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The process of moving to Portugal is exciting and simple - if you know what you are in for. But how should you plan your move? We will help you.
The right question is: what not to expect from Portugal? The Portuguese territory has landscapes for all tastes, from paradisiacal beaches to verdant forests and mountain getaways. And the best thing is that it is all relatively close - you can even be on the beach in the morning and hiking in the mountains in the afternoon. The Mediterranean climate provides warm summers and mild winters throughout most of the country. Given its privileged location, Portugal is easily accessible by air, land, or sea. The country has several airports in the main cities (Lisbon, Oporto, Faro, Funchal, and Ponta Delgada) and seaports all along the coast. There are direct flights to several European capitals (mainly from Lisbon and Oporto airports, but also some from Funchal and Ponta Delgada).
On a business and professional level, the main cities are Lisbon, Oporto, and Funchal. Portugal has positioned itself as a very attractive country for foreign investment (learn more about the International Business Centre of Madeira) and is one of Europe's top destinations for technological investment. It has an excellent infrastructure network, fast internet connection and large investments in environmental sustainability. Moreover, it is one of the safest countries in the world and the English language is widely spoken. So, it is unsurprising that Lisbon is one of the best destinations in the world for digital nomads (with Madeira rapidly gaining ground).
The first step is to make sure that your move is worthwhile, not only from a personal but also from a professional and tax point of view. In terms of taxation, for example, Portugal offers a very interesting tax regime for non-habitual residents, but it is important to carefully analyze the type and source of each income, the type of activity you intend to develop (if any) and future interactions with other countries (starting with your country of origin) so as not to run the risk of being subject to much heavier tax rates than those you currently pay. Contact us to find out how we can help.
Now that you have decided, it's time to choose where you want to live. And not only that.
We understand that it is not easy to choose just one place to live in Portugal (but we can help, thanks to our relocation services). Although you can explore all that Portugal has to offer from anywhere in the country, some cities/regions have unique characteristics. Lovers of city life, cultural events and nightlife will feel more at home in Lisbon or Oporto. For a more peaceful day-to-day life, the interior or the Azores archipelago will be more adequate. The Algarve is the destination of choice for retirees, but not only. And Madeira, which combines a bit of all these characteristics, is the ideal destination for any individual - or business.
If you are a non-EU citizen, you should note that you need a residence permit to stay in the country for more than 90 days. Portugal offers residence permits for investment activities (Golden Visa) that only require you to stay in the country for 7 days in the first year and 14 days in subsequent 2-year periods. There are several eligible investment activities, such as capital transfer, business creation, job creation and real estate investment. Please note that only real estate investments for residential purposes made in Madeira, Azores, or some inland regions of mainland Portugal, are eligible for obtaining a Golden Visa. Click here to know all about Golden Visa in Portugal.
There are also residence permits for highly qualified workers (Tech Visa), and for entrepreneurs (StartUp Visa).
EU residents not only enjoy the advantage of not needing a visa to live in Portugal but can also benefit from the Non-Habitual Resident (NHR) status. Highly qualified workers and pensioners benefit from a reduced tax rate, in addition to other advantages. See our Guide to Non-Habitual Residents in Portugal to find out more.
This is where your process of moving to Portugal can get complicated. NEWCO is at your side to prevent this from happening. You can count on our help to:
The NIF (Tax Number) is essential for almost everything, from buying a house to requesting medical assistance. How to get a NIF? We will detail it in one of our next articles. Until then, contact us.
Finding a house in Portugal is not an easy task, especially in the big cities of Lisbon, Oporto and Funchal. Demand is greater than supply, so finding a house with the characteristics and location you want can prove challenging. Fortunately, NEWCO has a Real Estate department prepared to help.
There is no need to stress the importance of opening a bank account in Portugal. This can be a lengthy and stressful process, so the best thing is to count on our support!
Portugal offers excellent education with world class universities. There are international schools in the metropolitan regions (Lisbon, Oporto, Algarve, Madeira). The Portuguese public health system is universal and free for those under 18 or over 65, only requiring that you register at a local health centre. NEWCO can assist you in finding the appropriate school for your children, as well as in registering with the National Health Service or with private health insurance.
When moving to a new country, one of the main concerns is how you will transport your personal belongings, pets, cars, or other goods to your new home. Transporting personal goods from non-EU countries to Portugal is exempt from VAT and customs duties, provided certain conditions are met. It is also possible to benefit from exemption from vehicle tax (ISV) and VAT in the case of importing vehicles from a non-EU country as long as the vehicle is in your name and you can prove that you have lived in the country of origin for at least 6 months prior to moving. NEWCO can help you plan the transport of your personal belongings and the legalisation of your vehicle in Portugal. Note that although it is possible to bring more than one vehicle to Portugal, only one per person can be legalised with tax exemptions.
The Portuguese tax system, although fully integrated with European standards, can be a little complex. But you can rest assured that your personal and/or corporate accounting and tax compliance are in order. We also help with introductions to banks and insurance companies, lawyers, tax consultants and financial advisors, and any other corporate services you or your company may requir
By knowing what awaits, and with our help, you can be sure that your move to Portugal will be quick and easy. You can count on NEWCO to assist you in any aspect of your move. We suggest you read our Brochure Living in Portugal, (available below) where you will find detailed information and tips about Portugal and your move here.
NEWCO is your one-stop-shop for foreign investment services in Portugal and Malta, with 30 years of experience in providing all the necessary services for people and companies of any size to set up and develop their business in these countries, safely and efficiently. Contact us.
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