Black Ledger – Country Profile

Portugal has transitioned from a leading tax optimization jurisdiction to primarily a lifestyle and EU mobility destination. The closure of its Non-Habitual Resident program to new applicants in 2023 significantly reduced its tax appeal, with the replacement offering just 4 years of limited benefits instead of 10 years of substantial exemptions. Despite this change, Portugal continues to provide excellent residency pathways through its Golden Visa and D7 passive income visa, both with minimal physical presence requirements. The country maintains its appeal through outstanding Mediterranean lifestyle, excellent healthcare, strong expatriate communities, and reasonable living costs outside prime areas. While no longer competitive for tax optimization, Portugal remains attractive for those prioritizing EU access and quality of life. Those seeking both European residency and tax advantages should consider alternatives like Malta, Cyprus, Italy, or Greece, which now offer more favorable tax regimes for internationally mobile individuals.