Why Americans Shouldn't Move to Portugal? 🇺🇸 🇵🇹
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Portugal is one of the most popular countries among out viewers, and many are relocating to this lovely country. It's one of the few countries in the world where you won't pay taxes on crypto income, and you can set yourself up to not pay any tax up to 10 years, under NHR regime.
However, despite the popular belief Portugal is just not a good option for Americans. As you probably know, America is the one of the few countries in the world that has citizenship based taxation.
Meaning no matter where you live in the world you'll be paying US taxes as an American.
Even though many other people can use Portugal as a part of their offshore tax strategy to not pay any taxes legally, this is simply not an option for Americans.
There is a mismatch between where Americans get benefits abroad, and what Portugal offers in terms of benefits.
So if you're an American can you get any advantages when you move abroad? Well, you can get foreign earned income exclusion- which is about 110 000 USD per year tax free. This is only applicable to earned income, not the investment income.
Secondly, you can benefit more from your foreign offshore company. You can get a lower GILTI tax rate.
However, the overlap between Portugal and the US in this regard will not work, so if you move to Portugal you will not get any tax benefits. You can still get a Golden visa and a residency permit. This will lead to EU citizenship after 5 years, however unless you renounce your American citizenship you will not be getting any tax benefits if you move to Portugal.
Who are we and what do we do?
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.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
https://www.youtube.com/channel/UCZDToCpuHc4kEHDurkQpVPg?sub_confirmation=1
Видео Why Americans Shouldn't Move to Portugal? 🇺🇸 🇵🇹 канала Offshore Citizen
https://calendly.com/michael-rosmer?month=2021-03
You can visit our website for more information about us: https://offshorecitizen.net
Portugal is one of the most popular countries among out viewers, and many are relocating to this lovely country. It's one of the few countries in the world where you won't pay taxes on crypto income, and you can set yourself up to not pay any tax up to 10 years, under NHR regime.
However, despite the popular belief Portugal is just not a good option for Americans. As you probably know, America is the one of the few countries in the world that has citizenship based taxation.
Meaning no matter where you live in the world you'll be paying US taxes as an American.
Even though many other people can use Portugal as a part of their offshore tax strategy to not pay any taxes legally, this is simply not an option for Americans.
There is a mismatch between where Americans get benefits abroad, and what Portugal offers in terms of benefits.
So if you're an American can you get any advantages when you move abroad? Well, you can get foreign earned income exclusion- which is about 110 000 USD per year tax free. This is only applicable to earned income, not the investment income.
Secondly, you can benefit more from your foreign offshore company. You can get a lower GILTI tax rate.
However, the overlap between Portugal and the US in this regard will not work, so if you move to Portugal you will not get any tax benefits. You can still get a Golden visa and a residency permit. This will lead to EU citizenship after 5 years, however unless you renounce your American citizenship you will not be getting any tax benefits if you move to Portugal.
Who are we and what do we do?
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.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
https://www.youtube.com/channel/UCZDToCpuHc4kEHDurkQpVPg?sub_confirmation=1
Видео Why Americans Shouldn't Move to Portugal? 🇺🇸 🇵🇹 канала Offshore Citizen
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