Moving from the US to Portugal after NHR
The American retirement-to-Portugal corridor was built almost entirely on NHR. NHR is gone, and foreign pensions are now taxed at standard progressive rates — which for a US retiree means Portuguese tax layered on top of unavoidable US tax.
IFICI will not cover a retiree
IFICI gives a flat 20% on Portuguese employment and self-employment income for qualifying roles only: higher education, research, R&D recognised by FCT, AICEP or IAPMEI, and innovation or startup jobs. Foreign investment and rental income are mostly exempt, but foreign pensions are not.
It runs 10 years, requires non-residence in Portugal for the prior 5 years and no prior use of NHR or IFICI, and must be registered by 15 January.
The default burden is one of the highest here
Rates reach 48% above EUR 86,634 with a solidarity surcharge of 2.5% from EUR 80,000 and 5% above EUR 250,000, so about 53% at the top.
Capital gains on financial assets are 28%, real estate is 50% of the gain at progressive rates, and tax-haven gains are 35%.
The Golden Visa changed too
The real-estate route is abolished. Current options are EUR 500,000 into a qualifying fund, EUR 500,000 into a business creating five jobs, or a EUR 250,000 cultural donation (EUR 200,000 low-density).
Before you move
- Confirm whether any legacy NHR protection applies to the individual; a headline rate is not a current eligibility determination.
- There is no wealth tax and inheritance stamp duty is 10% with direct-line family exempt — genuinely mild, and the main remaining attraction.
- US worldwide-tax obligations continue. Review treaty provisions and any available domestic credits or exclusions by income category rather than adding two headline rates.
Continue your research
Request a private assessment
Tax rates are only the first screen. Residency, ownership, treaty position and succession can change the outcome.
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