Just when you thought living in Portugal could not get better!

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Just when you thought living in Portugal could not get better!

April 24, 2015

Foreign Pensioners can reside and collect their retirement pensions in Portugal entirely tax free

Not only because of its fantastic climate and excellent standard of living, Portugal is one of the top destinations with Britons looking for a retirement destination abroad. If you’re searching for a place that will offer you a low cost of living, a healthy lifestyle and plenty of things to do and enjoy, Portugal should be your number one choice.

To make this even more appealing Portugal has launched an impressive measure to attract worldwide pensioners to come and reside in Portugal.

Zero, yes zero tax on pensions.

Foreign pension income received in Portugal by individuals who live in Portugal for more than 183 days per year, either consecutive or not will pay zero tax.

This will be honoured for 10 years.

You will not even need to provide any statement of assets. This will also not be required when filing your first tax return. In each tax return you will only be required to provide information on your annual income.

The reason for this zero tax incentive is to attract individuals and their families to Portugal by making it beneficial from a tax perspective.

As a result Portuguese non habitual residents have the ability to grow their wealth, to dispose of their assets, to pass on their wealth without inheritance tax, namely for children or spouse and to enjoy their retirement without tax on their pensions.

Your money will go much further, not only with a good exchange rate in your favour, but you will live a much better life.

Eating out in traditional Portuguese restaurants, with delightful freshly prepared food can cost you around 20 euros for 2 people, including wine!

General living costs can be 40% cheaper.

Suddenly your retirement money has become so much more, giving you a much better lifestyle and in the sun!

What all of this means is that Portugal is a new tax haven in the heart of attractive Europe – and so what with its excellent climate, beautiful beaches, plethora of golf courses, fantastic property optionsand excellent quality of life, Portugal is now a top hotspot to consider for retirement abroad.