Yeah, that makes a lot of sense. Risk the GV investment for a few thousand €? Not worth it. Thanks for the confirmation. I guess it’s never too early to support the Portuguese economy 
.
BTW, I love the em-dash. I was actually sad to hear people associate it with AI responses.
You didn’t use an em dash ( — )
You used a hyphen, the key on most keyboards ( - )
That’s why it’s an AI tell, because for most people it’s a pain in the butt to type it so they just use a hyphen (colloquially, “a dash”)
I tried to work in the em-dash, but I didn’t want to force it. Most of the time my editor autocorrects – (two dashes, no leading/trailing spaces) to an em-dash.
Back on topic: the good news is that Grizzly takes credit cards (payment in EUR). I’m still trying to understand the fees with my PT bank, and there seem to be a lot. If anyone has tips on how to minimize all these tiny (and not so tiny) fees, that would be great.
BTW, the default text for my email address in the web payment page is some random HTML:
class="input-blocked
Does not inspire confidence. I guess I’ll track my credit card statement closely…
An also be done through a local banking app.
Have there been any changes to this? I’m a US citizen living outside PT and invested in Optimize.
My lawyers wrote “Following notification from the Tax Authority regarding the obligation to submit an annual tax return for some of our clients who have invested in funds, we suggest that you submit a simple declaration certifying your Portuguese income (or a nil return if you have not received any income), as a preventive measure to avoid potential problems.” I asked if it was just getting a “Certidão de Dívida e Não Dívida” and they wrote “What we are suggesting is that you submit an income statement, even if it is submitted without the need for any payment, as you did not earn any income from your investment in the fund.” Is that the same thing as the process here or is there something additional they’re proposing for 300 euros?
I’m quite confused!
If the 300 euros is for tax representation and they are filing your NIL tax return included in the tax rep fee, that is reasonable.
If they are proposing to file a NIL tax return for 300 euros (in addition to a tax rep fee) for a scenario where you don’t owe taxes and are not required to file, this seems inappropriate.
I received the same message from my lawyer. I invested with IMGA last year, and have not distributed nor will until at least 5 years per the golden visa requirement. I already signed a package with my lawyers that included “5 years of tax representation”. I asked them to clarify, and they basically told me that it doesn’t include tax return, so it will cost me 300 euro extra per year and every year. Is this right?
If you are not a tax resident in PT then you do not need to fill in the annual IRS.
If you ARE, then yes, you’d need to submit annually by end of Jun I believe.
Does not matter if you are on NHR or not, still you need to submit if you are a tax resident.
You can fill in the IRS yourself in the Portal das Financas.
Takes some time to figure out, but it can be done.
If that’s too much hassle then of course you can pay the lawyer to do it.
Hopefully I can share some additional insights on this topic.
This is a case where the practical experience does not match the legal framework. In fact, although the law does not require a tax return for non-residents who do not obtain any income in Portugal, in recent months several of our non-resident clients have received notifications from the Portuguese Tax Authority to file a tax return, even though they hadn’t received any income in Portugal.
In most cases these notifications are administrative checks rather than indications that tax is due. The AT is increasingly relying on information reported by third parties (AIMA, banks, financial institutions), and their systems often trigger alerts when it identifies an inconsistency or mismatch.
For this reason, we have recommended filing a protective non-resident tax return, even where there is no Portuguese-sourced income.
This is simply a cautious approach, based on experience. We believe this may help avoid administrative notifications, reduce the need to respond to tax authority inquiries, and create a clearer record with the tax authorities. Of course, the decision always rests with you, but our role as lawyers is to inform and try, as much as possible, to anticipate potential issues in the future.
Feel free to PM me if you’d like to discuss this in more detail.