Receiving a Golden Visa may impact income tax, property tax, capital gains tax, and inheritance tax, varying by country. Seek professional advice to understand and comply with the tax implications.
The Golden Visa itself does not impose specific tax obligations; however, there are several tax considerations to be aware of when holding a Golden Visa in Portugal:
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Property Taxes: If you purchase property under the Golden Visa program, you will be responsible for local property taxes, such as the Imposto Municipal sobre Imóveis (IMI). This is an annual tax based on the value of the property.
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Income Tax: If you earn income in Portugal, you will be subject to Portuguese income tax. This includes income from employment, business activities, or rental income from property.
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Wealth Tax: Portugal does not have a wealth tax, but the value of your assets, including property, may affect certain tax obligations.
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Capital Gains Tax: If you sell property or other assets in Portugal, you may be liable for capital gains tax on the profit from the sale. The rate and specifics depend on whether you are a resident or non-resident and the nature of the asset.
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Inheritance and Gift Tax: Portugal imposes a Stamp Duty on inheritances and gifts, which applies to assets located in Portugal. The rate is typically 10% for direct heirs.
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Double Taxation Agreements: Portugal has agreements with various countries to avoid double taxation. If you are a tax resident in another country, these agreements may help reduce the tax burden on income or assets that are taxed in both Portugal and your home country.
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Non-Habitual Resident Status: If you qualify as a non-habitual resident in Portugal, you may benefit from favorable tax rates on certain types of income, such as foreign pensions.
Consulting with a tax advisor familiar with Portuguese tax laws and international tax treaties is advisable to ensure compliance and optimize your tax situation.