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Portugal Facts And Figures- FAQs
Starting from August 1, 2024, Portugal waived the Real Estate Transfer Tax (IMT) and Stamp Duty for property purchases if the buyer is under 35 and is buying their first permanent home.
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Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.Best For:
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Portugal Facts And Figures
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Facts About Portugal
There are many interesting facts about Portugal. This country is one of the oldest in Europe, once part of the Umayyad Caliphate dynasty and the Roman empire.
The official language of Portugal, Portuguese, is known as a “romance language.”
In 2010, Portugal legalized same-sex marriage, becoming only the 8th country to do so at the time.
Also, the country’s official name is the Portuguese Republic.
Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
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There are many interesting facts about Portugal. This country is one of the oldest in Europe, once part of the Umayyad Caliphate dynasty and the Roman empire.
The official language of Portugal, Portuguese, is known as a “romance language.”
In 2010, Portugal legalized same-sex marriage, becoming only the 8th country to do so at the time.
Also, the country’s official name is the Portuguese Republic.
| Information Type | Portugal Data |
|---|---|
| Population | 10,223,349 people (Jan. 2024) |
| Gross Domestic Product PPP (GDP) | US$362.3 billion (Jan. 2024) |
| GDP Per Capita | US$22,414 (Jan. 2024) |
| Inflation Rate | 2.9% (2024) |
| Currency | Euro (EUR) |
| Exchange Rate Versus U.S. Dollar | 0.92 euro per U.S. dollar (Jan. 2024) |
| Language | Portuguese (official), Mirandese (official, but locally used). |
| Capital | Lisbon |
| Population of Capital City | 3,015,000 (metropolitan area) |
| Time Zone | GMT |
| Seasons | Mediterranean: hot, dry summers; wet, cool winters |
| International Dialing Code | 351 |
| Electricity | 230V / 50 Hz, Plug Type: C, F |
| System of Government | Republic, Parliamentary Democracy |
| Current Leader | President Marcelo Rebelo de Sousa |
| Income Tax Rate for Residents | Residents in Portugal are taxed on their worldwide income at progressive rates varying from 13.25% to 48% (2024).
Nonresidents are taxed at a flat rate of 25% on their taxable remuneration (2024). |
| Property Tax | 0.3% to 0.5% of the total real estate value for urban properties. For rural properties, it's 0.8%. |
| Capital Gains Tax | 28% |
| Inheritance Tax | None |
| Rental Income Tax | 28% |
| Transfer Tax | 6.5% |
| Sales Tax | 23% |
| Restrictions On Foreign Ownership Of Property |
None |
| Local Chamber of Commerce | Rua das Portas de Santo Antão 89 Lisbon 1150 266 Portugal Tel: 351-21-190-36-50 |
| American Chamber of Commerce | Lisboa – Sao Jorge de Arrolos Rua D. Estefanis 155 1000-154 Lisboa Tel. 351-213-572-561 |
| Primary Exports | Agricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, base metals, machinery, and tools. |
| Residency and Visa Requirements | Tourist Visa: Automatic 90 days upon entry.
Residency: Portugal changed the rules of its golden visa program (eliminating real estate from the list of qualifying investment classes). Another Portugal fact is that the legislation stipulates the minimum working wage (around 485 euros per month currently) for the principal visa holder, 50% of that value for a spouse, and 30% per child. For instance, these requirements can be reduced if the applicant can prove he already has lodging paid for or guaranteed. Citizenship: After six years of continuous residency. |
| Special Benefits for Foreign Residents or Retirees | Recent legislation allows resident foreign retirees to receive pension and foreign income in the country tax-free for 10 years if they qualify for the NHR status.
Most importantly, the law also provides for reduced taxation on wages, intellectual property, interest, dividends, and capital gains. On the other hand, tax rates are relatively high and the tax-free status for NHR residents is not indefinite but for 10 years. |
| National Airline | TAP Portugal |
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Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
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