Sovereign’s office in Lagoa, Algarve, was established in 1999 specifically to meet the growing demand for fiscal assistance from foreign investors and retirees wishing to invest or live in Portugal.
As well as assisting and guiding clients through the complex application processes under Portugal’s popular non-habitual resident (NHR) and ‘golden visa’ schemes, Sovereign provides continued fiscal support for clients that require ongoing fiscal representation and accounting services for the renting out of their Portuguese properties and submission of their tax returns.
Portugal’s residence schemes are attracting more and more people looking to move to or invest in the country, bringing much needed income to Portugal’s economy. Since 2009, when the scheme started, around 28,000 people – including some 9,000 pensioners – have moved to Portugal under the NHR scheme.
Many successful NHR applicants have found that the quality of life as retirees living in Portugal far exceeds their expectations, and not just because their pensions go so much further. Portugal is also one of the safest countries in the world and has an internationally acclaimed and affordable healthcare system.
In addition, Portugal issued more than 8,200 golden visas between 2012 and 2019, bringing in investment of just under €5 billion. 2019 was also a record-breaking year for company formation and Portugal’s attractiveness remains strong with short-term investment plans among the highest in Europe.
High perception ratings on key structural factors such as quality of life, social stability, Infrastructure and local labour keep fueling Portugal’s appeal to investors globally, underpinning the country’s resilience to external pressures.
There are many reasons to consider taking advantage of Portugal’s NHR and golden visa schemes. Apart from the obvious tax benefits, there is Portugal’s wonderful climate, food, people, culture, beaches, and golf courses!
Portugal has a warm temperate, Mediterranean climate, hotter in the south and cooler in the north. There are long, hot summers with temperatures in the south averaging 28°C and mild winters averaging 15°C. Sea breezes provide some relief in the coastal regions whilst in the interior it can get very hot with temperatures often exceeding 30°C. The average rainfall in the Algarve is just 53 days and 77 days in Lisbon.
Portugal is known for its wonderful beaches of which 352 – 60% of the total – last year receiving the Foundation for Environmental Education’s (coveted European blue flag certification for a high standard of water quality, safety and public environmental education. For those who would rather play golf, Portugal is one of Europe’s leading golf destinations with the Algarve alone having over 40 high standard golf courses.
The Portuguese love good food and this simple joy permeates all aspects of life. The food in Portugal is made with simple ingredients that are impeccably prepared and the many regional dishes across Portugal emphasise seafood, meat, olive oil, bread, tomato, herbs and spices.
The flavours are fresh and wholesome. And, the local wines and beverages to wash everything down are extensive. As a wine producer Portugal has won several major awards developing a well-earned international reputation for good wines at excellent prices. Amongst the best are the Vinho do Douro, Vinho Verde, rosé and, of course, the world famous Vinho do Porto.
It is not perhaps surprising that last year Portugal was named the World’s Leading Destination at the World Travel Awards, based on the votes of tourism and travel professionals and the public, for the third year running. In the InterNations ‘Expat Destinations 2019’ survey Portugal scored highest in its global ‘quality of life’ index and also ranked as the top country in Europe and third in the world for expats to live in. International Living further named Portugal as the best country to retire in for 2020, topping its Annual Global Retirement Index.
Sovereign – Consultoria Lda has been operating since 1999 and in that time has been able to build very close relationships with local tax departments and other institutions. This enables us to keep up-to-date with the ever-changing fiscal demands placed on resident and non-resident clients, both individuals and companies.
For more information on Sovereign services please contact serviceinfo@SovereignGroup.com
The information provided in this article does not constitute advice and no responsibility will be accepted for any loss occasioned directly or indirectly as a result of persons acting, or refraining from acting, wholly or partially in reliance upon it. © Sovereign Media (IOM) Limited 2020