Things I have learnt since joining CUK 10 years ago today

[CretinWatcher]

Prosperous Portugal?



Indeed, and they are full of tulip when it comes to retirement and taxes:

Retire abroad? The country offering tax-free pensions - Investment Basics from Citywire Money


And the reality:

There's various criteria you need for NHR and in general it works fine.
The guy you've quoted is probably a CUK-style cretin who got a tad confused.

A non-cretin also posted on that thread:

"I applied for the NHR scheme and was accepted after a 3 week wait. A few days ago, I received my tax returns and it showed a zero.

Should Portugal recall the NHR scheme, those already on it will not be affected."

[GB9]

From a few years either reading CUK, or subsequently posting, I now understand why lots of software doesn't work.

I also understand why my day rate is higher than most.

[DimPrawn]

Prosperous Portugal?

Not two words you'll find together anywhere else.

Indeed, and they are full of tulip when it comes to retirement and taxes:

Retire abroad? The country offering tax-free pensions - Investment Basics from Citywire Money

The ‘non-habitual residence regime’, or NHR for short, makes Portugal the most tax efficient country for retiree expats to live in as long as they have not been resident in Portugal for the past five years.

‘[The Portuguese government] want new arrivals and they want people who have money to come, so they have a special tax arrangement for those who become resident… for the next 10 years you will not pay tax on any non-Portuguese income,’ he said.

And the reality:

Interesting article, it is a shame it is a fabrication. I retired to Portugal in 2010 and being an honest citizen filed my taxes for 2011 (first full year) The Autoridade tributaria (the tax department) taxed me on my pension. I wrote a complaint which they dismissed and stated I must pay the taxes or be charged interest and penalties. I contacted a Portuguese Tax attorney and he wrote on my behalf which cost over €1,000.00. It has been over 20 months since he wrote with no response to date. Each year I have paid 28.5% tax on my pension

It is irresponsible to advised retirees that they will not have to pay taxes on their pensions. You have been duped by the Portuguese Government who happily says what you want to hear, however the Portuguese tax department does not follow what the Portuguese Government proclaims. So those who rely on your false statement find out after they have retired to Portugal that your promise is absolutely useless. I would feel if you are a responsible journalist you will print a retraction. Also you should contact the Autoridade Tributaria for confirmation on no taxes on pensions for the first 10 years.

Glib article. The advice I have received from two Portuguese legal firms is that obtaining ‘non-habitual residence regime’ (NHR) status is not automatic. Various criteria have to be met. It can take six months for the application to be processed and declared residency is required for an application to be submitted. I have been advised that the Portuguese election in October introduces 'uncertainty'. My current view is that unless living permanently in Portugal without the benefit of NHR adds up, then one needs to be happy/able to live with what are clear risks.

[NigelJK]

prosperous Portugal

Not two words you'll find together anywhere else.

[DimPrawn]

I learned that:

House prices only ever go up


That's all you really need to know in life anyway.

[ContractorHardman]

I learned that some "Contractors" are really just permies who got lucky

[MyUserName]

I routinely run around dressed up in silly costumes and I am still the most normal one here

[DaveB]

That's not how averages work.

If in imaginary household you have 9 people making 100k per year, and one making 10k, you can't say half of the folks in the household earn below the average of 91k. Maths 101.

The ones below the median won't understand what median means, and their understanding of average is flawed anyway so the message still works. The pedants are in the minority so can be ignored. Communication for Management 101.

[vetran]

That's not how averages work.

If in imaginary household you have 9 people making 100k per year, and one making 10k, you can't say half of the folks in the household earn below the average of 91k. Maths 101.

£100K my nappy bill is higher than that ! You must be a cretin.


By the way once Brexit kicks in you will all be starving I'll be ok in prosperous Portugal.

Love AssCretin.

[VectraMan]

Only 10 years? What a noob.