Portugal 🇵🇹 VS Cyprus 🇨🇾 (Taxes, Residency, Passport, Lifestyle, etc)
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- čas přidán 16. 07. 2021
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Two very popular countries on this channel are Portugal & Cyprus. They both offer lucrative tax regimes for foreigners and we like to talk about these two places. Portugal offers a famous NHR program, Golden residency visa, and they currently don't quite tax crypto.
Cyprus is famous for its citizenship by investment program, which's unfortunately no longer running, but it's also famous for offshore companies and low tax rates.
These are two quite comparable places in many regards, and we've decided to compare them in today's video.
Which country offers better taxes? How is their passport and what does it take to obtain citizenship? How about residency and golden visas? What is life like in Cyprus and Portugal? Which country has more to offer? What about costs?
In the end, which of these two countries is the right place for you? Portugal or Cyprus? Let's take a look!
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We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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You can escape the heat in Cyprus, too. Just go to the Troodos mountains. You can also communicate with government offices in English, even government websites are in English. Just coming from the beach - water temperature is currently above 30 degrees Celsius.
Currently 20 degrees in the water in Lisbon, I miss warm water!
Boarding in 6 hours... Be there today or tomorrow. Stopping in Tel Aviv due to bringing my dog. Learned so much already in this move.
My new favourite country is Cyprus, and we Canadians can actually go there restriction free, like Mexico! And they speak pretty good English.
😊😊❤️❤️
Hello from Nicosia, in Sunny Cyprus 🌞🌞!! 😊😊
I often read potugal citizenship takes 5 years, Peru 2 , Paraguay 3 etc. Don' t take this for granted, these are the minimum theoretical requirements, one should always think for what reason the civil servants who are processing my application will not take their time in eternity and decide to finish with this matter as soon as possible.
Portugal takes more then 6 years in practice
Thanks for this wonderful video n thanks for sharing d comparisons between Portugal vs Cyprus. Both r alluring for residency.
Spot on! People seem to be completely blind to the tax situation in Portugal - aside from the NHR, Portugal can actually be even worse than the Netherlands in a large number of situations. For most people, there are actually a lot of better places even within the EU than Portugal tax-wise. Absolutely not a low-tax country. And bureaucracy as bad as France. A lovely place of course, but it's a bit more complex than just "NHR = 100% tax-free". That being said, there are obviously many reasons why people like Portugal. But seeing these poor 25-- to 30-year-olds starting their lives there because they're hopping on a cult bandwagon breaks my heart. Absolutely not the place for your average/below-average person to make a career and, frankly, for the salaries I see them making, they would be paying less tax in both France and Germany than in Portugal, and have the opportunity to actually make a lot more. Very sad how misguided some people are and how influenced people are by marketing and "nice weather".
Nice points but I'm sure you've never been to Portugal
@@PureAlbania I have, many times. I even speak the language. Why do you feel the need to make bullshit assumptions?
Michael, thanks for this video. I was looking at Portugal pretty seriously, but based on what you said, I think the Cyprus Non-Dom Program is a better fit for me, especially with the minimal residency requirement. Thanks again.
Always happy to be of service! ☺
These country comparisons are soo helpful! Thanks so much Mike 🙂
Happy to hear that!
You're welcome!☺
Cyprus for me!
❤❤❤
Great video again Michael. Thank you.
You're welcome, Peter! Always a pleasure.
Anything you'd like to see next?
Great video! Thanks 😊
You're welcome!
Anything you'd like to see next?
Thank you for sharing, interesting to compare indeed...
Always a pleasure :)
Any other comparisons you'd like to see?
@@OffshoreCitizen yes :)) Portugal vs Canada // Portugal vs Mexico (vs Canada)
thank you for asking!!
I missed these vs videos Micheal. Good to see then back. Two heavyweights here dude.
I know, right? ⚖
Happy you're enjoying our comparisons. We'll work on more
@@OffshoreCitizen Yeah, I know it takes time and effort so I had to compliment it but Brining in Portugal and Cyprus, that's something.
Great comparison as always, Mike. I love these types of videos. I would definitely lean to Portugal first. I'm such a fanboy of the program. Portugal offers a great lifestyle variance from country living to the coastline. Secondly, if your passport is not great you can work towards a Portuguese passport. There are some limitations towards NHR that require planning but at least you get that for the first 10 years.I believe Cyprus is great as well in my opinion if your intention is to save on tax and you already have a good passport.
After getting portugal passport they can move to cyprus if wanted
Can you do Portugal vs Bulgaria? Thank you. I am enjoying these comparison videos.
This one might help: czcams.com/video/WTbHHIovu3c/video.html&ab_channel=OffshoreCitizen
One combination to consider might be to relocate to Portugal and incorporate on Cyprus. Combining the no tax on capital gains on securities in Cyprus with the 0% tax on foreign dividends with NHR status in Portugal as well as 0% withholding tax on the dividends under the DTT.
Not so fast. Cyprus is in Portugal's black list of tax havens.
Would this be an easy thing to set up??
@@ilya6355 As I understand Cyprus was removed from that list ten years ago.
The blacklist doesn't apply to Cyrus if you've got real economic activity there it's the management and control and substance there that's the issue
@@MichaelRosmer Of cause, tax liabilities of any plausible permanent establishments need to be considered.
Portugal has always seemed nice
Will you ever cover the topic of de facto/non UN recognized states like Northern Cyprus, Transnistria, Somalialand, Liberland, etc? Kosovo, could also be part of that discission as well. Thanks!
Very nice
U r a city slicker , but you were unbiased here. I visited Portugal, Malta and Cyprus after we left IOM.
The boss aka Mrs Green liked Cyprus the most surprisingly.
Very friendly people I have to admit
I am moving to Cyprus April 25th from Miami, USA. Have been there, never lived there. Founded 2 tech companies, they are moving with me. :)
Are you an American? Sadly Americans don't get as much better as others
@@OffshoreCitizen I am, but I own a business
@@OffshoreCitizen I believe the US financial system is built on debt. Building on debt and leverage at a core level. This requires asset prices to rise which is why we mandate inflation. But we can't continue to do that due to decreasing standard of living...so we have problems. BTC is the answer, US gov is trying to wreck BTC. That won't work
It does have debt as part of the foundation, that's a feature not a bug. Debt is very natural and emergent as a result of any desire to do commerce. What we've seen from history is it affords a competitive advantage. Those with strong systems of debt outperform those without because it facilitates productivity when normally you'd have latent resources.
We need an alternative system but btc doesn't seem to result in systemic productivity boosts to render the system more competitive so I don't think btc is it
@@OffshoreCitizen that is what was taught, but debt and it's facilitator "fractional banking" kill currencies because they eventually become required to function due to bad policy. Like the CEO from NASDAQ OMX once told me, it is like pissing in your ski suit...worked fabulously in the beginning! :) Debt and its effects are killing the US. Mandated inflation drives asset prices higher in the name of velocity while technology drives wages lower. The standard of living is the casualty. Cyprus is on the other side and had very little personal debt and relatively low gov debt. BTCs value is that bad policy can't force it to be debased. US will now fight it due to capital flight, but small nations will increasingly adopt it. It is inevitable IMO. But what do I know...
Haha the spider on 13:46. I promise, I was listening.
🕷🕷🕷
Great and interesting comparison. Admittedly I’m in the Portugal wannabe camp but your video gave me something to think about. Thank you.
Glad to hear that!
Anything you'd like to see next?
Why are you making a big deal about Schengen? Cyprus is still in the EU and if you have citienship you're still having freedom of movement, also since 2023 citizenship is given after 3 years if you achieve B1 Greek and you are a 'highly skilled' worker.
Hi Michael. Wanna thank you for all the info. Been watching your work heavily and plan to book time w you soon. Looks like end of the month you're avail again. Need to cash in some doge so I'll do that first. But in the meantime I'd like to ask; if I'm understanding you correctly from another vid, the Cyprus 6.2 might be good. And as a day trader I wouldn't even need to bother with forming a corp. The corp is 12.5% but no capital gains means 0 as a trader. So would the only hiccup be where to bank-if I'm staying 60 days a year to qualify as a tax resident?
And what should I look up to understand the difference of the EU temp resident travel through Europe (Cyprus) vs Schengen temp resident travel in Europe (Portugal); am I essentially mandated by my home country passport? Thanks.
Excellent analysis Mike.
Have you seen Cyprus now readily naturalize residents after 5 years, once they meet all the criteria? I know Malta doesn't, but was hoping Cyprus now does, since their CBI program no longer exists.
No they don't, very hard to get citizenship there
@@OffshoreCitizen oh bummer. That's such a shame. With CBI gone and with their attractive tax regime & weather, if only Cyprus readily naturalized residents, the case to move there would be compelling.
@@FrozenSkyyCBI?
Very nice video!
Thanks!
Is it possible to use Portugal's NHR more than 1 time?
Say I use it this year and live in Portugal for 10 years, then I leave and live somewhere else for 5 years, then I come back to Portugal. Would I be able to use the NHR scheme again?
I live in Portugal and love it it's a brilliant country to live in
It sure is😍🇵🇹
Which city?
@@OffshoreCitizen Lisbon, next time you're over this way let me know and I'll introduce you to some new people and potential clients :)
How much covid bullshit?
I‘m German, living in Portugal (close to Nazare) with NHR (until 2028) and my own company in Estonia and I‘m exploring options for 2029 and beyond. The non Dom status seems to fit well to my requirements.
If I would live in 2029: >60 days in Cyprus,
Say I have a European passport and I want to live in Cyprus. Do you recommend opening a bank account in another EU country? (Portugal, for example)
It depends on your specific situation.
Is it a corporate or a personal account? What would you be using it for? How much can you afford to deposit?
Depending on all those answers, we decide on the best option. In case you need any assistance, feel free to reach out calendly.com/michael-rosmer
What’s happen after 10 years with taxes (especially capital gains tax) worries me. On the other hand, Cyprus doesn’t have access to schengen, so it’s pretty boring to get stuck on island. How Malta compares to both in terms of taxes and living?
People tend to dislike Malta more for lifestyle
@@MichaelRosmer What’s about taxes? And in general which country is more leftist?
FUNCHAL FNC Airport for Madeira has a corporate tax rate of 5% per cent, together with creating 8 jobs on a D2 work visa?
Yeah but you can do that good or better with a foreign company and you'll pay taxes on the dividends
You didn't mention anything in regard to the differences in healthcare in each country. I'm trying to make my decision about a new country to go to based on that. How do Portugal and Cypress compare in that respect?
I don't think Cyprus or Portugal have hospitals that rate in the top 100. So if you need normal things, I think you can get them in both countries. But if you need a complex operation, I wouldn't consider either of them. So what I would do if I was moving to Cyprus for example as I would buy Private health insurance and if I had to do a complex operation, I would probably go to Israel or Germany.www.newsweek.com › best-h...
Web results
World's Best Hospitals 2021 - Top 200 Global - Newsweek
Neither are optimal but Portugal would be slightly better
This being said Portugal is close to Turkey
It sounds very third world ish. You know we are not getting any younger and if you need real medical treatment, you want to go to a place that's listed on one of the top 100 hospitals that are set out in Newsweek. Think of hospitals in the top 10 like the United States, Canada, Germany, Switzerland etc.
@@torontovoice1 if u live in Portugal, what would stop u to get a medical procedure (if needed) in Germany or Switzerland? Medical tourism within Europe is common
Cyprus and bank in UK.
When you have the essential residence permits in place come back and we can talk about it. Unless you have an EU passport they are almost impossible to obtain.
For vacation purposes both are excellent. you pay your money and take your choice.
Looking for post NHR destinations... 8 years will go very quickly.
Leaning towards anything?
@@OffshoreCitizen Malaysia or specifically Sarawak - going there in February for another look since covid border closures. My wife freaked out over post-NHR tax rates!
What are "socials?"
Thanks! Reference to the recent Bulgarian video. UK adds Bulgaria to GREEN travel list, just as Bulgaria demotes UK to RED - as we are being 'released from covid restrictions' on the 19th July. I wonder if other EU countries will follow? I have noticed Portugal has added new restrictions - testing required before we can stay at any hotel, Airbnb etc. Perhaps UK lepers of Europe in the coming months?
@Sneakerz On Deck When the society is eating itself - it's time to leave the restaurant. Perhaps Ukraine or Serbia?
good evening sir i want to go to protugal how i can go there
Now i am from cyprus thank you sir
A friend of mine who moved to Puerto Rico for tax savings have also decided it wasn't worth it to stay.
I've heard this too.. Dont know why
oSo, i live in lisbon im portuguese, im 50. In my opinion, and its very simple, dont come to live in portugal unless u have a very good skill set. I ve seen tourism increase and i ve seen ppl fall in love for portugal, cause of several reasons, climate, culture, security, and so on...., which i agree, but...The problem is the but, its expensive, housing is very expensive, to rent a flat in lisbon with 1 room and 50m2 it will cost at least € 900, fuel will cost €2 a litre of gasoline, the full telecom Voice+net+tv it will be around € 70. Everybody here speaks normal english, only a few very good english. Driving here its a fuckin mess, i dont drive during the day in lisbon, i use UBER, traffic is impossible. Lisbon has a nice weather since march to october. Sorry about the text ideas r popping up as i go along. Bottom line if u r not an IT guy, a Medic, or someone that works in finance dont come here u will struggle for a nice job with a nice salary. BTW Golden visa has ended.
If an individual makes most of their income from trading crypto, does that qualify as being a "professional" and makes your income taxable in Portugal? I've looked at the tax laws and it seems like profits from crypto aren't taxed, unless you trade substantially and it makes up most of your income.
You can check out this video czcams.com/video/OvjNZNwCpCU/video.html
Sir i want to go to potugal plz help me sir
"If you're already an EU citizen it might make more sense to go be in Cyprus" 15:18
Why? If you don't mind my asking your reasoning here. Thanks for all the great content.
Also curious why
Because if you're already an EU citizen you don't need the passport, which is better and easier to get in Portugal
Too much development on the main island of Malta. Gozo is much nicer that way.
Interesting. Could you see yourself living there?
@@OffshoreCitizen Possibly but it depends a log on my wife.
Cyprus is 8,000 years old, Portugal's history and culture is young compared to Cyprus.
Younger and much more rich history. The first global civilization of humanity.
Glad you don't get into any politics on this channel - too much of that everywhere else!!!
And there's a lot you can talk about with respect to Cyprus and turkey if someone did want to get into politics!
Then, what's comparing the government policies of UK to Bulgaria to be filed under? Primary versus secondary colors?
@@peaceonearth8693 good point.
@@torontovoice1 Yes my ex-wife was caught up in the war.
@@tinglestingles sorry to hear that
The world’s best buy on beachfront property in 2021 is to be found in Northern Cyprus by FORBES.Prices start from approximately 50,000 Pounds
The language in Portugal is HORRIBLE. Totally debased version of Latin. I would not want to invest any time learning such an ugly language. But Greek? That's another matter. A beautiful language, with so much extra use to native English speakers. Helps to understand your own language - and to become more educated in all things.