Expat tax - Page 2

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Expat tax - Page 2


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Old 16th January 2013, 11:11 AM
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Inheritance issues for non Portuguese are beneficial as Portugal accepts the inheritance laws of your country of birth, so if your American you can leave your estate as American Law dictates, there is no inheritance tax to spouse, your children, parents, legacies to others Stamp Duty of 10% of taxable value.

As a resident you should make a yearly IRS return declaring world wide income, Portugal has dual treaty with USA so you don't get taxed on same money twice, but you need to research the tax implications for your own specific case, whether you comply 10 yr scheme or whether it would suit you etc, before you decide whether you'd like to live here or start the Residence application process

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Old 16th January 2013, 12:19 PM
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Thank you. This is a much better situation than Spain. Would you be able to suggest any cities that have charm, but a reasonable cost of living? Spent most of my time looking in Spain and now I am writing it off

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Old 16th January 2013, 12:53 PM
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My personal preference is Coimra

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Old 16th January 2013, 03:06 PM
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Thank you, I just happened to be looking at Coimra

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Old 18th January 2013, 09:41 AM
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Looking at moving to Portugal myself, live in the US right now and am finishing up grad school. Likely moving over there regardless, but this would be quite the bonus if everything fell into place and my wife and I qualified.

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Old 18th January 2013, 09:33 PM
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As I am at retirement age, inheritance tax is a big vonsideration. What is the pull of Portugal for you?

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Old 18th January 2013, 10:15 PM
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I actually lived there already from 2007-2009 before I was married doing service for the church there. I learned Portuguese over that time interacting and working with Natives the entire time, so that is always nice to have in my back pocket. But ultimately I just fell in love with the culture and how relaxed and laid back the feel is there (in comparison to America at least haha). Also, the prospect of being able to travel so cheaply from country to country in Europe is a big pull for us as we would love to visit all the cool places it would otherwise cost $3,000 for us to just fly over there from here in the States.

We have friends throughout the country as well which is nice, natives, but a few are fluent in English which will be nice for my wife who doesn't know much of the language at all. I lived in Porto and Viana do Castelo during my time there so those are likely the spots we would consider moving back to, although I know the expat community is typically in the south in Algarve or Lisboa, etc.

I need to speak with someone there, an accountant or lawyer, that knows more than me about this stuff, but we would be self-employed. I recently started a business online and our income would be coming from that. Anyway, not 100% sure about which income taxes fall under that tax holiday or not, but since we are still so young we don't really have any other income or pensions or retirement or inheritance, etc. Appreciate any feedback or knowledge you guys have, and I hope things are going well over there!

Preston

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Old 19th January 2013, 07:28 AM
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Preston, no your income wouldn't come under that scheme or the golden handshake scheme, your 1st hurdle would be applying for Residence the natives might not like being referred to as such yes there's a large concentration of expats in the Algarve but there are far more spread throughout the rest of Portugal

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Old 11th March 2013, 07:19 PM
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Post Tax & Tax Returns In Portugal

I have experimented with living in Portugal and have decided to stay here!(Portugal that is). Sorry to dig up an old issue but it pertains to declaring my income and whether I will be taxed on it. My income is my NHS pension, widow's allowance and a small pension of my husband's. I have read through posts in threads but would appreciate a simple update summary... Cookbook style would be appreciated. I should mention I am a UK citizen. Many thanks.

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Old 11th March 2013, 07:41 PM
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As you've decided to stay then you should register as a Resident, as a Resident your required to file a Tax Return each year
Portuguese Tax Year is Jan to December as Bicky just posted returns made as below

Statements delivered on paper:
a) from 1 February until 17 March to declare income exclusively in categories A and H,
b) from 16 March to 30 April, in the remaining cases.
statements sent over the Internet:
a) from March 10 until April 15 to declare income exclusively in categories A and H,
b) from 16 April to 25 May, in the remaining cases.

The Tax Law has changed it's now necessary to make a return if your pension/s are +293€ pm but this doesn't necessarily mean you'd pay any tax, it's advisable to use an account first year or so to understand system and if there's any claimable items in your income, expenditure

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