E. philip.cartwright@abacus.gi

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Portuguese Chamber of Commerce “Moving to Portugal” Exhibition in Dublin.

Abacus will be exhibiting the Portuguese Chamber of Commerce “Moving to Portugal” Exhibition in Dublin on Wednesday 15th May. The exhibition will consist of several seminars based on the practical considerations relevant to Irish nationals before moving to Portugal, such as:

• The legal aspects of buying a property in Portugal.
• Planning your financial and legal matters ahead of making the move.
• How Portugal’s Non-Habitual tax programme works
• Aspects of healthcare, residency and later living in Portugal

Email philip.cartwright@abacus.gi for more information on the event, or if you would like to meet with a member of the Abacus team in Dublin on Tuesday 14th or Thursday 16th May.
Abacus offer a range of services for all Portugal based expats which includes our team guiding you through the Portuguese Non-habitual Regime process, Portuguese compliant investments, international pension services and most recently, fiscal representation (read more about this service on page two of this newsletter).


Abacus Golf Day Laranjal, Quinta do Lago
Thursday 26th September 2019

New Service Offering: Fiscal Representation and Non- Habitual Residency

Fiscal Representative Services

With effect from 1 July 2019, Abacus will be providing Fiscal Representative Services to non-resident companies that own Portuguese properties. The role of the fiscal representative is to liaise with the company directors and the tax department in relation to Portuguese tax obligations. This will include any tax calculations and payments of the annual property tax (IMI/AIMI bills), declaration of any rental income and property valuations. We have introduced this service at the request of our clients, but of course, we will continue to work with other fiscal representatives as we have always done.

Non-Habitual Residency Regime

With effect from 1st May 2019, Abacus will assist clients who wish to become residents of Portugal under the Non-Habitual Residency regime. Anyone who has not been Portuguese resident in the previous five years and has residential accommodation (rented or bought in Portugal) can apply for the status. The regime is designed to attract high net worth individuals to Portugal. The regime is for 10 years and the individuals must be resident in Portugal for a minimum of 183 days per year.
Tax advantages – foreign sourced income such as pensions, dividends, interest and royalties are tax free. We are witnessing a surge in the number of expatriates looking to move from UK/Spain to Portugal to take advantage of this regime. On occasions, a Malta company may be required to provide consultancy services which may reduce the tax payable of 5-10%.
In addition, the NHR status allows income from employment and independent personal services to be limited to 20% (rather than up to 53%). This applies if the income derives from listed high value added activities, examples being a doctor, a university professor, an auditor or an architect.

Update on Portuguese Beneficial Owner register

In August last year, the Portuguese Government published Ministerial Order 233/2018. This order will regulate the legal regime of the Beneficial Owner Central Registry in Portugal. This regime will introduce new disclosure obligations for Portuguese entities. There are two upcoming dates which any beneficial owner of a Portuguese entity should have submitted their disclosure forms by:

1. 30 April 2019 for residents subject to the commercial registry (now extended to 30th June 2019).

2. 30 June 2019 for the remaining non-resident entities

Contact us to find out how the beneficial owner central register will affect you.