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The Portuguese Parliament voted in favor of the State Budget for 2024, effectively putting an end to the tax regime for Non-Habitual Residents (NHR).
The new law introduces a rule to maintain legitimate expectations and introduces an innovative incentive system designed to attract individuals to Portugal, particularly those involved in scientific research and innovation.
From January 1, 2024, the NHR regime will no longer be available to new tax residents. However, those already enrolled in the NHR scheme from 31 December 2023 will continue to benefit from it for the remainder of their 10-year eligibility period.
Transitional opportunity until December 31, 2024
A special provision was created for natural persons who become tax residents in Portugal in 2024. These persons can still access the previous NHR regime if they meet specific criteria, such as having employment contracts or property agreements in Portugal initiated by certain dates of 2023.
New Tax Incentive for Scientific and Research Professionals
From January 1, 2024, new tax residents who have not resided in Portugal in the last five years may be eligible for a tax incentive adapted to activities related to scientific research and innovation. This includes roles in higher education, specific high-value sectors and startups. Eligible people can benefit from a 20% tax rate on their income from these activities for ten years, subject to conditions, and will not have to pay tax on certain types of foreign income.
Extension to Autonomous Regions
The New Tax Incentive also covers jobs or activities carried out by tax residents in the Azores and Madeira, with specificities to be defined in a regional legislative decree.
7 сен 2024
