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UK Citizens Can Apply for a Portugal Golden Visa Due to Brexit
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As of 1st January 2021, UK citizens are now eligible to apply for a Portugal Golden Visa. This residency-by-Investment programme had previously been closed to them.
Due to Brexit, the UK is no longer a member of the EU and UK citizens lost the right of settlement within the EU. Consequently, UK citizens are now, more than ever, looking to become residents of Portugal through their Golden Visa Programme for the following reasons:
1) The Portugal Golden Visa programme facilitates an expedited route to Portuguese citizenship after five years of temporary residency. By obtaining Portuguese citizenship, UK citizens will regain their European citizenship/right of settlement in the EU.
2) Golden Visa holders who wish to become residents in Portugal benefit from an extremely efficient tax structure, under the Non-Habitual Tax Regime (NHR) including:
- Worldwide income is exempt from tax
- Portuguese source income (employment and self-employment) is liable to a flat 20% tax rate
- No inheritance tax or gift tax
The Portugal government has recently announced upcoming changes to the Golden Visa. Starting on July 1st, 2021, qualifying real estate investment areas will change from being unrestricted to inland areas only. This means that popular real estate investment locations including Lisbon, Porto, and the Algarve will no-longer qualify for would-be applicants for the coveted Golden Visa.
In addition, the minimum investment levels are also expected to increase. For clients wanting to take advantage of the current regulations and pricing, Latitude recommends starting your application soon to ensure you are grandfathered in.
To learn more about the Portugal Golden Visa, don’t delay and contact us today.