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High net-worth Spaniards looking to transfer to Portugal to escape new Socialist regime

Wealthy Spaniards are looking to transfer their assets to Portugal.

The reason, explains Dinheiro Vivo, is the financial thinking of the new Socialist regime – a coalition of the PSOE and Podemos.

Says the paper, AEDAF – the Spanish association of fiscal consultants – has detected “a marked increase in requests for information on the eventual transfer of assets to Portugal by Spanish taxpayers” concerned that taxes are about to jump considerably.

The new government took office last month and has now focussed on passing its State budget for 2020.

This is unlikely to be finalised before the summer, says DV, but the government “has indicated” that tax hikes will be on the cards.

Says AEDAF president Stella Raventós: “Many Spanish taxpayers are working out if they should physically move to Portugal taking their assets to a country with an attractive regime for non-residents”.

This is despite the fact that Portugal is tweaking its non-habitual residency regime – previously representing a 10-year tax amnesty for pensioners – so that subscribers pay a minimal tax on the income from their pensions.

By Portugal Resident -3rd February 2020