Portugal is a country of immigration. The 2021 population census revealed that the number of foreign residents in Portugal increased by 40% between 2011 and 2021.
According to the census results, foreign citizens accounted for 5.4% of the total population living in Portugal, with Lisbon Metropolitan Area and the Algarve being the largest havens of foreign population.
And – actually – that comes with no surprise. Foreigners with a residence permit in Portugal can apply for the Non-Habitual Residence (NHR) tax benefit, which exempts investors from paying taxes on income from abroad.
The NHR status is also a must-have for skilled professionals (executives, programmers, scientists, engineers, and so on) since the income tax rate is reduced from 48% to 20%.
Also worthy of immigrants’ attention is the Portugal Golden Visa. With it, investors can live in Portugal and travel within most European states, as long as they engage in an eligible investment.
Foreigners have been a driving force for investment, not only in real estate but also in the economy, with notable major investments in the IT sector and renewable energy. That’s why we’ll now take a closer look at the main amendments introduced in 2022 to the immigration law!
Streamlining visas for citizens from CPLP
The Law 23/2007 of July 4th August 2022 now facilitates the issuance of visas for citizens from the Community of Portuguese-Speaking Countries (CPLP), waiving a prior opinion from the Borders and Immigration Agency to the granting of short-stay, temporary, or residence authorizations between CPLP member states.
Job seeking visa
Portugal Immigration Law introduced a new specific visa for anyone wishing to enter national soil for a new job. This residence permit has an initial duration of one year and not only is it renewable but it also speeds up contact with the relevant services for the fast granting of residence permits.
Residence visa for Digital Nomads
Amendments were made to facilitate the granting of visas for temporary stays and residence to professionals working remotely or entrepreneurs. The digital residency program is not new, but the goal is to create an e-Residency platform. This will be a 100% online service for citizens or companies that do not reside in the country, giving them access to public services and a gateway to a Tax Identification Number and Social Security Identification Number.
The program is aimed at Digital Nomads, investors, and businessmen, as well as any foreign company wishing to do business in or outside the EU, via Portugal.
It is also beneficial for investors seeking to invest in Portuguese companies, which is especially important now that the new national framework for investment until 2027 is being implemented, the Portugal 2030 program. Do you want to know more about these kinds of incentives? You can read our article here or get in touch with us here!
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