Having a strategic position Portugal is characterized as an economically developed country with a modern infrastructure. The country is a market with a population of more than 10 million consumers. Since the euro currency is used here, Portugal is open to trade with any EU countries. This has allowed the Portuguese Republic to become an attractive destination for investors and entrepreneurs from all over the world.
Portugal's economy ranks 34th in the World Economic Forum's Global Competitiveness Report for 2019 and 41st in the world in terms of GDP per capita.
Portugal is a democratic presidential republic, an active member of NATO, the OSCE and the European Union and builds its foreign policy in connection with the needs and basic concepts of these organizations.
Non-residents and residents are subject to income tax. For non-residents, income tax is 25%, residents pay on a progressive scale from 13.25% to 48%. New residents have the right to switch to a special tax regime - 10% in the first 10 years.
Corporate tax is also imposed on non-resident and resident companies. The former pay 25%, the latter 21%. Small and medium-sized businesses are taxed at 17%.
The VAT rate depends on the group of goods and services and vary from 6%, 13%, 23%. These are the rates for mainland Portugal. There are different rates for Madeira and the Azores. The tax on capital gains and dividends is 28%.
As for the tax on the purchase of real estate, it is calculated on a progressive scale and ranges from 0% to 8%, it is also necessary to pay a stamp duty of 0.8%.
Inheritance tax is also paid in the form of stamp duty in the amount of 10% of the value of the inheritance.
The property tax is only 0.3% - 0.8%. There is a wealth tax. It is charged based on the cadastral value of real estate in the country, regardless of where the owner is an official resident for tax purposes. This annual tax must be paid in the amount of 0.3% for Portuguese real estate worth more than 600,000 euros.
Registration of a company in Portugal is considered by investors to be one of the best ways to start a business in the European area. Portugal has a strategic position, is characterized as an economically developed country and has a modern infrastructure. Stages of starting a business in Portugal:
Banking assistance (local and offshore accounts)
Tax Identification Number
Company registration/incorporation (local and offshore companies)
Police reports for approved clients
Local SIM card
Proof of address (Lease Agreement + Utility bill)
Getting a driver's license
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