Just weeks after the earlier discussions surrounding the potential discontinuation of Portugal’s Non-Habitual Resident (NHR) scheme, we have a substantial update to share. The State Budget Proposal for the upcoming year has been officially presented, and it provides further clarity on the NHR status.
The Fate of the NHR Scheme
The State Budget Proposal clearly indicates an end to the NHR status in 2024. While this proposal is yet to be fully debated in Parliament, given that the current socialist government holds the majority, it’s improbable that any significant alterations will occur. The final approval for this proposal is slated for November.
Window of Opportunity for Potential Applicants
For those who have been keenly following the NHR discussions and are considering applying, there’s still a window of opportunity. The proposal suggests that individuals who secure their tax resident status by the 31st of December can still apply for the NHR program. In a surprising and somewhat relieving twist, it’s also mentioned in the proposal that individuals holding a valid residence visa by the specified date are eligible to apply for the NHR status. The practicalities of this clause are still under review, and we’ll keep our readers updated on how this will function in reality.
What This Means for Future Residents
This new development signifies the importance of prompt decision-making. If you’re deliberating a move to Portugal and have been considering the benefits of the NHR scheme, this is the time to act.
- The State Budget Proposal for 2024, presented recently, indicates the cessation of the NHR program in the same year.
- Those securing tax residency by December 31, 2024 can still apply.
- Individuals with a valid residence visa by the end of the year are also eligible, though the execution of this remains to be seen.
As we approach the November approval, further specifics will unravel. For now, we urge our readers and potential residents to evaluate their positions and take timely actions if they wish to avail of the NHR benefits.
Stay tuned for more updates on this front. We remain committed to providing accurate and timely information to help you navigate these changing terrains.
Check out our original blog post here