Retire abroad? The country offering tax-free pensions
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Retire abroad? The country offering tax-free pensions

Retire abroad? The country offering tax-free pensions
One European country's generous tax regime to entice wealthy expats is looking even more attractive thanks to pension freedom. 

Many dream of retirement in sunnier climes and with pension freedom the opportunity to take your savings and run is even more tempting.

A reduced tax bill is even more enticing, and one country is going further than just offering lower taxes. In an effort to attract wealthy foreigners to its shores, Portugal is promising they won't have to pay tax on their non-Portuguese income for a decade.

The ‘non-habitual residence regime’, or NHR for short, makes Portugal the most tax efficient country for retiree expats to live in as long as they have not been resident in Portugal for the past five years.

‘[The Portuguese government] want new arrivals and they want people who have money to come, so they have a special tax arrangement for those who become resident… for the next 10 years you will not pay tax on any non-Portuguese income,’ he said.

Due to the UK’s double taxation agreement with Portugal, you do not pay UK tax on income taken from a UK pension if you live in the country – the UK government leaves it up to the country in which you live to tax you.

Date: August, 2016

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