For example, by investing at least €350,000 in the country, and meeting other criteria, South Africans can secure residency on fairly straightforward terms, while also utilising the tax benefits offered by Portugal’s non-habitual residency programme.
It is easy to see why so many South Africans are doing it; Portugal’s favourable investment and residency landscape has made it a thriving and innovative economic destination in the European Union. Couple this with one of the more enviable European climates, and you have a simple formula that makes Portugal one of the world’s leading expat retirement destinations.
However, despite the many attractions of Portuguese expat life, there are a number of cross-border bureaucratic and wealth management complexities that make careful financial planning essential for any South African who is considering the move. And with the South African Revenue Service (SARS) 183-day rule about to be shelved in favour of a new expat tax regime, South African expats in Portugal now have even more to think about.