Wealthy Spaniards ‘heading for Portugal’

Wealthy Spaniards are described as “migrating” over the border to Portugal – not just because the Constitutional Court in their own country has approved a new tax on large fortunes.

The Portuguese Socialist Party’s backtracking over NHR (the non-habitual residents’ regime, that it initially said would be dismantled at the end of the year) is making Portugal “very much more attractive” now.

Spain has a similar regime (known colloquially as the Beckham Law, after David Beckham), but it sees cannot apply to wealthy nationals. Add to this the general distrust over the new political regime in Spain, led by Socialist Pedro Sánchez, cobbled together with parties of the left and right.

The re-election of Pedro Sánchez as Spain’s president has provoked an increase in the number of searches on changing fiscal residence, by Spaniards but also Hispanics who have previously transferred their residences to Spain for political and/ or reasons of security. The preferred destinations? Italy, Switzerland and… Portugal.

These people are now “looking for alternatives to the political situation and tax burden in Spain (…) Portugal’s decision to extend its tax regime for non-habitual residents is labelled a “brilliant move”, says Spain’s El Economista.

https://www.portugalresident.com/wealthy-spaniards-heading-for-portugal/