With the Tax and Customs Authority (“AT”) asking taxpayers to remain at home by using digital channels, the process for IRS payments in instalments has been simplified. If you have an outstanding debt of up to €5,000 and do not owe other taxes, it is possible to divide the amount…
Posts published in “Financial Matters”
During this month of August, at least half of the number of flights registered at Lisbon Airport has resumed according to the data from ANA – Airports. Air traffic has begun to show signs of recovery after the 93.8% drop in the second quarter as compared to the same period…
Question: I have only been able to let my local lodging unit during the high season. There is now a potential tenant who wishes to rent the apartment from October to May. Can I do this by concluding a contract for the period and then move forward with weekly or…
Tax planning is an essential part of preparing to move abroad. You will continue to have reporting obligations and possible tax liabilities in the States based on your US nationality, in addition to the new requirements founded on fiscal residency in Portugal. As always, the IRS applies harsh penalties for…
Portuguese resorts are considered to be the best in Europe among 26 residential tourism developments in 9 countries. According to 54 criteria in 10 categories, Portuguese holiday retreats ranked nº 1. There are many forms of tourism: recreation and leisure, healthcare, curative spa, cultural, educational, social. Dennis Swing Greeneinfo at…
The impact of the Covid19 pandemic on the Local Lodging Accommodation (“AL”) market is devastating. In May, average occupancy rates reached only 5% in Lisbon and 3% in Porto, worsening the already low levels observed in April when Lisbon registered an average occupancy rate of 10% and Porto 11%. Despite…
The list of non-cooperative jurisdictions for tax purposes is a tool to tackle: Tax fraud or evasion; Illegal non-payment or underpayment of obligations; Use of legal means to minimise tax liabilities and money laundering; Concealment of origins of illegally obtained money. The EU blacklists countries that…
Beneficiaries of retirement pensions from French sources (excluding public sector retirees) who settled in Portugal before 01 April 2020 may benefit from the Non-Habitual Resident scheme, an attractive tax-free regime for a period of 10 years. This favourable assessment results from a combined application of the double tax treaty concluded…
Santander customers can now make payments using their Fitbits, through the devices Fitbit Pay payment app.
“In the employment support programs, there will be specific measures to combat youth unemployment and in particular that of qualified young people,” said PM António Costa, stressing that “young people are essential in the recovery of the economy”. According to the estimate of the National Statistics Institute, the youth unemployment…
The European Commission has approved the Portuguese support scheme for companies affected by the Covid-19 pandemic in the Autonomous Region of Madeira, to the amount of 40 million euros, after considering this support “necessary, appropriate and proportionate.”
In 2020, Portugal ranks first among the most peaceful countries in the European Union as reported by the Institute for Economics and Peace. The worldwide classification is led by Iceland, which holds the top spot since 2008, followed by New Zealand. The Ministry of the Interior expressed its satisfaction with…
In 2019, more than 180,000 foreigners obtained Portuguese nationality, more than double the number of babies born in Portugal (81,351) over the same period. The number is a record high and reflects the growing impact of the current immigration legislation that has increasingly opened the country’s doors to migrants. The…
“In the employment support programs, there will be specific measures to combat youth unemployment and in particular that of qualified young people,” said PM António Costa, stressing that “young people are essential in the recovery of the economy”. According to the estimate of the National Statistics Institute, the youth unemployment…
The annual income limit for self-employed workers who are VAT exempt increases from €10,000 to €12,500. The uplift was approved by the General Assembly as part of the belatedly approved 2020 State Budget. Dennis Swing Greene info at madeira-weekly.com