by buymeprestige 
With the War in Ukraine and the effects of inflation on the countries’ economy, it is time to start thinking about new strategies to mitigate this condition. With all the buzz created around the theme comes the most curious question: Is Portugal the new tax haven for our Spanish neighbors?
One of the measures on the table in Spain is to create a new tax for those with assets of more than 3 million euros. The Solidarity Tax on Large Fortunes puts rich Spaniards on alert, who are already starting to look for alternatives and neighboring countries to protect their capital, avoiding paying more taxes. As you would expect, our country is one of the great attractions, taking into account its tax regime advantageous for foreigners – NRH – Regime of Non-Habitual Residents.
Portugal could become the new fiscal el dorado of wealthy Spaniards. Whenever political intentions are announced to increase the tax burden in Spain – as is happening now, on the part of the Socialist Government of Pedro Sánchez -, Spanish citizens tend to ask for help in the tax analysis between the regimes of Portugal and Spain.
This is precisely what is happening right now. This movement on the part of wealthy Spaniards began to be felt after the Spanish Minister of Finance, Maria Jesús Montero, announced, at the end of September, that the application of the Solidarity Tax on Large Fortunes for a period of two years (2023 and 2024).
This measure could benefit the Portuguese economy, capturing new investment opportunities. Thus, with more non-resident professionals interested in more favorable tax regimes, Portugal will see the number of beneficiaries of this regime increase, fostering a new spirit of competitiveness in the Portuguese economy, and stimulating the national economy and the Portuguese business fabric.
We anticipate that real estate could clearly be one of the major markets to gain from this new measure by the Spanish government.
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