In a recent proposal for the Government budget of 2024, it has been announced that new residents in Portugal will no longer be eligible for the residency regime. However, those who have already obtained the regime will continue to enjoy its benefits for the duration of the granted period, which is typically 10 years.
According to the proposal, the residency regime will be available to new residents until the end of 2023. This means that individuals who become residents or hold a valid residence visa by December 31, 2023, will still have the opportunity to apply for the regime. However, it is crucial to note that applications for the regime must be submitted by March 31st, 2024.
While there may be exceptional cases where tax residence for 2023 needs to be applied retrospectively in 2024, it is advisable to avoid such scenarios due to potential stress and delays. To ensure a smooth process and to take advantage of the current regime, anyone interested in obtaining residency in Portugal should initiate the necessary procedures as soon as possible.
Considering the limited timeframe, it is essential for those who wish to benefit from the residency regime to act promptly. Starting the application process immediately will allow sufficient time to meet all the requirements and submit the application before the deadline. Engaging the services of a reputable lawyer with expertise in Portuguese residency laws can greatly facilitate the process and ensure compliance with all necessary regulations.
The proposed changes to the Portuguese residency regime for new residents in 2024 highlight the importance of taking timely action. So if you are interested in obtaining residency in Portugal you should begin the necessary procedures without delay!