Retired foreigners are eligible for income tax exemption The Parliament approved an amendment to the Tax Code – Income and Gains of Individuals, in order to allow retired foreigners who spend part of the year in Portugal, to receive their pensions free of income taxes.
The “Jornal de Negócios” informs today that “foreigners who spend part of the year in Portugal will receive their pensions free of any income tax starting from January 2013”, according to the amendments to the tax Code approved by the Parliament.
According to the published news, “tax consultants are convinced that this measure is very important to attract retirees with high purchasing power, embodying the idea of making Portugal Florida of Europe.