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Foreign Retirees pay 10% tax

Pensioners from abroad will pay 10% tax on foreign pension income. Since last year, the exemption in Portugal for foreign earned pensions ended. Pensioners who have non‑habitual resident status pay a tax of 10% on retirement benefits paid by their country of origin. The rule does not apply to those who already benefit from NHR or who have already signed up for the status. New taxpayers in Portugal lose their double tax exemption and will be taxed at a rate of 10% on their pensions. The option must be chosen when submitting the declaration during 2021.

Dennis Swing Greene
info at madeira-weekly.com

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