Now that my clock starts back in 2020, I can apply for a passport in 2025 with plans to move in 2026. It took multiple years to get the residence permit. Since I do not have to live in PT (if the passport takes less than a year), we are thinking of bypassing PT and going to central Europe. Anyone else have similar thoughts?
I think the reason most GV investors applied was for the flexibility of being able to live anywhere in the EU without ever having to live in Portugal. I really like Portugal, but also like Spain, and have not even been to most other EU countries!
That is unlikely. Naturalization times are reportedly 2-3 years and may go up if more people are suddenly eligible to apply.
I have been to all EU countries except one.
Moreover I have been to all countries in Europe except three.
Portugal is the best among the EU ones.
There are some non-EU countries that I’d call ‘runners-up’. But they are non-EU anyway so you don’t need an EU passport to live there.
Of course this is just my ‘uneducated’ opinion
It is a great option to have. For many of us, tax considerations are a heavy factor in that choice. But if you consider only the aesthetics, so to speak, of living in a country, then the EU is quite a lovely set to choose from! No one can tell you what country YOU would like .
We had a long discussion and know Portugal the best. Plus 4 years of language study. We will start there and adjust if we do not like it or when our IRA’s kick in.
Just beware that once you are PT tax resident, you must declare your worldwide assets on your tax return, and if you ever leave Portugal you may have to pay an exit tax on unrealized gains for those assets.
Is this the case at the moment or something you think likely soon?
I’ve heard it exists but I don’t know the details, a Portuguese accountant would have more expertise.
Even under NHR?
That’s a good question for an accountant/tax lawyer. I don’t know if anyone on this forum knows.
My Portuguese accountants’ tax report doesn’t forecast I will be subject to an exit tax (I’m a PT NHR resident). That doesn’t mean it can’t happen / apply.
But I know the EU opposed one back in 2014.
I used that as the basis to move in 2022.
If anyone can provide clarity on the existence of an exit tax from PT, and when it’s applicable please post?
So many confusing information, from april 2024, does the Portuguese citizenship clock starts when after we apply to initial application for pre-approval or does it start after we complete biometric ?
My initial application for pre-approval is dec 29th 2021
Biometric happened on august 18, 2023 in Faro, Portugual
I am still waiting outside of portugal for first temporary residence card.
Please let me know
This isn’t confirmed yet.
Oh my attorney said it was done. I will erase my message.