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Any activity carried out in person or through a company which, as a rule, leads to at least one of the following situations in national territory and for a period of five years:
- Transfer of funds of an amount equal to or greater than 1 million euros;
- Creation of, at least, 10 jobs;
- Acquisition of immovable property worth 500 thousand euros or more;
- Acquisition of immovable property built at least 30 years ago, or located in urban refurbishment areas (Área de Reabilitação Urbana – ARU), worth at least 350 thousand euros and provided that refurbishment works are executed at the property;
- Transfer of funds to an amount equal to or greater than 350 thousand euros, which is applied in research activities performed by public or private scientific research institutions of the Portuguese scientific and technological system;
- Transfer of funds to an amount equal to or greater than 250 thousand euros, which is applied in investment or aid to artistic production, the renovation or maintenance of Portuguese cultural heritage, under the terms of the law;
- Transfer of funds to an amount equal to or greater than 350 thousand euros intended to acquire units in investment or venture capital funds to capitalize companies with, at least, five years of maturity at the time of the investment and, at least, 60% of the value of the investments be carried out in commercial companies based in the national territory;
- Transfer of funds to an amount equal to or greater than 350 thousand euros intended to establish a company in Portugal with the creation of five permanent jobs, or to increase the share capital of a existing commercial company in the national territory, with the creation or maintenance of jobs, with a minimum of five permanent employees, and for a minimum period of three years.
Minimum time requirements for the investment activity: The minimum time requirement to maintain the investment is five (5) years, from the date of grant of the residence permit. Once this period expires, it is no longer necessary to maintain the investment.
Precautionary requirements to be met:
- Have not been convicted of any offence which would be punishable in Portugal by imprisonment in excess of one year;
- Not be prohibited from entering the national territory following an order to leave the country;
- Not be listed on the Schengen Information System;
- Not be listed on the Portuguese Immigration and Border Force (Serviço de Estrangeiros e Fronteiras – SEF) Integrated System for non-admission purposes.
Documental requirements to be met:
- Have a valid passport;
- Have a Schengen visa, if applicable, and regularize his or her situation before SEF not later than 90 days after having entered Portugal for the first time;
- Criminal record from the country of origin, or from the country (or countries) where the Applicant has been living for more than one year; it shall be issued up to three months before the submission of all the documentation legally required and translated into Portuguese;
- Declarations issued by the Portuguese Tax Authority (Autoridade Tributária) and Social Security Authority (Segurança Social), in Portugal, confirming that no taxes and social security contributions, respectively, are outstanding;
- Sworn statement in which the applicant undertakes to meet the requirements for the investment activity in the national territory;
- Evidence of having health insurance (If the applicant will reside in Portugal);
- Proof of taxpayer number, or equivalent, from the country of origin, residence or tax residence.
- Declaration of a credit institution authorized or registered in the national territory within Bank of Portugal, attesting the effective international transfer of assets.
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What are the benefits of retiring in Portugal?
- Stunning scenery: Portugal is a beautiful country, with its rugged coastline, diverse range of beaches, verdant hills and vibrant cities. There’s always something new to see and explore.
- Excellent healthcare: Portugal has high-quality, affordable healthcare. In fact, it has been ranked as one of the best healthcare systems in the World.
- Warm weather: Portugal has a temperate climate, with average temperatures ranging from 18-25 degrees Celsius, you’ll be able to enjoy the sunshine all year round.
- Tax benefits: Portugal offers a range of tax benefits for retirees. These include a lower income tax rate and exemption from capital gains tax.
- Extremely safe: Portugal has been ranked, consistently, as one of the top 10 safest countries in the World.
Retirement Laws and Taxes in Portugal
The non-habitual tax resident (NHR) status is available to anyone who was not a tax resident in Portugal in the last five years. The NHR applicants need to meet certain criteria, to qualify.
An NHR resident has any international income; including salary, business earnings, investment yields, rental income, capital gains, and pensions, exempt from taxation in Portugal for a period of ten years. Additionally, they are also exempt from tax on their wealth during this period. Any income generated in Portugal will be taxed at a flat rate of 20% instead of the bracketed income tax rates that climb as high as 48%.
All tax residents in Portugal are required to pay taxes on their worldwide income. You are treated as a tax resident in Portugal if you reside in the country for more than 183 days in a tax year. Accordingly, all residents need to fill out an annual tax return, declaring their income. Portugal has double tax treaties with all EU countries and most non-EU countries, preventing double taxation.
Healthcare for Retirees in Portugal
Portugal National Health Service, referred to as Serviço Nacional de Saude (SNS), provides healthcare to all Portuguese citizens and residents residing in Portugal. Although this service is generally free, in certain cases some fees may be applied. SNS serves through local health units, community health centers, and hospitals.
There is a high healthcare standard in Portugal. The public hospitals are modern and well-equipped.
Many doctors in both private and public institutions speak English. The national healthcare system covers basic health needs, accidents, and illnesses. On the other hand, facilities may be limited to small health centers in rural and suburban areas.
Requirements to Obtain the NHR Status in Portugal
- Staying in Portuguese territory for more than 183 days, consecutively or cumulatively, during a period of 12 months;
- Having stayed for less time but having, on December 31 of the same year, a residence in Portugal in conditions that suggest an intention to maintain and occupy it as habitual residence;
- Having a house, demonstrating the intention to establish in Portugal the usual and permanent residence;
- Request the non-habitual resident’s status upon such registration or by March 31 of the following year.
Considering the indicated requirements, the phases, and documents for obtaining the NHR status are:
1st phase: Obtaining the Portuguese taxpayer number, for which the following documents must be presented: passport; document proving the address at the state of residence; appointment of a tax representative (for citizens residing outside the UE).
2nd phase: Alteration of statute at the Tax Authority to fiscal resident in Portugal, for which the individual must present: Portuguese taxpayer number; Certified copy of lease contract/purchase and sale contract of property in Portugal for permanent residency; Certificate of residence.
3rd phase: After going to the tax office to show your Portugal address and get registered for tax purposes, you must request (www.portaldasfinancas.gov.pt) your password on ‘Portal das Finanças’ through the option “Registar-se” and fill the online application form with the requested data. After receiving the password at your address, you are able to submit the registration request on “Portal das Finanças”, following these steps: Aceda aos Serviços Tributários > Entregar Pedido > Inscrição Residente Não Habitual.