At a time when the importance of cryptocurrencies is increasingly being analysed, Madeira may soon have its own digital currency (OSEAN).
Posts published in “Financial Matters”
CTT – Correios de Portugal launched a new collection of stamps yesterday - a philatelic issue on the Histories and Myths of Europe, - with the municipality of Machico being highlighted through the Legend of Machim.
IRS 2021 – Procedures 1-7 – nº 7: Taxable Income Until June 30, taxpayers with an obligation to submit the IRS declaration must do so through the Internet. To submit the declaration, you must have an authentication password, sent by the Finance Department. It is the combination of the password…
IRS 2020 – Procedures 1-7 – nº 6: Filing Status Single, widowed and divorced taxpayers submit an individual return. Couples should also file an individual declaration but may elect to report jointly. Separated couples who are not divorced should each file singly. This is usually advisable since both spouses are…
IRS 2021 – Procedures 1-7 nº 5: Automatic “IRS” Reporting The Portuguese Tax Authority (“AT”) is making available Automatic “IRS” Reporting to millions of taxpayers in Portugal. The change is part of “Simplex”, a programme designed to reduce bureaucracy at all levels of government. The move has similarities to “PAYE”…
IRS 2021 – Procedures 1-7 – nº 4: Your “IRS” Declaration Filing Dates The tax year corresponds to the calendar year (01 Jan – 31 Dec). Fiscal Residents must submit tax returns by the following deadlines to avoid penalties. For the current fiscal year, declare between 01 April and 30 June.…
Do you live here more than 183 days per year? Then you have to deliver a tax declaration to the Tax Office. Here is how this is done, in seven parts (one coming out every week): IRS 2020 – Procedures 1-7– nº 3: Non-Habitual Residents Regime for Non-Habitual Residents The…
Do you live here more than 183 days per year? Then you have to deliver a tax declaration to the Tax Office. Here is how this is done, in seven parts (one coming out every week): IRS 2021 – Procedures 1-7 – nº 1: Residents Countries increasingly challenge former residents…
Lately, we had different information from the President, Miguel Albuquerque, and the health professionals as to where tourists should do their Covid tests, bevor departure from home or here at arrival. Tests which are done at the airport and the harbor, are being paid the by the Government, that is…
The vast majority of Foreign Residents share a common trait: most, if not all, of their livelihood comes from outside of Portugal. Great confusion and disinformation abound regarding such income from abroad. Before analysing the different requirements surrounding Individual Income Tax (IRS) in Portugal, it is useful to dispel some of the myths and establish a few of the basics regarding Portuguese taxation and the obligations of the Foreign Resident. So the first question to consider is: Who is required to become resident for tax purposes in Portugal?
Many owners of Offshore Companies, both black and white listed, reach a point where, for any number of reasons, they wish to sell up. Yet most are uncertain of the Capital Gains Tax consequences of such a sale, particularly since there are a number of different ways to structure the transaction. While individual proceedings sometimes present unique circumstances, the following example should prove illustrative of most sales. Respective costs and savings ought to be proportional in most cases.
The Multibanco system has been around for 35 years and continues to be a widely used resource by those who resort to the most varied banking movements in Portugal. Despite the increasingly frequent use of homebanking, which, due to its efficiency and security, gains more and more followers, the use…
Frequently Asked Questions Expats may vote in local municipal and European elections as long as they are registered in the Portuguese national electoral census. In addition to all Portuguese citizens, Brazilian nationals with a citizen card or other viable ID card and those from the following countries may also vote…
Taxation of US citizens
The US government imposes income tax on US persons based on their worldwide income, not residency. The following are considered to be US persons for tax purposes:
- A citizen born in the United States or outside with at least one parent who is a US citizen;
- A naturalized citizen;
- A resident of the United States for tax purposes if they meet either the green card test or the substantial presence test for the calendar year;
- Any other person who is not a foreign person.
The proposal that the Government of Sweden sent to parliament to denounce the convention to avoid double taxation (CDT) with Portugal will be voted on 02 June. At the origin of this initiative is the fact that until now, Portugal has failed to ratify the protocol to the agreement signed by the two countries in May 2019.