Taxes in Portugal | Asking a Tax EXPERT all your questions
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- čas přidán 24. 07. 2024
- We're asking a tax lawyer who specializes in Portuguese expat taxes everything you need to know, especially if you've moved here on the D7 Visa. He's offering FREE Portuguese tax advice through his chat bot, Joana. Or, you can schedule a consultation with him directly.
Free Portugal Tax Advice with Joana the Bot m.me/joanataxbot?ref=welcome-...
Schedule a consultation with Fresh Portugal - calendly.com/zeev-legal/30min...
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Dan and Michelle are travel writers and owners of HoneymoonAlways.com. We both left our corporate digital tech careers and sold our home in Austin Texas to live in Portugal to be able to work full time on our honeymoon travel website.
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0:00 Intro
8:23 What is the NHR?
9:38 Working remotely
13:51 Social security
15:14 LLCs
20:18 S Corps
22:00 Royalty income (UK)
23:53 Dividends (UK)
25:26 International coordination
27:28 Free Portugal tax advice
If you have any questions about taxes in Portugal, you can ask Joana the tax bot for FREE here: m.me/joanataxbot?ref=welcome--honeymoon
Or, if you're ready to talk to a human tax expert, you can schedule a call with Zeev here: calendly.com/zeev-legal/30min?
Please have a Guest that speaks specifically about people who Retire and are using Social Security, Pension(s) and Investment Income to live on while residing in Portugal! Would be hugely beneficial as many, many people are Retiring. Obrigado , JP
Hi JP, we chose not to focus on that because we have seen it covered on so many other channels. Check out Expats Portugal
@@HoneymoonAlways please guide us to these videos. I didn’t find them
@@hellophoenix I’ve been looking for months- have found zero articles or videos on the subject. Prefer the written word SO much!
Hi @Honeymoon Always ~ we too are looking for this but everyone’s vids who speak to it are ‘Pension specific’ & at least 1 yr old…something fresh w Zeev speaking to NHR & 401Ks would be amazing for a lot of people!!
@@HoneymoonAlways Zeev is the first person who makes sense talking about taxes, so I'm also chiming in to ask if you could feature him speaking about taxation for those not working and/or living on pensions.
Thanks so much for this video. This was really useful information!
Really great information delivered in a way that really helps us understand what is involved!
Thanks so much for this video it helped us to see how much we need experts for our taxes.
Great video! We have an LLC and have been asking around about tax implications for our upcoming move to Portugal. So this video was very helpful.
Truly enjoyed this.
This video is gold! Zeev really seems to know what he's talking about. It's been so hard to find a tax advisor who is knowledgeable on both the American side AND the Portuguese side. I'll definitely be reaching out to him. Thanks for producing such valuable content :)
Thanks so much for creating this video! I’m 100% with Dan. I don’t mind paying my fair share of taxes, but talking about them makes my head swim. 😵💫 Hopefully I’ll get it all squared away by the end of the year.
This was fascinating! All the different scenarios were a bit overwhelming but then I realized all the scenarios probably wouldn’t apply to one person.
It’s so frustrating that something that every single adult has to deal with is so complicated. No matter what country you’re in!
Excellent video guys
Thanks guys! We just booked an appointment with Zeev for next week.
Glad we can help, thank you for the "thanks"!
Well done! Thanks!
Thank You for this great video full of information
This man is a genius. He is about to get more business. He takes the time and thinks taxes and the rules are interesting. He even created a software “bot”. I learned a lot listening to his advice.
Hey sweet peeps!! Thank you bunches for this video, what a relief to learn about having an LLC way prior to moving. I've been looking for Portugal tax info for MONTHS and nothing is clear. This is a huge help. Will be scheduling a call with Zeev prior to moving so we have everything in order and aren't stressing come next year. Tax Advice = $225 / Peace of mind = PRICELESS. Muchas Gracias 🙂
So glad it was helpful!
The advice provided by this tax attorney is priceless; this is why you should higher the experts to do your taxes; preparing taxes is a complicated process, even for those who are well versed in U.S.A taxation; paying nominal fees for experts in a multiple country taxation is a wise decision.
Excellent content!
As a business owner of a LLC here in America, I can tell this guy knows his stuff - I'm saving his contact info - Thank you!
Good info and definitely useful that you had Zeev on- thanks- head spinning a bit from all that but got a general idea of pt tax things- in short, see a qualified expert worth their price.
EXTREMELY informative. Thank you for making this video. Boa noite! Greetings from your New Mexico neighbor 😁
Hey fellow New Mexican. We moved from Albuquerque to Tavira. What about you?
I still live near Albuquerque friend. Retirement is on the horizon
While taxes are not my favorite subject either, I recognize a potential move to PT from the US (or any combo move) requires consideration of taxes before such move. For us, the primary reason for considering retirement in PT (vs other countries in EU) is the HNR-after we figure out where in PT we want to live, of course. 😁 I found this video helpful and “Joana” to be an interesting resource. Thanks for introducing us to her and Zeev. BTW-also found Dan’s comment about PT tax advisors not wanting to say “No” as totally unexpected. 😲 Appreciate sharing your experience. 👍🏻
I think my brain short circuits anytime someone has already made the move and has not taken care of taxes yet. The good news is if you are retiring to Portugal it should be more straightforward than someone in their prime earning years.
Great tax advice Dan and Michelle! 😉
Thanks!
"In the US... they're more willing to say 'I don't know, let me look into that'...". The problem is that in Portugal there is nowhere you can "look into it" and be sure. If you're a lawyer you read the new law that has been published, you discuss it with other lawyers and you form an opinion about what the law says. If you're really well connected you may get someone from inside the tax authorities who will tell you how the tax authorities are inclined to interpret this new law. But the reality is that until at least two years have passed and any problems start to surface there is no way to be sure if the tax authorities will interpret the law in the same way you interpret it.
Sometimes it even happens that the government says that the intention of the new law is "X" and then the tax authorities (whose job is to collect as much money from taxes as possible) interpret the law in a way that is not even compatible with what the government had announced. But it takes a loooong time for that to be apparent...
Well done guys. Even though most of this was over my head (mostly because we don't have SCorps and LLC's, etc and you were referencing forms we don't have in Canada...) but I actually watched through. I'd love learn from Zeev what someone like me would do. I'm self-employed and simply file that way, and I'm not wealthy. I can't stand thinking about taxes and break out in hives worrying about missing something or making a mistake.
I'm curious though... @ 23:00 Zeev mentions Royalty Income for anyone North American. Does this include Canada. I'm not familiar with it!!
p.s. I tried Joana. She asked a question that I didn't understand and I clicked on skip and then she disappeared. Oh well. What is the website address for Zeev's business. I want to find out if they handle Canadian clients.
Can you ask the lawyer on the 2022 court ruling that equity/stocks capital gains if taxes by US is exempt from Portugal taxes? Hope it set a precedent that others will enforce to avoid double taxation.
Is CZcams AdSense income taxed under the NHR Regime or does it fall under royalties income?
Hey can I please ask, did you qualify for the NHR regime and how much tax AND SOCIAL CONTRIBUTIONS are you paying?
I would change the title, lol. There are a lot of considerations not mentioned, at least as it relates to us. For instance, my husband and I are both disabled combat veterans of two separate wars. We are both on VA pensions and Social Security disability, neither of which is taxable in the U.S. because it's service and disability related. So what does that mean in Portugal? If our income is non-taxable then will Portugal tax it? That doesn't seem right. Just curious...
Ah shucks. I was hoping Zeev Fisher would have touched upon how it all would work for an American on Social Security only income, living full time in Portugal. Ill check with the app.
Hi, we didn’t touch on that because retirement income is pretty straightforward compared to self employment income we mostly spoke about.
I am considering moving but in the next few years when I can retire. I am not lucky enough to have a job that would allow for me to work from home. I would rely on earning SS or my stocks that I have. Do I need to pay taxes in both Countries.
Self employed at low value profession and rental income- I pay for it in USA. Do I need to apply for NHR?
Is there any information regarding taxes AFTER the 10 year NHR ends? I can't seem to find much on that.
That’s a great question but not many people are addressing it since NHR has not been around that long and we have no idea how it deal with that yet.
We are moving to Portugal: We have a small pension from USA and income from a few rental apartments, We are confused about the tax that we are going to need to pay here in the USA and in Portugal, Could you please explain it to us? Thank you so much,.
How do we reach Zeev?
Hi. Why would you choose an attorney that charges a lot more to file your Portugal taxes when a CPA will be charging a lot less? What does a lawyer offer that a CPA does not? After listening to this lawyer it seem that he was more of an expert in other countries than the USA.
We spoke to more affordable professionals and they were not knowledgeable enough to speak to our situation, which is also what we hear from other people in similar situations to us.
Thank you..
I interviewed three people. What I learned on this video was more informed than the other three. I was totally impressed. But I don’t know how to find out how to reach him or what his fees are or whether he just advises or files as well. But I am totally impressed. You really found an expert
I tried Joana - very simple case of US Soc. Sec. plus a little dividend/cap gain income. Got no advice, just 'contact us'. No gain in my understanding there! Is Social Security taxed at NHR 10% rate, or this 0% first year/14.9% second year thing (news to me)?
The social security info on the video is for people working and needing to pay social security, not people living off of social security. For more information about taxing retirement income, I recommend the Expats Portugal CZcams video.
@@HoneymoonAlways didn't want to project a whiny tone - your videos are far more grounded, useful & woo-woo/hype free than others.
@@HoneymoonAlways The videos in that channel don't answer the simple question either - plus the usual host "really really is fond of the sound of his own voice" and makes 2 minutes of content last about 25 minutes.
Thank you! Sorry I don’t know more for retiree
Am I reading the link right? $225 for 30 minutes? We need to find someone but I can’t afford someone that expensive.
Totally understand, we went with more affordable options first, they just didn't work for us.
I just wonder what the actual cost will be for a lawyer to file your taxes. I actually wish you would have provided a recommendation for a CPA who could file your taxes in Portugal. The final cost will be a lot more affordable.
The tax attorneys I have spoken to provide an annual cost that includes filing as part of their package that includes consulting and other things. If you only need someone to file, I’ve heard prices all over the place.
Does Zeev only advise but not file?
What is the cost for both?
Having paid numerous CPA’s in the US, $225 for 1/2 hour is very reasonable.
Taxation is theft. The argument that it pays for important public goods might have worked for Western countries 20+ years ago. Nowadays it is more likely to line the pockets of corrupt members of the "ruling class" OR be used to actively persecute the very citizens that provide those taxes. Sure, some goes into provision of things like roads and healthcare, but not much and not efficiently. One of my number goals right now is to get out of the tax net of any country. I consider it a moral duty. I have no doubt I will use the money to benefit humanity to a much greater extent. We should all start thinking that way.
Renounce that citizenship.
No worries about taxes, we the portuguese with our median wage of 800 euros will cover all your health expenses with our 40% tax on income, you just have to walk in a public hospital. Also you can use our roads without paying taxes, we will keep your roads clean and have garbage people paid by the few portuguese who did not run away from this shitty government and economic system, that only works for poor retired people, rich retired people and expats.
CARREGA PS
We pay more in taxes than the average Portuguese person makes in a year and yet you come saying that we are the ones taking from Portugal. 🤔
Well said.
We want to be here, we want to be fair, we want to support portugal. We just want to know how to do it and we’re getting various answers from different people. It’s hard to get the truth about how to do it. I really appreciated this video
But, I also want to say that I understand how difficult it must be to receive low wages. Hopefully, ex-pats coming to Portugal can boost the economy and create jobs. At least that is the intention
@@HoneymoonAlways Percentage wise a Portuguese national pays more in terms of income taxes. The NHR is quite beneficial, otherwise Portugal wouldn’t be attracting the same amount of people from other countries. Let’s see in the future if this will also contribute to the country growth, or just made things more difficult for the nationals.
I know, but did you read the original comment? People talk to us like we aren’t paying any taxes and just taking from the Portuguese when we actually pay more into the system then the majority of the people that are not on NHR do. We don’t even use the public health care or public education.
I hope that the government can find ways to both benefit from the incoming revenues while also provide some help to those negatively affected. And that the private sector can do better and raise wages as well.
Thanks!
Thanks!
Wow Jack, thank you!