[ Offshore Tax ] Taxation of US income before moving to Portugal

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Even if you do not live in Portugal full-time, you could still meet the residency criteria. The Portuguese tax authorities (Finanças) will consider you a resident if you spend a total of 183 days or more in Portugal within 12 months. As Portugal SPLITS the year for residency purposes, you could be recognized as a tax resident from the day you arrive in Portugal with the intention of staying permanently.

TIMESTAMPS:
0:00 INTRO
0:10 how capital gain tax in Portugal before becoming a tax resident.
0:42 before becoming a resident in Portugal, capital gains will not be taxed in Portugal.
1:10 OUTRO

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DERREN JOSEPH:
How would income and capital gains earn June of the same tax year, but before we became Portugal Tax resident talent? It’s a good question. It’s difficult, right? So both Portugal in the US works on a calendar year for taxes, which is helpful cause some countries do not. So it makes it kinda tricky. So both work in a calendar year. The good thing about Portugal is that they have, they have like a split-year treatment or dual status. So the US and the US we call it a dual status. So basically for the calendar year, potentially the transactions that happen before you relocated to Portugal before you can become a task resident in Portugal will not be taxed by Portugal. But from the time that you became a tax resident onwards to the end of the year will be taxed. So there’s, there’s a planning opportunity there. I know people wanna conclude big deals, some of selling their companies to go into retirement and making a, you know, an exit from their business. So you’d want to speak to an advisor and ensure the timing is right. So that correct it would happen. It’s gonna be a tax on the US. There’s nothing you can do about that. But make sure you’re not gonna be caught by the tax net of Portugal. So you gotta get that done before.

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