I’m a software dev with clients in US. I’m told I have to pay 20% flat tax (plus 21% on 70% income).
Question is if i dont send money to Portugal and keep the money in the bank in the US will i still pay tax, and if i dont declare the money how will Portugal know?
My idea was to move enough money before my residency that I can live off comfortably for the next 5 years.
PS I’m a 3rd country national but have a bank account in the US.
Isn’t the 20% flat tax under NHR only applicable for PT-sourced income? My understanding is that foreign-sourced income is taxed at 0%. All assuming a D7 visa.
No sir, PT taxes on world wide incomez even under NHR
Are you sure? I’ve read plenty of places saying foreign-sourced income is exempt under NHR for 10 years:
A quote from the last link:
Since all of the DTCs concluded by Portugal – in line with the OECD Model Tax Convention on Income and Capital – allow the source state to tax dividends and interest, no PIT shall be due in Portugal under the NHR regime.
Pensions are 10% under NHR and dividends are exempt. Rest you pay 20% and another 21.4% on 70% of the income if you are self employed.
Can you give some links? I’m seeing differently elsewhere as demonstrated above.