The Greek government offers a fixed 7% taxation on foreign incomes of retirees when shifting their tax residency to Greece. Under the NHR (Non-habitual resident) program, Portugal provides a similar benefit for foreign retirees. It allows a fixed 10% taxation on their foreign income. Both are valid for ten years.
For non-EU investors, a Portuguese or Greek Golden Visa enables EU residency. In this way, investors benefit from some rights, such as the tax breaks mentioned above.
In this article, you’ll find how you can benefit from Portugal or Greece’s Golden Visa as a foreign pensioner.
Real estate investment can be a good option whether you consider living there or not.
A very common way of Golden Visa investment is buying a property. Since 2012, around 95% of all investors have chosen to buy property to get Portuguese residency. You can either stay at the property you buy or rent and earn a side income.
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Furthermore, the minimum investment requirements for real estate purchases are very affordable. In Greece, the amount starts from as low as €250,000. The Greek property you buy must be at least €250,000.
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In Portugal, it starts from €280,000. The minimum required amount ranges mainly according to the location of the property.
Incentive tax reductions for foreign pensioners
Countries can expose their residents to high tax rates. If your country is one of them, your Golden Visa can open the way for you to benefit from reduced taxes.
Portugal’s non-habitual resident (NHR) program has been offering this option for a while. It allows its applicants a fixed 10% taxation on their foreign income. You can benefit from this application for ten years. One of the requirements is to be a Portuguese resident. Yet don’t worry, your Golden Visa provides you this right already. Another requirement is not to be a tax resident in Portugal in the last five years. Finally, you need to spend at least 183 days in Portugal each year
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Greece also offers a similar practice. It enables a fixed 7% taxation on all of your foreign income. You can get this benefit if you shift your tax residency to Greece. Note that the government declared that it would not accept retired applicants from any country. However, as a Golden Visa holder, it can be much easier. Ultimately, you’d already been a resident in Greece when you apply for the tax reduction.
Safety and health conditions are other important considerations.
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According to the US Social Security Administration data, thousands of American retired workers live in Portugal and Greece. According to its December 2019 data, they continued to receive their Social Security benefits. While their number is over 14,100 in Greece, it is over 9,500 in Portugal.
So, the data show that these retired people sought a better country to enjoy their retirement times. Portugal can be a good choice in many senses. Ranking as the 3rd safest country worldwide, Portugal is a good alternative for retirees. Furthermore, it is known for its stable and quiet lifestyle, away from the hustle and bustle. It is also known that the healthcare system is another strong side of Portugal.
Family members can benefit from the same rights as well.
You may think of your family while planning to relocate to another country. Greece and Portugal consider them and include the immediate family members as well. Mainly, your spouse, children, and parents can benefit from your Golden Visa. Details range from country to country.
For Golden Visa in Greece, your children under 21 and your spouse can be included. In addition, your parents and parents-in-law can benefit from it as well.
For Portugal Golden Visa, you can include your spouse and parents who are over 65 years. Regarding the children, they can be included if:
- They are under 18 years old, or
- They are under 26 years old but not married and full-time students.
Touristic and historical destinations
These countries are great places for someone to spend their retirement years. They offer many historical masterpieces as well as sandy beaches. You can always find something to spend your time with. Furthermore, the cost of living is quite affordable in Portugal and Greece. So, living there does not push your budget compared to other Western European countries.
Furthermore, you can easily integrate into a network of retirees because these countries attract plenty of retirees. Especially in more touristic places, you will not face difficulty in communicating. Local people know English to some extent, because of other tourists.