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Costa del Sol news


Professionals point out that fiscal unity in the EU, an idea that individual governments are holding out against, is essential
13.12.13 - 10:33 -
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Portugal, the Costa’s main rival thanks to its incentives
Luis Rodríguez, Franck Berthier and Jolanta Jarczewska.
While the target of fiscal unity in the EU remains far away, the residential tourism sector has set its sights on a new taxation system that would keep the current property owners here and aid newcomers. Portugal has become this area’s main rival due to the incentives it applies.
Tax expert Jesús Rodríguez explained that Spain’s neighbour offers new non-habitual residents with properties a very favourable fiscal regime for ten years. In this way the foreigner gains the right to special tax conditions in that they don’t pay tax on income either taxed in the source state or not considered to have been obtained in Portugal. Business or professional activities that are of “high added value”, but for which the former benefits cannot be applied, enjoy a fixed rate of 20% instead of a progressive scale as in Spain.
The publication of these and other measures is helping Portugal to successfully attract investors from emerging markets, such as China where in the future 30 million citizens will have a property in another country.
The UK is another model to take into account, according to the experts. In this case a difference is established between residence and domicile. Residents who are not domiciled have seven years in which they pay tax only on income generated in that country. After that they can pay a sum of 30,000 pounds to keep that status.


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