Registration under new tax regime until March 15th 2025!

CPCV

Registration under new tax regime until March 15th 2025!

People who obtained legal residence in Portugal in 2024 will be able to register for the new IFICI+ tax regime (Tax Incentive for Scientific Research, Innovation and Human Capital), which will replace the Non-Habitual Resident Status (NHR). This regime, which aims to attract highly qualified workers, particularly in the areas of scientific research and innovation, will apply a flat IRS (Inland Tax Revenue for natural people) rate of 20% on income from dependent and independent work (categories A and B).

IFICI+ was announced as part of the “Accelerate Economy” program, presented by the Minister of Economy, Pedro Reis, and includes 60 measures aimed at supporting companies and stimulating the growth of the Portuguese economy. Among these measures, stand out the gradual reduction of the IRC (Company Inland Tax Revenue) rate by up to 15% and the creation of VAT (Value Added Tax) groups to accelerate reimbursement to companies. Regulated in mid-2024, the regime is already in force, with allowed registrations for new residents carried out until March 15th, 2025. In subsequent years, the deadline will be brought forward to January 15th, covering those who acquired residence in the previous year.

IFICI+ follows a trajectory of tax regimes aimed at foreign workers and investors. The NHR, established by the Investment Tax Code in 2009, was in force for more than a decade, offering a reduced tax rate of 20% for income from high value-added activities and exemption for income obtained abroad. NHR changed in 2020 to tax pensions at 10%, and it was gradually extinguished by the Government of António Costa in 2024, alleging impacts on the increase in real estate prices in urban areas and “fiscal injustice” in the current Country´s context.

The NHR was temporarily replaced by IFICI 1.0, introduced on January 1st , 2024, but the reduced scope of this regime provoked criticism and distrust among investors and professionals. Despite maintaining tax benefits on salaries and professional income, it excluded dividends, capital gains and pensions, which limited its attractiveness and effectiveness. The IFICI+ announcement aims to correct these limitations by expanding tax benefits to a broader set of professions and companies linked to innovation and scientific research.

It is important to highlight that IFICI+ maintains some restrictions: It will not be accessible to anyone who has resided in Portugal in the last five years nor to beneficiaries of the NHR or “come back home” tax schemes. However, it is already generating great expectations in the global market, with the potential to position Portugal as a competitive destination for qualified talent.

The success of IFICI+ will depend on efficient implementation and clear communication of its benefits and limitations. In a context in which countries such as the United Kingdom and Spain offer highly attractive tax regimes, it will be essential for Portugal to stand out and attract the profile of professionals who contribute most to the country’s development.

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