Bom dia! Lots of changes may be happening in the future. But remember it is best to wait for things to settle down and all the details are worked out. We will keep you updated as we hear more. Life is short!!!! As always we invite you to come join us on patreon www.patreon.com/itllbefun
@John_McFadden
10 ай бұрын
Solid advice, Alan. It's best not to make hasty decisions based on the limited information available at the moment. Cheers,
@markdonovan1540
10 ай бұрын
Yes, life is short indeed, but it is also wide. I saw that written on the side of a waste container while walking the Camino de Santiago in 2018 - it struck a chord and I stopped worry about time and started enjoying the moment.
@chillyfly
10 ай бұрын
The problem is when someone's move to a country is purely financially motivated. The differences in taxation between the UK and Portugal are minimal, both are very high for high income employees. But it was never my intention to move elsewhere after ten years. I am happy here, my wife is happy here, her first language is Portuguese and I am also fluent. We have friendships here. Yet whenever someone asks me about moving to Portugal, the word 'tax' is almost falling from their mouth. What has happened to the Portuguese being squeezed out of their own property market is not fair and I understand the Government's reason for making the change. Death and Taxes... Catches up with everyone.
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel. Obrigado Alan, Leslie and Wolf
@chuckmurray1825
10 ай бұрын
I was planning retirement in Portugal. The elimination of the NHR now makes that impossible. I cannot afford to pay U.S. Taxes and Portugal taxes on my retirement income. I'm very disappointed. I love Portugal and was so looking forward to a new life there.
@ItllBeFun
10 ай бұрын
Ola Chuck, I know it is hard. But depending on the amount of money and how it is distributed it may or may not change everything. We recommend you speak with a Portuguese tax attorney. Ours is listed in the Patreon for It'll Be Fun. Www.patreon.com/itllbefun We would also recommend that you take a look at France and Greece since they have programs that are very good. Have a wonderful day Alan and Leslie
@erickarnell
10 ай бұрын
Most people from the US are not double taxed. Taxes paid in one country are declared and deducted on the other's tax return.
@ItllBeFun
10 ай бұрын
Yes this is true. However keep in mind you pay your tax in your tax country if residency first. Then file US taxes to see what you may owe to Uncle Sam.
@paulocaetano3243
10 ай бұрын
Good. It was about time this ended. Either there's a flat rate for everyone, with the obvious adjustments for the lower wages, or none of this NHR tax breaks. Discriminating its own citizens within the country itself to the benefit of rich foreigners.
@ItllBeFun
10 ай бұрын
Ola Paulo, It is hard for some to understand the jobs and such. Thanks for sharing. Have a wonderful evening!
@paulocaetano3243
10 ай бұрын
@@ItllBeFunI don't understand what your comment meant. In any case, enjoy Madeira. Born and raised there, hope you make the most of your time there.
@anncatherine8561
10 ай бұрын
I agree entirely Paulo. It's not fair.
@markdonovan1540
10 ай бұрын
The cost of living has been increasing forever, although recent price hikes have become more steep - especially with energy and food costs. No matter where one chooses to live in the world, having that choice is a luxury in the first place. After that, things will need to be weighed up, but the balance is never a fixed point, it's dynamic. We can also say "should have done something sooner", but the fact that you did it at all, and later in life to boot, is a testament to your spirit of adventure and willingness to face changes and adapt. That will always be your greatest strength against whatever winds of change come your way. Long may you enjoy your life, and Madeira is certainly a beautiful place to live life and grow old in joy and love, even if the "good times" may seem to have changed a bit. The rest is what you make it. I came to live in Spain from the UK in 2017, which was my second time living here. I'm 64 now and I don't have any intention of ever going back to the UK now. I've made Spain my new home and that's it, although me and my wife also love Portugal and have considered moving there. However, we both speak fluent Spanish and are residents here, so the thought of going through that process again would be the main reason for not moving. Besides, we have a great life in Spain and there are a wide variety of places to live in Spain too, both on the peninsula and the various islands. Each have their pros and cons, just like anything, but it's so much easier being completely at home with the language and culture. We still retain our own cultural roots and mother tongues, but now we enjoy a far wider range of positive aspects of life. Nothing is perfect, of course, but on the whole we have nothing to complain about. In any case, health is the most important thing, and as you rightly say, the health care systems are excellent and extremely affordable.
@ItllBeFun
10 ай бұрын
Ola Mark, We love hearing from you as always. Thank you for all of the words of encouragement and for sharing your journey. Have a wonderful evening, Alan
@ViniciusPasqualiniCarvalho
10 ай бұрын
People are sad because they need to pay the same taxes as a citizen? This NHR should never exist glad this is finally over and those immigrants can increase the housing costs elsewhere
@ItllBeFun
10 ай бұрын
Ola Vinicius, Thanks for sharing and for supporting our channel. Have a wonderful day Alan
@flylord4361
10 ай бұрын
No, people are sad because they have to pay taxes in 2 places. If it was just Portuguese tax at stake, people wouldn't be sad.
@ItllBeFun
8 ай бұрын
There are tax deductions available in the US that help to limit double taxation on income below about 120k. So depending on your income you may not have to pay in the US but you would need to file if you are a US citizen.
@chrismedeiros3201
10 ай бұрын
First thought: 😥 Que triste! However, like someone else commented, things like this are cyclical. It may look bleak for now, but after some results come in from the discontinued NHR program, there may be encouraging developments in the future for retired expats. Hopefully I live long enough to see it. 😂
@ItllBeFun
10 ай бұрын
Ola Chris, Spot on. It will all be worked out as time goes forward. Have a wonderful evening Alan
@ruinunes8251
10 ай бұрын
Hi Alan Lesley and Wolf. I have to say that the click bait title was spot on with the picture of both of you looking where to go. That alone deserves 5 stars. Portugal still is a contender despite the latest taxes news. People need to look at the overall picture and not get stuck with the taxes issue, life is short, live it. In my view, it was naive to think that the low taxes would last forever. As it is also naive to think that moving to a low tax country will be the answer. It would be just a matter of time. But for those with the willing to relocate every few years, that is a good adventure.
@ItllBeFun
10 ай бұрын
Ola Rui, As usual we completely agree with you. Life is short. It will all be fine. Have a wonderful evening, Alan
@ruinunes8251
10 ай бұрын
@@ItllBeFun You don’t have to agree with me all the time. We all agree to disagree, don’t we? 😀 I appreciate if you also don’t agree with me, it is part of a democratic world… while democracy exists😀🍺
@Mr.S65
10 ай бұрын
@@ruinunes8251Well, taxes play a big role for people on a fixed income, does it not? Cost of living or inflation is plenty to deal with let alone an increase on their income tax.
@ruinunes8251
10 ай бұрын
@@Mr.S65 Yes it does. As well for the Portuguese. So if the Portuguese can manage, you can do it too? Maybe you have to live in a more modest house, driving an old banger and not having some luxury items as some people like to have. 😀
@stevew6047
10 ай бұрын
My wife and I were thinking the same thing. We were JUST in Madeira after experiencing a few visits to mainland Portugal, disappointed on the news (though the official plan hasn't been released yet and we don't really know what this will all look like), and then I sat down with the big spreadsheet, realized it wasn't the end of the world, and that it hasn't changed all the things we love about Portugal. It's funny, while we had thought about originally about the tax situation when we started looking at Portugal as an option, that is now so far down the list of "why" that we see it as a non-issue at all.
@basementstudio7574
10 ай бұрын
I'm absolutely heart broken about this development. Starting my research on Spain now. I hear they don't tax government pensions which is great for wifey and I. We'll see where the road takes us.
@seinfeldcostanza9433
10 ай бұрын
Costa del Sol and the Nerja area looks nice.
@ruinunes8251
10 ай бұрын
Tax on pensions is something I can’t agree whatsoever.
@ItllBeFun
10 ай бұрын
Olá, Thanks for watching and supporting our channel. It's good to research other options and have a back up plan. Obrigado, Alan, Leslie and Wolf
@basementstudio7574
10 ай бұрын
@@ruinunes8251 We pay tax on pensions and social security here in the US.
@basementstudio7574
10 ай бұрын
@@seinfeldcostanza9433 thanks for the suggestions.
@dexagalapagos
10 ай бұрын
Real shame. I was just a few years away from retirement and Portugal was my top destination, but no longer.
@ItllBeFun
10 ай бұрын
Ola dexagal Thanks for watching and supporting our channel. It will be interesting to see how everything turns out as time goes forward. Have a wonderful day Leslie
@phyllispipkin2160
10 ай бұрын
Thank you, thank thank you. In the bigger picture, we go where our heart guides us ❤
@ItllBeFun
10 ай бұрын
So true! Thanks for watching and supporting our channel. Obrigado, Alan, Leslie and Wolf
@HT-sh1yj
10 ай бұрын
Thank you for being committed to researching other places. Personally, I’m thinking about a small apartment in northern Italy where I can stay 3 out of every 6 months a year - because I still want to spend time in the US and don’t want to become an Italian resident. I’m fortunate to have some financial flexibility - but I by no stretch of the imagination have money to throw away. So I will be looking for something economical - maybe even a situation where i share the apartment with someone else who will occupy it during the times I’m not.
@ItllBeFun
10 ай бұрын
There is no set in stone method to spend your time. You present a fine option, and lots of other places could work as well. Research, preparing and planning are key. There is a special place for everyone. Good luck on your journey. Alan, Leslie and Wolf
@cookmaster3626
10 ай бұрын
My thoughts are on similar lines with yours. Like you mentioned I have been pondering on the idea of buying a flat or a condo (with the financial muscle i have) that I can call it my place to stay and use it to stay for 89 days and then get out to a non Schengen zone for 90 days and revisit home base for an other 89 days. I call this the "Schengen Shuffle". This will allow you to stay in Europe and visit places rather than fly from US for short visits. Also in this mode you don't have to be a Tax citizen of any other country and no telling when EU will shut this out for foreigners. Last time I went to Spain we spent some time in Southern Spain called Roda, in a gated Golf course condos about 70 Km south of Murcia. The place was immaculate well maintained and by US standards very very real estate friendly. A 2 br town house style with a garage about 800-900 sft was going for 110K Euros and monthly condo fee of under 100. The place was a quieter town and not like Alicante or Valencia. There is a big expat community that lives there and lot of Folks from Eastern Europe have Condos there, that they use during winter times. If you are a Golfer its a big Plus. The place is very secure and within 2 miles there are big groc stores, lots of restaurants etc. On the week ends they have a flea market where people shop for clothes, fresh veg, condiments, and you name it. I bot a pair of Sneakers there for 10 E and it has been still good after 2 Euro trips with heavy trekking and ready for my next one. Check it out its called Roda Colf Course. The place is about 4 hrs from Valencia by train,
@Mr.S65
10 ай бұрын
@@cookmaster3626The flea market would do it for me. A dream come true 🎉
@ItllBeFun
10 ай бұрын
Sounds perfect!
@ruinunes8251
10 ай бұрын
Your idea of sharing an apartment is a good idea. Have you thought about putting the apartment on air bnb while you are not living there? You would still have money coming in to cover bills and still make some money. And, if at some point you decide to move because that place/country is not for you, you still can move within Europe or at least within certain countries in Europe as long the have the same agreement, without paying capital gains tax if you reinvest the capital within 3 years. Like everything in life, do your home work because in some countries like Portugal, for you to be eligible to reinvest the capital without paying capital gains tax, this rule only applies if you are selling your main residence. Land or second homes does not apply.
@atilmont
10 ай бұрын
Portuguese taxes will NEVER beat those of Belgium ;-)
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel
@MrNoggin66
6 ай бұрын
Well done Portugal. Look after your 'not so wealthy' people
@ItllBeFun
6 ай бұрын
Thank you for watching and supporting our channel. Have a wonderful day.
@Mr.S65
10 ай бұрын
It seems to me that you’re normally among Americans who are either scouting or already living here. Have you been able to immerse in this culture? Do you speak Portuguese? I’m from Massachusetts and moved here 4 months ago (mainland). I haven’t decided where I settle permanently in Portugal but I have plenty of time to decide since my residency permit is good for 2 years. Who knows if by its renewal date, they will want us here. One step at a time.
@ItllBeFun
10 ай бұрын
We are slowly learning to speak Portuguese, and continue to embrace the culture. And will continue to grow and appreciate the beautiful island. Obrigado, Alan, Leslie and Wolf
@ruinunes8251
10 ай бұрын
@@ItllBeFun I'm glad you are learning Portuguese. So next time in Madeira we can have a nice conversation over a beer. Don't be stressed about saying something wrong. It is better to try than not trying at all, if you don't try you don't learn.
@ItllBeFun
10 ай бұрын
No pressure!
@expeditionconfidential8853
10 ай бұрын
The reason why so many of those that immigrate to PT are saddened by this news is because of the Big Picture goal they had in mind. The majority of fellow expats I met while living in Portugal were not planning on staying uber-long term. The taxes in PT are incredibly high making it not so affordable for retirees (unless those retirees were independently wealthy in some form or fashion). They needed that 10-year tax break to get them to EU citizenship status where they would then relocate to a different EU Country that would deem even more affordable to them still. Portugal was the country that offered the quickest way to EU citizenship. That was the plan for most all along....so this is a major hurdle to consider and most, I feel, will reconsider after this new development and navigate a different route to reach the same goal.
@ItllBeFun
10 ай бұрын
Ola expeditionconfidential Thanks for being here and sharing. We appreciate it. Most of the people we work with are planning to stay. They are coming to spend their retirement here. Have a wonderful day Alan
@ruinunes8251
10 ай бұрын
There is nothing wrong about moving to where is best for your money. However there are a few things to consider. One of them is, if you are already living in portugal and then plan to move elsewhere because of the tax increase, you need to have in consideration the moving cost. Unless your house fits in a backpack, the move will be costly. You will need to be in that new country for a few years in order for the moving costs to break even. And then, surprise surprise, the taxes in that new country may rise. Most certainly will be just a matter of time. At the end of the day, will it be worth the hassle? Only you can decide.
@wolframluchner5316
10 ай бұрын
The changes will only affect this who would want apply - and qualify - from 2024 going forward. Anyone who already applied and qualified and anyone who is already a NHR will not be affected for the 10 year period initially granted.
@ItllBeFun
10 ай бұрын
Ola Wolf Thanks for sharing. True the proposed changes may also effect people who have already sold their homes and everything they owned in preparation of coming but are waiting on visas to come. They will not have time to process. That is the sad part. But something will work out for them.
@mikemigueis548
10 ай бұрын
Thst is a lie .the HEALTH CARE SYSTEM SUCKS I BEEN WAITING FOR A DOCTOR FOR 6 WEEKS .
@ItllBeFun
10 ай бұрын
Ola Mike Thanks for being here and sharing. Yes, we understand that it really makes a big difference if you use the private system for most things. Have a wonderful day
@royalladin5276
10 ай бұрын
Thanks for the info. However, I do not agree with your finding that by abolishing the NRH rule, Portugal is no longer an option. Everyday life in Portugal is cheaper anyway than in the US and many other European countries. So that's where you improve. In addition, Portugal is safe, a beautiful country just a great climate, good and quality food, healthcare is much cheaper. But if you come for the tax benefits, they become less. Americans come with a bag of money. Buy. homes through which they go through the NHR and become Portuguese citizen. Plus only pay 10% tax over there pension or only 20% 0ver other income. That stops now. But NHR will still be there in the futere but witt some restrictions.
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel.
@flylord4361
10 ай бұрын
Yes it sucks that its scrapped. But we are coming anyway.
@ItllBeFun
10 ай бұрын
Good answer! Thanks for watching and supporting our channel. Alan, Leslie and Wolf
@Ari-vc2dt
10 ай бұрын
Unfortunately nothing lasts.. life is cyclical.. we got to adapt as human beings unfortunately its annoying but nessesary
@ItllBeFun
10 ай бұрын
Ola ari What a wonderful way to look at life. Thank you for sharing. Have a nice evening!
@Ari-vc2dt
10 ай бұрын
@@ItllBeFun thank you :) you have a nice evening too :)
@Mr.S65
10 ай бұрын
@@Ari-vc2dtAdapt to what if I may ask?
@Ari-vc2dt
10 ай бұрын
@@Mr.S65 everything , that you cant change in life, you accept it or adapt (in this case maybe move to another country) but that will become a pain in the ass eventually.. so sometimes we may have to accept some things in life
@Mr.S65
10 ай бұрын
@@Ari-vc2dt🤣🤣yes , a pain in the ass! I think the high cost of living is global and more worrisome in the big scheme of things. It doesn’t spare anybody
@pylogue
10 ай бұрын
Good news!
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel.
@acastro5197
10 ай бұрын
France does not tax social security.. In spain & portugal both tax social security .. the rates are very high .. enough is enough ..
@ItllBeFun
10 ай бұрын
Ola Acastro Thanks for sharing. Yes, if we had never been to Portugal and were starting our search again France would be high on the list. They have a very good tax treaty with the USA, which where we are from. Have a wonderful day Alan
@Shallaylon
10 ай бұрын
yeah, France will be next to have to take similar drastic measures. Don't you worry.
@acastro5197
10 ай бұрын
the tax agreement in France is a specific treaty with the US not to tax social security in France.. a treaty.. it ain't going away soon.. @@Shallaylon
@Shallaylon
10 ай бұрын
@@acastro5197 the Portuguese tax help didn’t necessarily go away quick either.. French economy is going the same way as Portugal, only a matter of time before they take drastic measures if not SS tax they’ll find something else to tax.
@ItllBeFun
8 ай бұрын
Not to be the take fun out of things but the US taxes SS. The tax rates are just different.
@AntStepp
10 ай бұрын
I see. Good for you. I guess people who planned to move to Portugal will have to look for something else.
@ItllBeFun
10 ай бұрын
Ola AntStepp, Thanks for sharing and supporting our channel. You are right it is always good for one to reviewed and double check before they make their final decisions. Have a wonderful day Alan
@ruinunes8251
10 ай бұрын
Why to look at something else? People are making already a fuss about this. You need to put your spreadsheet out and run the number. Even if you are a low income earner, I don’t think it will make any difference for you. Get a tax specialist to run the number for you if needed. And if you have to pay any little tax, it is not the end of the world is it? Isn’t it just fair that you pay your fair share of taxes in Portugal as the Portuguese do?
@ceceespejo5164
10 ай бұрын
Is beautiful i want to move too, i thought about Portugal 🇵🇹
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel. We love it here. Obrigado Alan, Leslie and Wolf
@richcosta1163
10 ай бұрын
I am super bummed right now with this new tax changes for Portugal retirees. We are less than nine months away from retirement dates in the US and our move to Portugal that has been planned for quite some time. Worse part about it is my family is from Portugal originally dating back to my Grandfather. Plan was interim D7 while I pursue longer goal of citizenship by family ties. Trying to be optimistic and create a plan b instead right now hoping the Portugal retirement comes through for us though.
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel. It still could be a good place to consider. Do all the research you can. It may be cost effective. Alan, Leslie and Wolf
@cookmaster3626
10 ай бұрын
My $.02 comment. My comment here on the NHR development is with particular reference to US citizens. Every one seems to think NHR is a great boon. Yes at 10% tax rate on foreign income, the Portugal tax on foreign income looks attractive. Don't forget that the same income has to be reported to Uncle Sam whose rates at the lowest income slab is 12%. So in other words you have NHR available or not, and you like it or not, you have to pay a higher tax on that income in the US. So what's the big deal about NHR being taken away. The NHR change will particularly impact the high income earners who are well vested in their retirement savings like 401k (where RMD is involved which is taxable income), or interest , Dividend income, rentals etc. Under the new scheme Portugal will tax you at a higher rate than the US. Under the dual tax treaty some of that tax paid in Portugal can be claimed under your IRS filing but there may be a cap. My assessment is for people with middle income in retirement NHR or not, its irrelevant. For high net worth folks its more in taxes to Portugal but a nicer lower cost life. For most US citizens on lower income in retirement looking for a better life in Portugal NHR rule change is irrelevant and that's my assessment. Open to any comments so I can be better informed.
@NYrender
10 ай бұрын
Please get back to us with your numbers.
@ItllBeFun
10 ай бұрын
Olá, Thanks for the continued support of our channel. And for sharing your thoughts and concerns about this one. Lots of other intangibles to consider when comparing. We appreciate it. Obrigado Alan, Leslie and Wolf
@Pauln71
10 ай бұрын
My God what a mess. Hoping they will give middle to lower income retirees a break
@cookmaster3626
10 ай бұрын
@skygblue6250 Sir - Thanks for your comments. I guess you are missing a point here. Being a US citizen, there is a thing called "Dual Taxation treaty" between US and about 50 plus countries. According to this policy you pay tax to only one country, and not both as you have stated. In the IRS return there is a thing called Foreign Tax credit where, whatever taxes (VAT and sales Tax are not in this) you paid in any foreign country can be taken as $ for $ credit from your US tax liability and there may be a cap on that which i am not sure. That's why I made a mention that for middle class or lower SS pension earners the NHR has no impact and the tax in US at a minimum slab of 12% is more than NHR rates. This rule change will impact the high income retirees in my opinion.
@barrygiles9149
10 ай бұрын
@@cookmaster3626 That's the way I read it as well. However, regardless a good International tax advisor is money well spent. I hear the fines are crippling should you get it wrong. Anyone got further thoughts?
@pures1n
10 ай бұрын
Would you leave Portugal if they made it so people who we're previously approved for NHR had their status revoked and had to pay taxes at the Portuguese level?
@ItllBeFun
10 ай бұрын
Ola purest Thanks for being here and supporting our channel. Your question is a good one and I think would be answered differently by each person. We have built our home here and have no intention to leave. But as with everything in life we would recommend that you run the numbers to ensure it will work. Have a wonderful day Alan
@ruinunes8251
10 ай бұрын
As Alan said, you need to run the numbers. As far as I understand, the ones already on NHR, it will not be revoked. And regarding taxes, it is not a flat rate tax, it is a progressive tax rate. And as for paying your taxes, it is just fair that you pay the same amount as the Portuguese do, don’t you think? How do you think the Portuguese feel that they have to pay the full bill while others pay less than half?
@pures1n
10 ай бұрын
@@ruinunes8251 Yes but the question was if it was revoked. Lets say you earn 50K USD/EURO a year. You are not in the 45% tax bracket. And you owe 23% VAT on everything you purchase. You are paying 68% taxes on just that alone. Leaving you with very little purchasing power. Versus USA: You would pay about 14% federal income taxes and 5-7% sales tax. Leaving you with 80% of your money.
@pures1n
10 ай бұрын
@@ruinunes8251 To be honest, I'm moving where I'm treated best. That comes with tax benefits, if it doesn't I would go elsewhere. No offense to the Portuguese, or other EU nations with high taxes, but there are MANY countries that offer much more incentives with similar lifestyles as Portugal. It's not about "Oh you should feel bad for Portuguese" that mindset is terrible.
@wolframluchner5316
10 ай бұрын
That’s not happening. The change will be for new potential applicants 2024 and beyond. Similar to what they did to the golden visa program.
@wxmath
10 ай бұрын
Move to Chiang Mai, Thailand. It could be a good fit as long as you don't mind warm weather.
@ItllBeFun
10 ай бұрын
Good suggestion, but too hot( as I sit roasting here today)!! Obrigado, Alan
@iptalyluxurytravel
10 ай бұрын
I'm considering Thailand as an alternative but my move USA is less for taxes and more for cultural diversity, great weather, safety, and friendly people.
@ItllBeFun
8 ай бұрын
Which is the a great way to create your adventure!
@teddydavis2339
10 ай бұрын
Portugal was desperate. I lived in Portugal, but I didn't see the big deal. It's beautiful. It's is poor and very hard to make real friends. People who don't learn the language miss out on the country. Unfortunately, most Americans will never learn the language, which means they will never be able to appreciate the culture. The US can do better with health care. We can make it happen. We could learn a thing or two from the French.
@leonewest2239
10 ай бұрын
If an American and or any expat decides to become a citizen of Portugal the are required to read , write, and speak A2 level Portuguese ( no exceptions).
@ItllBeFun
10 ай бұрын
Ola Teddy, Thanks for being here. As always you make some very good points. Have a wonderful day Alan
@Ameliajones-bj6uf
10 ай бұрын
I Don't agree with being Poor hard to make friends it depends how hard do you try. most people speak English, so should not be too hard to go about your day to day life. Maybe you should try some Easter European countries and make your own conclusions.
@ruinunes8251
10 ай бұрын
Why do you think it is hard to learn the language? How hard can it be to learn just one word per day? If you at least make an effort to learn one word per day, that will be alot of words per year. Don’t you agree? And with regards to making friends, there are loads of expats in Portugal. I don’t think it can be that hard. And once you start speaking the language, get out and mix with the locals.
@ItllBeFun
10 ай бұрын
You are right! We need to do better.
@craftbrewer4032
10 ай бұрын
It could be worth it if the housing prices drop by 50%
@ItllBeFun
10 ай бұрын
Ola craftbrewers We like the way you think!
@PortuGAL_444
10 ай бұрын
Have watched all of your videos🩵. Are you now considering leaving Portugal? I’m awaiting my D7 approval. Not changing my plans now but this is a definite an unexpected turn of events.
@ruinunes8251
10 ай бұрын
You need to see the whole picture, not only the taxes issue. Political stability, health system, friendliness, good weather, good food, low crime, etc etc, all these should be considered and not all about taxes. I think Portugal still is a good contender after all. Just my 2 cents.
@PortuGAL_444
10 ай бұрын
@@ruinunes8251 Which is why I am still coming to make Portugal my home, even just on my social security. I know I will love it there🩵
@tinglestingles
10 ай бұрын
@@PortuGAL_444 it's a nice place - we've been here about 18 months and we love it.
@cookmaster3626
10 ай бұрын
If you are a middle class US citizen the NHR being available or not, you still will pay taxes on all income earned worldwide to the US, and the US's lowest tax bracket is 12%. So what is the big deal about the 10% NHR. It will only impact high net worth individuals, who have high income in retirement who will now be in a higher Portugal tax bracket. For some one from US, who is seeking to move to Portugal due to lack of sufficient income in retirement to live in US, this NHR has no impact what so ever and people are reacting too badly to this rule change.
@ItllBeFun
10 ай бұрын
Ola Colleen, No we are love it here and have no intention to leave. We are glad you will not let these changes ruin your plans! Thanks for sharing!
@AvadoraMimouniOfficial
10 ай бұрын
Just don't get sick in the medical system you get treated very poorly 😢 Plus the property levels are very high.
@ItllBeFun
10 ай бұрын
Ola Ava, Thanks for sharing and supporting our channel. Yes, it pays not to get sick no matter where in the world you live. Have a wonderful day, Alan
@AvadoraMimouniOfficial
10 ай бұрын
@@ItllBeFun in this case Portugal I speak from personal experience. Imagine going to the ER and only get seen the next day after sitting in a wheelchair all night.
@ruinunes8251
10 ай бұрын
@@AvadoraMimouniOfficial I'm very sorry to hear you were waiting all night. It is unfortunate that it happened to you but if it happened, it is not only happening in Portugal. Surely there was a reason for that. Was there a strike? Did you get to know why you waited all night?
@AvadoraMimouniOfficial
10 ай бұрын
Not really just horrible service , glady i walked out and went to a private hospital fortunaly i can afford it . I wonder those who cant . Thank you
@ruinunes8251
10 ай бұрын
@@AvadoraMimouniOfficial Hang on a second, please don't take me wrong but you said you were sitting on a wheel chair all night? Then you said you walked out? I don't know what the issue was but can it be the case that you weren't an urgent case and they gave priority to urgent cases first? They prioritise urgent cases first as far as I know
@stevenlee3340
10 ай бұрын
Are you grandfatherd in ??? What if your in Portugal and already have a seff appointment???
@tinglestingles
10 ай бұрын
It might be ok - it depends on the legislation; no one knows yet.
@ItllBeFun
10 ай бұрын
Ola Steven, As long as you apply and are approved for the NHR you will receive the benefits. At least that is what is being said. Have a wonderful day Alan
@jorgegomez524
10 ай бұрын
If you are here only for the taxes goodbye and good luck.
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel
@shortties
10 ай бұрын
Those who already benefit from NHR status will not lose the benefit The Portuguese Constitution prohibits the retroactivity of new laws and protects acquired rights
@ItllBeFun
10 ай бұрын
Ola Shortties Thanks for sharing. As you can see many people are concerned. Have a wonderful day, Alan
@antoniodasilva1230
10 ай бұрын
Makes sense why a few new people getting the perks and screwing it up for the local folks
@ItllBeFun
10 ай бұрын
Ola Antonio Thanks for sharing. Have a wonderful day!
@ruinunes8251
10 ай бұрын
There is no need to be so sarcastic because it is not the expats fault that the NHR existed. If it exists, why not to take advantage of that. I would if I could. I'm a foreigner myself somewhere. Don't blame the expats for the government's decisions.
@tinglestingles
10 ай бұрын
@@ruinunes8251 Ola, you are everywhere! 😀
@dianapitt5665
10 ай бұрын
I don't think the 10,000 foreigners create a house crisis for Portugal. The country benefitted from that and that is what the scheme was created in the first place.
@ruinunes8251
10 ай бұрын
@@dianapitt5665 I’m not sure if there is only 10000 foreigners 😀. However I completely agree with you, the blame shouldn’t fall only on foreigners.
@LTRaider
10 ай бұрын
I’m so bummed
@ItllBeFun
10 ай бұрын
Ola Leslie Keep in mind it is a proposal.
@tinglestingles
10 ай бұрын
@@ItllBeFun A lot can happen between a soundbite on TV and legislation.
@nygardenguru
10 ай бұрын
Wonder the effective percentage of double taxation would be for people on a D7 retirement Visa
@ItllBeFun
10 ай бұрын
Ola! We do not get double taxed. What you pay in Portugal is not taxed again in the USA.
@Mr.S65
10 ай бұрын
@@ItllBeFunWhy do people insist the 10% is mandatory? I pay already a lot more than 10% in the US. I’m under the NHR here.
@ItllBeFun
10 ай бұрын
Correct. The tax is based on how passive income, dividend income and active income work together. It currently runs from 0 to 20% at a minimum in Portugal if you qualifyfor the NHR. Then for USA tax whatever is outside of the deduction allowance in the US will be taxed again. But you do need to get up over about 120k before that happens. It is very complicated and will be very different for each person. For some not having the NHR will mean very little for others it will mean everything.
@Mr.S65
10 ай бұрын
@@ItllBeFunIt makes sense. Good info. True, having income here could be a good reason to use the 20% flat rate from the NHR but only if the tax brackets in Portugal taxes you at a rate higher than 20%.
@dianez8634
10 ай бұрын
This policy change is not going to benefit Portugal and its people overall. NHR is taxing the income earned outside Portugal (10% or 20%). If people choose not to come to Portugal, that 10% tax income would be lost. True, the foreigners will use some of the social benefits such as healthcare, the 10-20% tax rate should cover the cost for the benefits they received. There are increased business activities (renovation of housing, hiring contractors, eateries, transportations, etc) brought by the foreigners that create jobs. The increased housing cost is across the global, Portugal is not alone. The real problem is the low pay for workers in Portugal. To raise the living condition of the people, the goverment needs to find ways to create high-paying jobs, not to drive away the additional tax base.
@ItllBeFun
10 ай бұрын
Ola Diane Well said. Thanks for watching and supporting our channel. Have a wonderful day, Alan
@ruinunes8251
10 ай бұрын
I disagree with you. Maybe you need to understand what is going on in Portugal right now. I doubt very much that abolishing the NHR would have that much impact as people think for the Portuguese finances. Are you aware that lately the youngsters, young couple are staying with parents way longer because they simply can’t afford housing? Housing is a right of every human being and they are being deprived of that because of the agonising high cost of the housing market right now. Even if the housing market slows down a bit or starts being cheaper because less foreigners are coming in, those youngsters, young couples and others will start to buy houses and the government will still have money coming in. And the local economy still moves on. At the moment we have foreigners with much more buying power than the locals and pricing out the locals. Is this fair?
@dianez8634
10 ай бұрын
@@ruinunes8251 Hi Rui. Appreciate your comments. I honestly feel the pain by the people, especially the young people, in Portugal. To find the most effective way to reduce the pain is to find the true cause of the situation. The huge inflation in housing and everything is experienced by people across the globe, not just Portugal. Does every country with high inflation have a large inflow of rich foreigners? The answer is no. So rich foreigners or not, Portugal would have experienced the increased cost in housing, food, oil/gas, etc. It is just many foreigners can still afford the higher cost while many locals can't because their pay is low and stays low in the face of inflation. Again, I believe the policy change is an effort to divert the public anger and is misplaced. Portugal people are severely under paid for what they do. The government needs to find ways to create high paying jobs and their people's earning power. Otherwise, Portugal living standard for its people would get stuck to the lower tier of the European continent. Driving away the additional tax base originated outside the country is not the prudent way to handle the situation, in my humble opinion.
@ruinunes8251
10 ай бұрын
@@dianez8634 Not all the foreigners coming to Portugal are rich because if they were, they shouldn't be so worried about tax. And those who are rich as you said, one more reason to pay the same amount as the Portuguese. I'm sorry, I can't sympathise with the idea of because you bring investment, you have to pay less taxes. When I started working abroad, I started paying emergency tax straight away even though I was working and contributing to the country. So those rich foreigners or not so rich, come to portugal, do not work and pay less tax. How fair is that? As Alan says, "life is short" Live it while you can and think less about taxes, because at some point in our lives we all will be 5 foot under or in a hand full of ashes inside a little shoe box. I respect your "Humble opinion" but I also understand the humble opinion of the Portuguese or any other nationality who is suffering from the same issue. I Know what I hear from the Portuguese all the time I go on holidays to Portugal.
@colemant6845
10 ай бұрын
Portugal is turning into a TAX HELL for foreigners especially. Don't go there to stay more than a month... it will still be VERY expensive.
@ItllBeFun
10 ай бұрын
Thanks for watching and supporting our channel
@michaelmiddleton3311
10 ай бұрын
How has this affected you guys? Your plans? I imagine you already qualify for the tax breaks, but, as I understand it, everyone WILL now pay full tax in Portugal regardless of any agreements between the US and P. Thanks!
@ItllBeFun
10 ай бұрын
Ola Michael Thanks for watching and supporting our channel. We heard the bill will be presented in late November we will have to wait and see what the proposal is and when they.think it will go into law. Have a wonderful day Alan
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