House Sales Portugal works under the Worldwide Group and has the following independent advice from our tax colleagues on incentives to buy in Portugal -
Reasons why people choose to buy in Portugal
The Portugal government encourages oversea investment and allows foreign investors to withdraw profits.
Workforce is competent, skilled with low labour costs.
One of the youngest populations in Europe.
23 Billion Euro between the years 2000- 2006 was given in grants by EU to help with rural infrastructure.
Portuguese people have very good command of English as a second language.
Friendly population, pleasant climatic conditions and crime rates that are among the lowest in Europe.
Foreign Investment in Portugal
There is no discrimination between local investors and overseas investors in Portugal. From the date of completing investment, the foreign investor has 30 days to report to the investment authorities, the ICEP. If someone has invested in Madeira or the Azores then they must register with the Planning and Finances Ministry.
In some cases the governement will provide grants to foreign investors. The amount and type is influenced by factors such as the contribution of the investment to creating jobs, to developing the area, and the size of the investment.
Portugal Free Trade Zones (FTZ)
Madeira and the Azores are two free trade zones in Portugal.
The activity permitted in these areas includes industrial and commercial activity, including setting up trust companies.
The benefits that will remain in force until the end of 2011 include corporate tax exemption. The benefits are for qualifying firms licensed before 31.12.2000.
Portugal R&D Incentives
Expenses of R&D and start ups can be depreciated over 3 years.
There is a 20% tax credit for fixed assets purchased.
Companies can also deduct 50% of their additional R&D investments for investments exceeding the average investment in the previous 2 years, up to EUR 750.000.
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