Residency and taxation

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  • #19050 Reply
    Myrna Clement
    Guest

    Hello. My husband and I wish to move to Portugal by September this year. We already own a property, have a bank account and fiscal numbers. We didn’t qualify for the golden visa as on paper our property was less than the €500,000 threshold due to 10% of the property value being put down as furniture by the seller! We will apply for the D7 but I’d like to know if we would be taxed in Portugal on our savings? We have a passive income from a rental property and we intend to keep our business running in the UK so would we also be taxed on income from that’s it business too. I am worried we will have to pay tax in both countries. Any help greatly appreciated

    #19055 Reply
    James Cave
    Keymaster

    Hi Myrna,

    Getting professional help is recommended for any tax-related issues. I can certainly point you in the direction of the right people.

    As for getting taxed twice, there are double taxation treaties between the UK and Portugal to prevent this. When you go get that professional help, it’s worth asking about the NHR scheme which in many cases allows you to be taxed at source (i.e. the UK) rather than in Portugal.

    The D7 sounds like the right route for you to go down as well.

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