Golden Visa

Tax Free for Pensioners

and Retirees

Article from Telegraph UK, 7th April 2015

 

"(...) If you move to sunny Portugal for example, it could be possible to take your UK pension and pay absolutely no tax on it for the first 10 years. This applies even if you withdraw large sums, a move which in the UK could attract crippling tax charges, as such withdrawals are treated and taxed as ordinary income.

 

It is possible to move to Portugal and pay absolutely no tax whatsoever on your pension, whether you decide to take it as one lump sum or as a regular income.

 

This is because the United Kingdom has a double tax treaty with Portugal and in 2009, Portugal introduced the nonhabitual residents regime.

 

This allows new arrivals who become tax resident to take all foreign sources of income such as pensions tax free for the first 10 years.

 

Jason Porter of Blevins Franks, a company that specialises in financial advice for British expats in Europe, says this is available to anyone who has not been a resident for tax purposes for the previous five years.

 

To qualify, you need to register as a non-habitual resident with the Portuguese tax authorities, and after 10 years you will be taxed at Portugal's marginal rates.(...)"

 

 

Full article: http://www.telegraph.co.uk/finance/personalfinance/special-reports/11519095/The-ultimate-pension-freedom-Retire-in-Portugal-and-reduce-your-tax.html


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