Business as usual

ANNE DARLINGTON

E:

anne.darlington@abacus.gi

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Portugal ranked as 3rd most peaceful country

Interesting fact: Portugal has been ranked as 3rd most peaceful country in the world behind Iceland and New Zealand for 2020, with Ireland ranked at 12th and the UK ranked at 46th.

According to the Global Peace Index (GPI) report produced by the Institute for Economics & Peace (IEP) (http://economicsandpeace.org/) measures global peace using three broad themes: the level of safety and security in society, the extent of domestic and international conflict, and the degree of militarisation.

See https://www.atlasandboots.com/most-peaceful-countries-in-the-world/
for a full list.

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Raising Finance against Delaware/Malta Companies

We are pleased to inform you that one of our long established business partners is able to arrange short term finance against the security of a Portuguese property, owned via an offshore company. If this is of interest, please contact us and we will arrange a formal introduction to see how they may assist.

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Golf Day

Abacus annual golf day is scheduled for Thursday 24th September 2020 subject to Portuguese government guidelines regarding Covid-19.

We will provide an update in our summer newsletter once we have clarity on whether it will be possible to hold such an event.

Changes to Tax on Pensions
for Non Habitual Residents

A flat rate of 10% will apply to pensions from a foreign source (instead of the current exemption), as well as to other payments such as pre-retirement benefits and ”lump-sum” payments from pension funds and similar retirement schemes. Taxpayers will be taxed according to the progressive tax rates. A foreign tax credit is available against any foreign tax paid on these forms of income.
are already registered as NHR; or
have already submitted an application for registration, which is
pending from the analysis of the tax authorities; or already qualify as Portuguese tax residents and apply for the registration as NHR by 31 March 2020 or by 31 March 2021.
Taxpayers who are already registered or filed an application for registration or at least already qualify as resident in Portugal
(and will apply for registration) will keep the existing tax regime, with the option for the new one;
The tax treatment of lump sum payments, which is currently unclear/subject to controversy, is clarified. Taxation will arise at a 10% flat rate going forward;
Taxpayers who are considering moving to Portugal and may wish to benefit from the current regime will have to become tax resident before 1 April 2020.
PHIL CARTWRIGHT
Senior Manager

E.

philip.cartwright@abacus.gi

T.

+360 200 787 77

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