Portugal’s Prime Minister, António Costa, has revealed that the Non-Habitual Resident (NHR) tax regime will be terminated in 2024, though specific dates are yet to be announced. Individuals already benefiting from NHR before the cut-off date will retain their status, providing reassurance to existing beneficiaries. Those considering a move to Portugal in 2024 are advised to plan their relocation for 2023 to take advantage of the regime.
The NHR scheme, a special tax regime for new tax residents with foreign income or engaged in High Value Activities, provided tax benefits for a period of ten years. Its discontinuation aligns with efforts to address housing market inflation and financial challenges faced by citizens in Portugal.