“The French president’s taxes are prompting many to flee their country,” says Lisbon real estate agent Paulo Silvac. “Many of these wealthy French are coming to Portugal to take advantage of a series of tax benefits that are better than in other countries,” reports Bloomberg.
Among Francois Hollande’s first steps after winning power in May 2012 were to push through a tax of 75 percent on annual incomes of more than 1 million euros and to raise the capital-gains tax.
Sotheby’s International Realty has seen scores of French investors buying up Portuguese luxury real estate, the company’s managing director in Portugal, Gustavo Soares, said.
Sotheby’s International Realty has seen scores of French investors buying up Portuguese luxury real estate, the company’s managing director in Portugal, Gustavo Soares, said.
“The French are finally coming to Portugal,” Nuno Durao, head of real estate company Fine & Country, said in an interview. “They like our country but they like our tax regime even more.”
Under Portugal’s so-called non-habitual-resident program, foreign pensioners who come to live in the country may have their pension income exempt from taxes as long as it’s paid from a foreign source. But don't think that if you are an American you can pull this off. Unlike the US, France only taxes its citizens who actually live in the country. For US citizens, all income is taxed, even if you happen to be living outside the and earn your income from non-US sources.
-RW
No comments:
Post a Comment