Why should skilled workers consider the new tax benefits in Portugal?
Skilled workers should seriously consider the new tax benefits available in Portugal under the IFICI+ tax regime, which offers a reduced IRS rate of 20%. This initiative is tailored for individuals who moved to Portugal in 2024, encouraging professionals in scientific research and innovation sectors to relocate. The attractive tax rate not only reduces the cost of living but also enhances potential earnings, making it an excellent opportunity for those looking to further their careers while enjoying a high-quality lifestyle. Portugal is well-known for its picturesque landscapes, culinary delights, and vibrant cities, providing a perfect backdrop for both professional and personal life. Additionally, this tax regime fosters a community of like-minded individuals and supports a dynamic work environment. Engaging with cutting-edge projects in research and technology can lead to significant career advancements and networks. With a clear focus on drawing top talent, Portugal presents a favourable investment climate, positioning itself as a hub for innovation. New residents can enjoy the benefits of lower taxation while immersing themselves in a culture that values work-life balance and well-being. The potential for collaboration with local enterprises and universities opens doors to unique ventures and milestones in one's career. For those contemplating a move and a more fulfilling work environment, Portugal's IFICI+ is worth exploring. Don’t hesitate to reach out for more comprehensive insights into this remarkable opportunity!
People who obtained residence in Portugal in 2024 will be able to register for the tax regime that replaced that of non-habitual residents, IFICI+, and will be able to do so until March 15, 2025, according to the Government.
The Minister of Economy, Pedro Reis, was speaking at the parliamentary committee on Economy, Public Works and Housing, as part of a regulatory hearing, and said that the ordinance regulating the tax incentive for scientific research, innovation and human capital (IFICI+) is about to be published.
The objective, stated the minister in response to questions posed by CDS-PP deputy Paulo Núncio, is for this new instrument to be operational from January 1, 2025, with the ordinance providing for a retroactive effect in order to cover those who became resident in Portugal in 2024.
In this first year of IFICI+ operation, interested parties will be able to register until March 15th, but in the future the deadline for registration will be January 15th (for those who became residents in the immediately previous year).
At issue is a new tax regime for attracting qualified workers, particularly in the areas of scientific research, to whom an IRS rate of 20% will be applied to income from dependent and independent work (categories A and B).
People who benefit or have benefited from the status of non-habitual resident or Return (aimed at former residents) are left out of IFICI+.
IFICI+ is also not accessible to people who have resided in Portugal in the last five years, a rule the same as that already existed for the Non-Habitual Resident Status (NHR).
