Portugal - Albufeira Non-habitual resident tax regime

[Admin]

Anyone know Portgual, the Algarve, Albufeira? Anyone live there?

Fascinating tax regime for non-habitual residents, could pay zero income tax

 

[dazc]

There is more detail about the tax arrangement here
http://www.livinginportugal.com/en/moving-to-portugal/tax-regime-for-non-habitual-residents/

I'm not certain it so simple as zero tax.

 

[Skinner]

Monkey would be the man, but he were banned. I'm sure he's in there.

 

[aZooZa]

...and the bs he dished out...

 

[Admin]

Never heard of this, spoke to an offshore tax person this summer and what he told me was that the only places where you would ever pay zero tax would be the Cayman Islands or a setup with a company based in Dubai.

Both options would mean (for me, not from the UK) that I would have to give up my local citizenship and wouldn't be entitled to a pension, healthcare or other benefits which the country provides.

Next to this I would have to dissolve my company and move everything over to the new company.

He also told me that I could keep my citizenship but by the time that I would stop working I had to use prepaid creditcards, bitcoins and other ways to lift the money from my account as it otherwise it would be noticed by my local taxman.

He also mentioned a few other options but those would only be applicable to smaller amounts of money:

1. You could set up a separate company in for an example the Cayman Islands and let all the money you make from companies outside of your country be paid to that account. So for an example, your main company would be based in the UK but you do a lot of business with companies from (for an example) Belgium. You could send invoices from your offshore company and the Belgian company will pay to the CI company.

2. If you live abroad ( Non-EU) you can setup a company in the country you reside in and get a proportion of the invoices paid to that company, just make sure you stay under the tax limit.

There are a few more options but can't be bothered mentioning them.

A last resort would be to get paid cash or btc for all the work you do

Either your man is out of touch or perhaps because this is not offshore and hes an offshore specialist. This is not remotely dodgy which cayman island routes are, these are closing down one by one, sharing of information agreements are being created by these havens. This scheme has been around for 6 years and gives you 10 years under its terms. Most importantly Portugal would allow me to legitimately operate/own a UK Ltd company whereas Spain is clueless on how to deal with people who live here but work on the internet earning money abroad so they just get it all wrong and make it unbearable.