Currently, around 20,000 British citizens live in Portugal, with its rising figure largely due to Brexit. 5 factors stand out that increase the attractiveness of staying in Portugal as a second or even a new home for British citizens (and vice versa, from Portugal to the United Kingdom):
- Comfortable 2 hour flights from the UK and high quality living conditions.
- A 10-year tax break on most foreign-sourced income, including dividends, interest, rent and pensions, as well as real estate capital gains, under the so-called non-resident resident (NHR) tax status, which is granted to new residents.
- The widespread use of English as a second language, allegedly spoken by around 50% of the population.
- Lowest cost of living in Western Europe.
- Eligibility for Portuguese citizenship (and dual nationality), after only 5 years of residence, provided a basic Portuguese language test is passed.
90 day visits:
This 90-day limit is valid across the EU (within the Schengen zone). Once you have used up your permit, you will not be allowed to enter another Schengen country without a visa until you have spent a certain period of time outside the area.Thus,without an official residence permit, as a ‘third country’ visitor post-Brexit, UK nationals can now only spend up to 90 days in any 180-day period without a visa. This applies even if you own a property in Portugal.
Moving to Portugal:
A lot has changed with Brexit, but we’re here to help you with your needs. Althought, there’s a lot of requirements among residency permits, there is several options we can explore, so that UK citizens can move to Portugal after Brexit. Portugal aims to encourage immigration and has redesigned its residency program system accordingly.
The pathway you choose will depend essentially on your personal circumstances and financial means. To work or study, or for business travel, UK citizens will need to meet the entry requirements set out by Portugal, meaning you will need to apply for a visa or resident permit.
Portugal’s Golden Visa programme is Europe’s most successful residency-by-investment programme targeted at non-EU citizens, one of the reasons for this being the low stay requirements (14 days, consecutive or non-consecutive, for each 2-year period). Nevertheless, for those who intend to actually move or live in Portugal, there may be more efficient and cost-effective solutions.
The D7 Visa is an excellent alternative to the Golden Visa: no investment is required, the application processing is faster, and the Government fees are significantly lower (for a family of 3, the savings in Government fees will be around €30,000.00).
If you want to establish your own business in Portugal or bring your existing company into the country, the D2 Visa might be a good option for you. Also known as the Immigrant Entrepreneur Visa, it was created for providing residence authorization to foreigners (non-EU/EEA/Swiss) who have invested or want to make an investment operation.
The Portugal Start-up Visa is another captivating option, which focus on entrepreneurs from outside the European Union, both those already owning or considering launching a start-up but aiming to set it up and grow it in Portugal.
Portugal offers many options for those who are interested in obtaining residency. As you can read above, there are alternatives are endless.
Another advantage of moving to Portugal after Brexit is Portugal’s non-habitual residency scheme (NHR). For 10 years, having NHR status can give you access to preferential tax treatment on most types of foreign regular or passive income. You can qualify for NHR regime if you are a new Portugal tax resident and if you haven’t been in Portugal in the previous 5 years.