Livestream – US & Portugal Taxes

So in terms of the tax registration and the first remark that I would like, to address is the fact that we usually think of Portugal as a place where people can decide to leave, but also it could be the case that only invests and not be contexts resident in Portugal. So I will only address the cases where individuals move to Portugal and intend to spend most of their time here and then became tax residents. Because when we talk about the energy regime is a regime applicable to tax residents in Portugal. And this is the first message that I would like, to be so people can have, for example, residence permits, or a visit and not become tax residents in Portugal. So these NHR are regime as some conditions, mainly the main condition would be, of course, to be the first time, or at least was not resisted as tax resident in the previous five years in Portugal. So this is one condition. And the other one that I already mentioned, Tax residency in Portugal and not, and the application for the NHR regime is made until the end of March of the year following the one that the change of the tax residency occurs. And it is, it is a regime that is applicable for 10 years. So this is in terms of the conditions, to be context resident and be considered tax resident in Portugal. The first criteria would be more than when a T2 12-month view one of the situations where individuals become tax resident, but individuals can also consider text residents in Portugal, even in case they spend less than 83 days, but a property it willing in Portugal in conditions that suggest the intention to, to maintain an occupied such property as a B12 residence, in terms of the tax registration procedures in brief terms, once you individual become tax resident in Portugal, you need to report here the worldwide income. So income from Portuguese and foreign sources and the main steps, our first step would be to apply the Portuguese by, for Portuguese to expire number, which is something that usually occurs. The moment that individual starts, the process of getting, for example, a visa or residency permit, then the moment that he moves to Portugal on a permanent basis to register as a tax resident applied for the EnerGov status. And then from that moment on, on an annual basis to file the personal income tax return, the tax period in Portugal is the calendar here. As I mentioned, individuals need to re-report worldwide another important aspect is that they need to read point bank accounts. So the obligation is to report just the number of the bank accounts, not report to balance our assets, just to try to cover some of the main features of the EnerGov regime with respect to passive income, what we call passive income from foreign sources. There is an exemption available, namely in those cases where the income can be subject to taxation at source under the double tax treaties concluded by Portugal. For example, in the case of interest or dividends these are usually sources of income that are taxable at source, and then exempt from personal income tax in Portugal under any charging, the same applies, for example, to rent from properties held abroad. Of course, there are some exceptions. And then to give one example of a foreign source income that is subject to tax session and not exempt under the NHR regime would be the case of capital gains derived from the sale of securities in general terms. And also do not benefit from the exemption income source in what we call blacklisted jurisdictions, Portugal has a long list of jurisdictions that are considered blacklisted, and we should pay attention. And if I’m awaiting the tech session in case of any income derived from those, those jurisdictions, with respect to all other sources of income, in this case, employment income, more self-employment income exemptions under the NHR regime are also available well, but in this case, or the, the requirement is to be effective.

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