their residence to the neighboring country.”

The interest is mainly due to the Non-Habitual Resident Status (RNH) which allows those who change their tax residence to Portugal not to be taxed for 10 years on income earned abroad.

 

Fonte: El Economista