Sacré bleu! Twenty thousand French citizens are expected to move to Portugal as a new law offers pensioners tax exemption for 10 years, as well as perks for high earners.
The news came this week from the Franco-Portuguese Chamber of Commerce and Industry, about to stage its third property and tourism fair in Paris (May 16 to 18).
Already more than 2,200 French people have bought homes in Portugal since last year, and thousands more are meant to be on the way.
The statute of “non-habitual resident” – in place since January last year – allows any retired person in Europe 10-years free from paying taxes as long as they haven’t lived in Portugal for the last five years.
The law also benefits high earners, who can get tax rebates of up to 20%.
But it is not only French and other nationalities that are expected to start leaping at the “golden retirement plan”. The Franco-Portuguese Chamber’s president Carlos Vinhas Pereira said the statute also covers Portuguese émigrés who would like to return home.
Rejecting the notion that Portugal is being marketed as a tax haven for well-heeled foreigners, Pereira told Lusa news agency that the new law is designed to attract all sorts, from all income brackets.
“This law doesn’t just benefit people with money. It also benefits those who don’t have a huge pension. The average pension in France is €1,400 per month. In Portugal, with €1,400, retired people can live better than anywhere in France.”
The bottom line is that non-habitual residents must live more than 183 days per year in Portugal.
Golden reasons behind growing “French invasion”
