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Many believe that Portugal is a tax haven, especially if you’re a crypto investor.
Indeed, you can do some structuring and use their famous NHR regime to pay very little or no tax, but there are certainly limits to this.
Even though Portugal can be great for some people, it is certainly not for everyone!
If you’re a digital nomad/freelancer you may be hit with very high taxes and socials in Portugal!
Are there ways to avoid this? Or is there a certain group of people that should just stay away from Portugal?
Let’s see!
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Author: Michael Rosmer
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Really appreciate the very straight-to-the-point and transparent info! There's so much misleading information out there making things seem overly rosy.
Another great video. Keep doing what you're doing Michael, your point of difference in this niche is your informative approach with no heavy sales pressure. Its great to see the community growing and you covering different areas (Crypto, Visas, Residencies, Citizenship etc). You have previously done a video on "Taxation for Traders", are you planning on creating content on the best countries, residencies, structures etc for traders (Stock options, Crypto, Day traders etc). I would love to see it. Thanks again mate. Loving the content.
portugal's tax sucks my dad gains 70k a year ( a lot ) and with tax thats 20k ( not a lot )
hes a lawyer and im really mad
Hi Michael, great content as always. My wife and I are US citizens and are looking to live in Portugal (my wife is originally from there). We both work virtually under 2 separate LLC's (for liability reasons), one as a health coach and one as a business consultant (product growth strategies). Based on your video I assume we would be taxable under Portugal tax code and not the US as we would perform our work there (virtually). What is not clear is whether we would qualify as High Value-Added Professional under NHR regime. Thoughts on this? is this best approach or can you suggest a better structure to minimize tax. I am ok paying up to US tax rates but wanted to avoid anything higher.
Thank you for the great info !! Could you please clarify more on NHR Portugal that if you are exempted from all types of taxes for 10 yrs ? Or there are only spécific taxes that are exempted under NHR ?
I read that working remotely for a foreign company with no business in Portugal, you don’t get taxed as a nomad. Is this true?
The cherry on the cake that Noone talks about is the list of tax haven jurisdictions that the Portugal has. And the associated exit tax if you are a citizen
Thank-you for referring to withholding tax. Every time I watch a certain Andrew I feel like he is misleading people by ignoring withholding taxes completely.
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Why are your videos consistently way too quiet? Having to reset my volume levels just for this channel is super annoying. Then I have to find the proper volume again for everything else after you're finished. So that's double annoying!
Good advice Michael, thank you for sharing.
Bri
What about tax friendly Panama, I love spending part of the year there and I have PR.
I read somewhere that although capital gains tax in Portugal is 28%, but it is calculated on only 50% of the gains, which doesn't seem all that bad compared to the US cg rates
Definitely a good move for us.
Great Video Michael, have you discussed the crypto farming with a Portuguese accountant? Both I have asked says it is not taxable. Seems to be a bit of a grey area. Also do you know weather they class NFT’s as any other crypto or would a sale of one also have tax liabilities? Thanks
What are the tax implications for a U.S. citizen who owns their own business in the U.S. but can do their job via telehealth using a computer? Their clients will be 100% U.S. citizens paying via U.S. health nsurance companies or self pay clients. They would pay Income tax in their home state and to the IRS. What taxes would they have to pay in Portugal?
Hi Michael I have been following you on YouTube since your early days. I'm very proud to see how you have grown and how versatile, how deep your contents have become. I would say you are better than nomad capitalist even though he's pioneer on this field. I'm a big fan of yours now didn't miss your single video. I will definitely reach out to you for help. Big hugs lots of love for you cheers 🥂
Certainly recently VERY hot here. We're receiving a massive amount of US/Canadian immigrants.
Welcome back! Hope you've been well
If the digital nomad makes money exclusively from royalty income, Portugal can be beneficial, especially for a US citizen earning royalties from US sources thanks to the foreign earned income exclusion and the social security totalization agreement.
You mentioned that crypto interest /staking rewards are taxable in Portugal. I have to disagree with that, if you are using an overseas based exchange or CEFI platform in combination with NHR, then this should not be taxable as it is overseas passive income. If on the other hand, we are taking about defi protocols or mining, then yes that would be taxable. At least this is what I have been told by my Portuguese accountant.
Well – I thought Michael had died – its been so long since he posted a video