Estate Living Magazine Retirement Living - Issue 40 April 2019 | Page 65

G O O D
L I F E
Tax talk: You won’t pay Portuguese tax on any South African
pension, dividend or annuity income under this programme.
There is no inheritance tax, so you can bequeath the Villa Casa
to your children without them paying the earth for it. Gifts or
inheritances received by spouses and direct descendants are
exempt from estate duty. Any Portuguese-sourced income will,
however be taxable. Capital gains are still taxable.
Eligibility for NHR status: South Africans will have to become
resident in Portugal, as well as be a tax resident and own or
rent property in the country. You cannot have been a resident
before in order to qualify. Over 6,000 South Africans have been
approved so far.
While you may not be employed in Portugal, your South African
business interests are perfectly legitimate in the NHR system.
How to make it happen: Apply for a residence permit within
six months of arriving in Portugal on your long-term visa or
Portuguese residency visa. The permit is renewable every two
years and, after five years, it can be converted to a permanent
residency permit, after which you can apply for an EU passport
that lets you travel freely in Schengen Europe.
MAURITIUS
Golden Visa: Another option for the well heeled is to apply for Why Mauritius? Mauritius has a pleasant tropical climate –
a Golden Visa, which offers a fast-track to obtaining a residency
permit in Portugal for non-EU investors. This includes the
purchase of real estate property worth at least EUR 500,000
(about R8 million), or EUR 350,000 (about R5.6 million) for
properties located in urban regeneration areas or properties
more than 30 years old. except for the odd cyclone, but they are usually predicted early
enough so residents can batten down the hatches. There are
plenty of expat clubs, and water sports like fishing, sailing or just
lolling around on the white sand make for easy living. Mauritius
offers well-equipped hospitals and clinics.
What to do: If you’re over 50 years old, apply to the Board of
Bonus ball: A recent study on 13,000 respondents across 166
nationalities showed Portugal at first place for offering expats the
best quality of life of any country around the world.
Investment (BOI) for a residence permit. And scour the property
pages; successful applicants are eligible to acquire property in
Mauritius.
individual), circumvent all the procedure above and obtain
residency by buying property to the value of $500,000 (about
R7 million).
Tax talk: A double tax agreement between South Africa and
Mauritius prevents double taxation. There is no inheritance tax
in Mauritius.
Property baron: If you’re a real HNWI (High-net-worth
E
US$ 40,000 (about R574,000) to their local bank account in
Mauritius annually. To qualify for a permanent residence permit
– valid for 10 years – you’ll need to have had a residence permit
for three years, and have transferred the US$ 40,000 annually to
your account in a local bank during each of these three years.
Incentives: New retirees are required to transfer at least