Portugal

Portugal combines Atlantic climate, affordable living (outside Lisbon), and a path to EU citizenship in just 5 years. While standard income tax reaches 48%, special regimes have historically transformed the picture for qualifying newcomers, though the landscape has shifted significantly since 2024.

The Non-Habitual Resident (NHR) regime closed to new applicants on January 1, 2024, after attracting thousands of HNWIs with its 10-year foreign income tax exemption. The replacement IFICI (Tax Incentive for Scientific Research and Innovation) targets researchers and tech professionals with 20% flat tax on Portuguese employment income for 10 years, with foreign income generally exempt (except pensions). Qualifying requires a bachelor's degree plus 3 years experience (or PhD) in qualifying fields.

Capital gains on securities are taxed at 28%. There is no wealth tax.

The Golden Visa program remains active with modified investment options. Since October 2023, direct real estate purchases no longer qualify; instead, investors must choose from EUR 500K in investment funds, EUR 500K business investment creating 5+ jobs, or EUR 250K in cultural/heritage projects. The program requires just 7 days annual presence.

Digital nomads can access the D8 visa without major investment, offering an alternative residency path for remote workers.