Portugal is taking a significant step to attract international talent with the introduction of new regulations for the IFICI+ (Incentive for Scientific Research and Innovation). This tax incentive offers a flat 20% income tax rate for highly qualified foreign workers, valid for 10 years, and is expected to come into effect retroactively from January 1, 2024.
What Is the IFICI+?
Initially introduced by the previous government, the IFICI+ is designed to boost innovation and competitiveness in Portugal by attracting foreign professionals in key industries. Unlike the Non-Habitual Resident (NHR) program, this initiative focuses specifically on qualified workers and excludes pensions from its scope.
The upcoming regulation will expand the range of eligible professions and companies, further enhancing its appeal to a diverse set of professionals.
Key Dates and Retroactive Benefits
- Effective Date: The regulation will be published by the end of 2024 and apply retroactively to January 1, 2024.
- Enrollment Deadline: Eligible individuals must register by March 15, 2025 to benefit from the retroactive application. In subsequent years, the deadline will be January 15.
Why Does This Matter?
This new incentive aligns with Portugal’s ongoing efforts to attract international talent and promote innovation. For qualified foreign workers, it provides a clear tax advantage, making Portugal an even more appealing destination for career growth and lifestyle.
If you’re planning to move to Portugal or are already residing here as a highly skilled foreign worker, this is an excellent opportunity to optimize your tax obligations.
How to Get Started
With the regulation expected to be released in the coming days, now is the time to assess your eligibility and prepare your application. Need assistance? Our team is ready to guide you through the process and help you take full advantage of this incentive.
Stay tuned for further updates, and don’t hesitate to contact us for personalized advice!
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