Portugal is DEAD! Here are 3 Better Options | Summary and Q&A

TL;DR

Portugal is eliminating its golden visa and reducing tax exemptions, making it less attractive for wealthy individuals. Italy, Spain, and Malta offer alternative options with lower taxes and potential citizenship opportunities.

Key Insights

• 😘 Portugal's changes to its tax laws and visa programs will impact retirees and crypto investors who enjoyed low taxes and favorable conditions.
• 🚕 Italy's lumpsum tax program offers a lower tax rate and a pathway to citizenship, making it an attractive option for high earners.
• 👮 Spain's Beckham law provides a significant tax exemption on foreign income for individuals who invest in the country through its golden visa program.
• 🚕 Malta offers permanent residency through a donation and has low tax rates, making it appealing for individuals seeking tax-efficient living and potential citizenship.
• 👻 The Greek golden visa program allows individuals to obtain residency without living in the country, making it a viable option for those requiring a European residency permit without physical presence.
• ❓ When considering residency-by-investment programs worldwide, it is advisable to seek professional assistance from Wealthy Expat for personalized guidance.
• 🍻 The top ten countries preferred by wealthy expats for relocation can be explored through the provided link.

Transcript

Portugal is officially dead they got rid of the golden Visa by real estate investment they want to get rid of the nhr tax exemption if you wanted to move to Portugal you wanted to enjoy the beautiful nature the surfing the beaches in the South well now you can't unless you pay 40 50% tax starting in 2024 the especially affects retirees that had a p... Read More

Questions & Answers

Q: Why are the changes in Portugal's tax laws and visa programs affecting retirees and crypto investors?

The elimination of the golden visa and reduction in tax exemptions means that retirees who enjoyed low taxes in Portugal will now face significantly higher tax rates. Similarly, crypto investors who leveraged Portugal's tax-friendly policies will now be subject to much higher taxes, making it less appealing for them to reside in the country.

Q: How does Italy's €100,000 lumpsum tax program work, and who can benefit from it?

Italy's lumpsum tax program allows high earners, particularly those making over a million dollars in profit, to pay a flat tax rate of 10% in exchange for residency. After 10 years, they can apply for Italian citizenship. This program benefits wealthy individuals who want to live in a tax-efficient country while enjoying a luxurious lifestyle.

Q: What is the Beckham law in Spain, and how does it offer tax exemptions?

The Beckham law grants a 5 to 6-year tax exemption on foreign income for individuals who invest in Spain through its golden visa program. This means that individuals can live in Spain for up to six years without paying taxes on their foreign income, except for income generated in Spain. This exemption is particularly attractive for individuals looking for tax-efficient living and potential citizenship.

Q: What advantages does Malta offer in terms of residency and taxation?

Malta offers permanent residency through a donation and has low tax rates, with a 10% income tax rate for residents. Additionally, long-term crypto holdings are exempt from taxation, making it a desirable option for crypto investors. Malta also has a pathway to citizenship for those willing to make a larger donation, providing an opportunity for a second passport.

Summary & Key Takeaways

• Portugal has abolished the golden visa and reduced tax exemptions, impacting retirees and crypto investors who enjoyed low taxes in the country.

• Italy offers a €100,000 per year lumpsum tax program, allowing high earners to pay a lower tax rate and potentially apply for citizenship after 10 years.

• Spain provides the Beckham law, granting a 5 to 6-year tax exemption for foreign income for individuals who invest in the country through its golden visa program.

• Malta offers permanent residency through a donation and low taxation rates, making it an attractive option for individuals looking for tax-efficient living and potential citizenship.