PORTUGAL REAL ESTATE INVESTMENT GUIDE | 葡萄牙房地产投资指南

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2nd EDITION / JANUARY 2016

PORTUGAL REAL ESTATE INVESTMENT GUIDE 葡萄牙房地产投资指南

www.telles.pt

第二册 / 一月 2016

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INTRODUCTION

中文

In light of the increasing demand observed in the Portuguese real estate market - propelled by a number of factors such as very competitive rules that have been introduced on the so-called “Golden Visas” and “Non-habitual Residents for tax purposes” (hereinafter “non-habitual residents”),Telles de Abreu e Associados decided to publish an overview of the general guidelines on these matters. Our goal is not to present a comprehensive review of the legal aspects of the applicable regulations, but to enable our readers to easily familiarise themselves with the benefits offered by Golden Visas or the award of Non-habitual resident status. This guide also describes the real estate investment vehicles available to investors in the Portuguese market as well as highlighting the main tax aspects associated with real estate investments.

Considering the major success achieved with our first edition of Real Estate Investment Guide - Portugal - and following the most recent le-gislative changes, in particular the new regulations on Golden Visas and the recently introduced legislation on Real Estate Investment Funds and their taxation, Telles de Abreu decided to publish this second edition of the Guide.

We shall briefly discuss the investment vehicles predominantly used in Portugal, the most significant taxes applicable to real estate activities and, finally, we will discuss the rules governing Golden Visas and non-habitual residents in particular.

Should you be interested in these matters, Telles de Abreu is at your full disposal clarify any doubt you may have.

CONTACTS

www.telles.pt

Carlos Lucena (Porto) _

Pedro Almeida e Sousa (Porto) _

Tel: (+351) 220 308 800 Email: c.lucena@telles.pt

Tel: (+351) 220 308 800 Email: p.almeidasousa@telles.pt

Henrique Moser (Lisboa) _

Mariana Ferreira Martins (Lisboa) _

Tel: (+351) 210 308 830 Email: h.moser@telles.pt

Tel: (+351) 210 308 830 Email: m.ferreiramartins@telles.pt

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INDEX_ I

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INVESTMENT VEHICLES

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II

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TAX BACKGROUND

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III

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GOLDEN VISA

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IV

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NON-HABITUAL RESIDENTS || TAX REGULATIONS

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Despite all the information presented being up to date and accurate, it is merely indicative and it is not a legal opinion. Accordingly, we recommend you seek professional advice whenever appropriate.

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I - INVESTMENT VEHICLES First of all, it should be mentioned that the Portuguese legal system does not contain any restriction on the acquisition of immovable property. That is, title to immovable assets may be acquired by any public or private national or foreign individual or legal entity, provided he/she/it has “legal personality”.

Similarly, there is no restriction on purchasing, owning and disposing of shares in commercial, real estate or other companies. Finally, there is also no restriction on the entry and exit of funds, irrespective of their origin or destination, provided these capital movements are justified in light of the Portuguese legislation.

The most appropriate investment vehicles to carry out real estate activities are the following: a) Real estate company – this is a private law legal entity that is appropriate and effective for developing, operating and owning immovable property. In Portugal, the main types of commercial companies are: (i) Private companies limited by shares (sociedade anónima - SA) are characteristic of the largest Portuguese companies. Their share capital (minimum share capital €50 000) is divided into bearer or

nominative shares. The company must have at least 5 shareholders at its inception. Share transfers are not subject to any special requirements pertaining to form, although they may be subject to restrictions.

Under their most common form of internal organisation, the governing bodies of a SA are the General Meeting, the Board of Directors and the Single Supervisor, who must be a Statutory Auditor. (ii) Private companies limited by quotas (sociedade por quotas Lda) are the most common type of company in Portugal, being the typical structure adopted by small and medium-sized companies as they have lower requirements in terms of initial share capital, lower costs, their operation and structure are simpler and there is greater control by their shareholders. Share transfers must be made in writing and are subject to mandatory registration with the Commercial Registry. Their share capital is divided into quotas and there is no legal minimum capital. Finally, this type of company may be incorporated by a single shareholder (which may be either an individual or a legal entity). The identity of the shareholders and the amount of their corresponding quotas are subject to registration with the Commercial Registry, being open to public scrutiny.

Under their most common form of internal organisation, the governing

bodies of these companies are the General Meeting and the Management.

For both types of companies, incorporation procedures and the operation of their structure are quite simple, affordable, not bureaucratic and easily processed. b) Real estate company registered for resale for tax purposes – this vehicle has all the characteristics of the real estate companies described in paragraph a) above, and may be incorporated using any of the aforementioned types of company. However, its specific feature is that if the company has acquired or sold any immovable property in the preceding year, it may benefit from an exemption from Property Transfer Tax (Imposto Municipal sobre as Transmissões Onerosas de Imóveis - IMT) provided that certain conditions are met.

This benefit enables these companies to acquire immovable prope rty and not pay the corresponding IMT, provided they declare that the immovable property in question is for “resale”, thus having 3 years, from the date of acquisition, to resell the same, the tax being paid by the new purchaser, who, in turn, cannot allocate the property for resale. However, the tax will be due by the real estate company registered for resale for tax purposes in the following circumstances: 02 | 03

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(i) if the immovable property is not resold within 3 years; (ii) if, despite the 3 year-period not having expired, the immovable property is allocated for a different purpose; (iii) if the immovable property is resold within 3 years and the purchaser allocates it for resale. c) Undertakings for Collective Investment (UCI) – the purpose of these undertakings is to collectively invest funds obtained from investors. Their operation is subject to a principle of allocation of risks and exclusive pursuit of unitholders’ interests. This type of undertaking is not yet widely used in Portugal considering that the applicable legislation only became effective in March 2015 (Law No. 16/2015 of 24 February). UCI may be organised either as a fund or a (securities or real estate) company. UCI may be open or closed, depending on whether the units are of a variable or a fixed number, respectively. Similarly, they may be open to private or public subscription.

UCI organised as a company may be managed externally or internally, depending on whether they appoint a third party to ensure their management or not.

UCI are not liable, in any event whatsoever, for the debts of their unitholders, the entities that ensure

the management, deposit and marketing functions or of other UCI. The UCI’s assets stand as the only security for its debts.

Incorporation of a UCI in Portugal is subject to prior authorisation by the Portuguese Securities and Exchange Commission, the Comissão do Mercado de Valores Mobiliários (CMVM).

In general, undertakings for collective investment in real estate may perform the following activities: a) acquisition of immovable property for lease or other forms of remunerated exploitation; b) acquisition of immovable property for resale; c) acquisition of other rights over immovable property in the terms laid down in CMVM regulations, with a view to their economic exploitation; d) refurbishement, extension and renovation works in the properties forming part of their portfolio.

The new tax framework of UCI that are created and operate in accordance with Portuguese legislation is based on the “exit” method of taxation, i.e. taxes are assessed as the revenues are distributed to unitholders. Save for certain exceptions, revenues and income

earned by UCI are not subject to taxation at the level of the investment vehicle, therefore being a very option from the perspective of real estate investors. However, given the complexities and costs surrounding their creation and operation, it should be noted that this vehicle is only appropriate for major real estate investments. d) Foreign companies : as mentioned above, a company whose registered office is in a foreign country is entirely free to acquire immovable property or shares in Portugal. However, it should be mentioned that the tax rules may vary depending on the residency of the company, notably with regard to so-called “offshore” companies, which are subject to clearly harsher tax rules. Tax havens are listed on a “black list” approved by Ordinance No. 150/2004 of 13 February, as amended by Ordinance No. 292/2011 of 8 November.

II - TAX BACKGROUND a) Acquisition of immovable property: generally speaking, provided none of the exceptions specified in the law applies, the acquisition of immovable property is subject to two separate taxes – IMT and IS – which we shall now discuss.

• Property transfer tax (Imposto Municial sobre as Transmissões

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Onerosas de Imóveis - IMT) IMT is a tax applicable to any transfer of immovable property for a consideration or similar transactions as defined in the law, and is assessed on the price of the immovable property or its economic value for tax purposes (valor patrimonial tributário, VPT), whichever is greater. As a rule, this tax must be paid before execution of the agreement formalising the acquisition of the immovable property.

IMT rates - as a rule, any acquisition of immovable property for a consideration is subject to IMT at a rate of 6.5%, in the case of commercial property (retail and offices) or land for construction, and 5%, in the case of non-urban property.

In the case of immovable property exclusively for residential purposes, or exclusively for one’s own permanent residence, the applicable rate will be progressive, being then fixed at 6% (maximum applicable rate) above a certain amount.

The IMT rate is always 10% in the case of any acquisition or similar transaction by entities resident in any country, territory or region subject to more favourable tax regulations (“off shore”) listed on the aforementioned black list).

This 10% rate does not apply if the property is acquired by an individual resident in an off shore listed on the black list.

- urban property or land plots for construction: 6.5% - urban property exclusively intended for residential purposes: 6% (up to €550,836.00, progressive rates apply) - urban property exclusively intended for one’s own permanent residence: 6% (up to €574,323.00, progressive rates apply, acquisitions up to €92,407 being exempt) - non-urban property: 5% - any immovable property acquired by blacklisted offshore companies: 10%

(ii) acquisition of any property located in economically depressed areas by commercial companies or civil companies organised as commercial companies, which allocate this property to the carrying out of any agricultural or industrial activity considered of superior economic and social interest in these regions;

(iii) acquisition of urban property for refurbishment, provided the acquirer commences the works within 3 years from the date of acquisition as well as certain other conditions being met. Also, the property in Example : In December 2015, the question has to be located in a “uracquisition of an immovable pro- ban rehabilitation” area; perty exclusively intended for residential purposes for a price equal (iv) acquisition of any urban proto €500,000.00 and which does perty or part thereof exclusively not benefit from any of the exemp- intended for one’s own permanent tions contemplated in the law shall residence, in the first transfer for be subject to IMT amounting to a consideration of the refurbished €28,964.75. property, provided the property is located in an urban renovation area Exemptions from IMT – the law (Área de Reabilitação Urbana); provides for several exemptions, some of which are automatic, whilst (v) acquisition of any urban proothers are conditional upon au- perty or part thereof intended for thorisation or recognition by the undertakings classified of interest Tax Administration. Among these, for tourism, in the terms of the apwe would like to highlight the fol- plicable legislation; lowing: (vi) acquisition of any urban prop(i) acquisition of any property indi- erty or part thereof exclusively invidually classified as of national in- tended for one’s own permanent resterest, public interest or municipal idence, provided the amount which interest, in the terms of the applica- would be used as a basis for assessble legislation; ment does not exceed €92,407.00; 06 | 07

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(vii) Acquisition of property by companies registered for resale for tax purposes, as mentioned above.

• Stamp tax (Imposto do Selo IS) – this a tax that applies to certain deeds and agreements listed on a table attached to the Stamp Tax Code. In general, stamp tax on the acquisition of immovable property is assessed at a fixed rate of 0.8%, which applies irrespective of the type, nature or nationality of the vehicle or transaction in question. This tax must be paid before execution of the agreement which formalises the acquisition of the immovable property, and is assessed on the agreed price or the economic value for tax purposes, whichever is greater.

Stamp tax: 0.8% b) Owning immovable property : as a rule, if none of the exemptions contemplated in the law applies, ownership of immovable property entails payment of certain taxes or charges – IMI, IS, common charges and CPMC - which we shall now discuss.

• Property tax (Imposto Municipal sobre Imóveis, IMI) - in Portugal, ownership of immovable property entails payment of IMI as a base tax charge. IMI is a tax payable annually and is assessed on the economic value of the property for

tax purposes, which is calculated by the tax authorities taking into account certain criteria set forth in the law (in particular, the area, location and features of comfort) and is due by its owners as at 31 December of each year. As a rule, the IMI is paid in three instalments, in April, July and November of the year following that concerned by the tax.

IMI rates - currently, the IMI rates vary between 0.3% and 0.5% of the economic value of the property for tax purposes, for urban property, which includes land for construction. Municipalities set the rate to be applied each year, within the applicable limits.

As for non-urban property, the applicable rate is 0.8% of the economic value of the property for tax purposes.

As for immovable property owned by blacklisted offshore companies, it is taxed at a rate of 7.5% irrespective of being urban or non-urban property. The rates applicable to urban property are trebled each year for urban property vacant for more than one year and derelict properties.

- urban property or land plots for construction: 0.3% to 0.5% - non-urban property: 0.8% - any immovable property owned by black-listed offshore companies: 7.5%

Exemptions from IMI – the law provides for several cases which may benefit from an exemption from IMI. Some of these exemptions are automatic, while others are conditional upon authorisation or recognition by the Tax Authorities. Among these, we would like to highlight the following: (i) a renewable 3 or 5 year exemption (the 5 year period may be renewable) for immovable property subject to urban renovation regulations; (ii) a 7 year exemption under the regulations applicable to properties of interest for tourism or family-run guest houses; (iii) exemptions applicable to properties for own permanent housing of families that meet certain requirements; (iv) exemptions for properties classified as national monuments and properties individually classified as of public or municipal interest or cultural heritage; (v) an exemption of up to 3 years for immovable property acquired for resale by commercial companies registered for resale for tax purposes; (vi) an exemption of up to 4 years for land for construction forming part of the inventories of commer-

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cial companies whose corporate object is the construction of property for sale.

• Stamp tax (Imposto do Selo - IS) – ownership of immovable property may also give rise to a stamp tax liability. Owners and usufructuaries of or owners of ground lease rights over residential property or land for construction whose authorised or foreseen use is for housing and whose economic value for tax purposes is equal to or greater than € 1,000,000.00 are subject to annual stamp tax. This annual tax is equal to 1% of the economic value of the property for tax purposes.

With regard to immovable property, including land owned by blacklisted offshore companies, this tax is increased to 7.5% and the use of the property is irrelevant, i.e. this tax applies irrespective of the purpose for which the property is intended (housing, trade, industry or other). However, the amount of the economic value of the immovable property for which stamp tax is due remains the base for application of the rate.

• Common charges : a significant part of immovable property in Portugal is subject to the regulations applicable to joint tenancy. A property is organised under joint tenancy when it is divided into separate units, notably apartments or floors and garages, provided they are reg-

istered separately and have their own exit to a common part of the property or a public road. There are several rights and duties impending upon the owners of a separate unit, among which are the obligation to share expenses related to the common parts of the property - save for those whose use is allocated only to some owners. Among these expenses, those related to use or fruition of the property; charges for services of common interest; maintenance costs; and costs related to new construction stand out.

• Civil Protection Municipal Tax (Taxa Municipal de Proteção Civil, TMPC) : The purpose of this tax is to remunerate the services ensured by the Municipal Civil Protection Services in the area of civil protection, fire-fighting and the safety of people and goods. This tax is assessed on the economic value for tax purposes of urban property (buildings or land) or part thereof and corresponds to a variable percentage depending on the municipality in question, the state of repair, whether the property is occupied or vacant, etc.

Rates vary from one municipality to the other. By way of illustration, the current rates in the Lisbon municipality are as follows: - 0.0375% of the economic value for tax purposes of the urban property or part thereof;

- 0.3% of the economic value for tax purposes of the urban property or part thereof, for derelict pro perty classified as such; - 0.6% of the economic value for tax purposes of the urban property or part thereof, for vacant property and ruins classified as such. c) Exploitation of immovable property Without prejudice to other specific regulations concerning tourismrelated activities, the exploitation of real estate may adopt several forms, the most common being lease, which may be for housing or non-housing purposes, and accordingly be subject to somewhat different legal rules. Also in this case, there are no restrictions on executing lease agreements, either as a landlord or tenant, by Portuguese or foreign entities, irrespective of being individuals or legal entities.

Lease agreements must be executed in writing, and must contain the details of the parties and the leased property, the purpose of the lease, the rent, the residential licence to occupy the property, evidencing that the property is fit for the purpose in mind, and, finally, mention of the corresponding energy performance certificate.

In the event of a sale of the property by the landlord, the new owner will automatically succeed to the former’s rights and obligations, the lease agreement remaining in effect 10 | 11

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in the same terms between the tenant and the new owner of the property without any need to formalise the corresponding assignment of rights and obligations to this end.

Under certain circumstances, in the event of sale of the property or datio in solutum, the tenant has a right of pre-emption with regard to its acquisition.

As a result of the lease, the owner is paid the corresponding rents for

the property, which, as rule, are not subject to VAT. Registration of the lease with the tax authorities is mandatory and entails payment of stamp tax by the landlord, at a rate of 10% assessed only once over the amount of the first monthly rent.

Income earned by way of rents will be taxed under Income Tax (Imposto sobre o Rendimento das Pessoas Singulares - IRS) or Corporation Tax (Imposto sobre o Rendimento das Pessoas Colectivas, IRC), depending on whether the landlord is an individual or a legal entity, respectively. d) Sale of immovable property As a rule, the sale of immovable property or shares in companies which own immovable property is subject to IRS or IRC, depending on whether the landlord is an individual or a legal entity, respectively, under the heading of capital gains.

Sale of shares (or concentration of shares in the same shareholder for any other reason) corresponding to more than 75% of the share capital of private companies limited by quotas which own immovable property also entails payment of IMT. III - GOLDEN VISA a) Introduction What people have been calling a “Golden Visa” is not, strictly speaking, a true “visa”, but rather a residence permit to enter and stay in

Portuguese territory for investment purposes. The most accurate designation is that resulting from the law: Residence Permit for Investment Purposes (Autorização de Residência para Atividade de Investimento - ARI). This residence permit may be awarded to individuals who are not citizens of any territory forming part of the European Union, or the Schengen Area, nor are subject to its application, and meet certain requirements related to investment, acquisition of immovable property and/or creation of employment.

Residence applications and renewals thereof are subject to fees, and the documents necessary to verify and evidence the requirements for granting this permit must be prepared in advance. The ARI is initially granted for a 1-year period, which may be successively renewed one or more times for 2-year periods, provided the corresponding requirements remain valid, in particular with regard to investments.

After five years, a permanent residence permit may be granted or the investor may continue to renew his/her ARI. If the investor elects to obtain a permanent residence permit, it is no longer necessary to maintain the investments. It should be further mentioned that any foreign citizen who lawfully resides in Portugal for over six years may also obtain Portuguese nationality.

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b) Benefits of the ARI/Golden Visa • enter and stay in Portugal with no need for a residence visa; • reside and work in Portugal, being allowed to maintain another residence in another country; • circulate in the Schengen Area with no need for a visa; • benefit from the right to family reunification, as mentioned below; • access permanent residence (after 5 years and in the terms of the legislation in force); • access Portuguese nationality (after 6 years and in the terms of the legislation in force). c) Beneficiaries of the ARI/ Golden Visa Any citizen of a third State who carries out investment activities directly or through a single-member private company limited by quotas incorporated in Portugal, or in another European Union State with a permanent establishment in Portugal, and who meets one of the quantitative requirements and the time requirement set forth in the applicable legislation and stated below may benefit from these provisions. d) Quantitative requirements to apply for an ARI/Golden Visa The minimum quantitative requirement is to fall under at least one of the following cases in the national territory: • transfer of funds of an amount

equal to or greater than 1 million euros; • creation of at least 10 jobs; • acquisition of immovable property worth 500 thousand euros or more; • acquisition of immovable property built at least 30 years ago, or located in urban renovation areas, worth at least 350 thousand euros and provided that renovation works are executed at the property; • transfer of funds to an amount equal to or greater than 350 thousand euros, which is applied in research activities performed by public or private scientific research institutions of the Portuguese scientific and technological system; • transfer of funds to an amount equal to or greater than 250 thousand euros, which is applied in investment in or aid to artistic production, the renovation or maintenance of Portuguese cultural heritage, under the terms of the law; • transfer of funds to an amount equal to or greater than 500 thou-

sand euros intended to acquire units in investment or venture capital funds to capitalise small and medium-sized companies that submit a feasible capitalisation plan.

It should be further noted that, under certain circumstances, the minimum amount of investment may be reduced by 20%, if the activities in question are performed in lowdensity areas. e) Minimum time requirements for the investment activity The minimum time requirement to maintain the investment is five (5) years, from the date of grant of the residence permit. Once this period expires, it is no longer necessary to maintain the investment. f) Precautionary and documental requirements to be met A person interested in obtaining an ARI must cumulatively meet the following precautionary requirements: • have not been convicted of any offence which would be punishable in Portugal by imprisonment in excess of one year; • not be prohibited from entering the national territory following an order to leave the country; • not be listed on the Schengen Information System; • not be listed on the Portuguese immigration services’ (Serviço de 14 | 15

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Estrangeiros e Fronteiras, SEF) Integrated System for non-admission purposes.

• evidence of having paid the fee owed for analysis of the ARI application (€514.80).

A person interested in obtaining an ARI must cumulatively meet the following documental requirements: • have a valid passport; • have a Schengen visa, if applicable, and regularise his or her situation before the SEF not later than 90 days after having entered Portugal for the first time; • criminal record certificate issued by his or her country of origin or the country where he or she has resided for over one year duly translated into Portuguese and certified by the Portuguese Consulate in the issuing country or bearing an apostille under the The Hague Convention; • declaration authorising consultation of his or her Portuguese criminal record file; • declarations issued by the Portuguese Tax and Customs Authority (Autoridade Tributária e Aduaneira) and Social Security Authority (Segurança Social) (in Portugal) confirming that no taxes and social security contributions, respectively, are outstanding; • sworn statement in which the applicant undertakes to meet the requirements for the investment activity in the national territory; • evidence of having health insurance;

g) Application for an ARI/Golden Visa A person interested in obtaining an ARI may submit an application in any of the following ways: • in person, at any delegation of the SEF in Portugal; the ARI may be applied for at the Division or Regional Delegation of the SEF corresponding to the area of residence of the applicant, not later than 90 days after the date of first entry in Portugal, by delivering the file containing evidence of the investment made and evidence of having paid the analysis fee amounting to €514.80; • in person, before a Portuguese diplomatic or consular office abroad, to which he or she should submit the file containing evidence of the investment and evidence of having paid the analysis fee amounting to €514.80;

h) Timelines for decision on applications for an ARI or Golden Visa and any renewal thereof If the application for an ARI is complete, the SEF should validate the application within a maximum legal period of 90 days. i) Costs related to the grant and renewal of an ARI/Golden Visa • If the application for an ARI is granted, the investor has to pay a fee of €5,147.80.

• If the application for renewal of an ARI is granted, the investor has to pay a fee of €2,573.90. j) Obligation to stay in the national territory In order to obtain an ARI, it is not necessary that the applicant stays in Portugal for any specific period of time. It will suffice to go to the SEF on the date agreed for the collection of certain personal particulars (e.g. fingerprints).

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Upon obtaining a residence permit, its holder has the following obligations to stay in the national territory:

no specified date for expiry. In the light of current political and legislative environment, their termination or constraint is not expected.

- during the first year of the visa, he or she has to stay in Portugal 7 consecutive or non-consecutive days; - During the first renewal of the visa (2 years), he or she has to stay in Portugal 14 consecutive or nonconsecutive days; - During the second and subsequent renewals of the visa (2 years), he or she has to stay in Portugal 14 consecutive or non-consecutive days;

m) Relatives of the holder of an ARI/ Golden Visa who may benefit from the regulations - family reunification and corresponding costs • The following are deemed members of the conventional family: spouse; - minor children or those unable to provide for themselves due any mental or physical disorder and in the charge of the couple or one of the spouses; - minor children adopted by the applicant, if not married, the applicant or the spouse under a decision issued by the competent authority in the country of origin, provided the law of this country grants the adopted children the same rights and duties as natural children and that its decision is recognised in Portugal; - children of age at the charge of the couple or one of the spouses, who are not married and are studying; - first relatives in the direct ascending line of the resident or his or her spouse, provided they are in his or her charge ; - minor brothers and sisters who are under guardianship of the resident, under a decision issued by the competent authority in the country of origin and recognised in Portugal.

If a permanent residence permit is granted after 5 years, its holder cannot leave the country for periods in excess of: a. 24 consecutive months; b. 30 non-consecutive months in any 3-year period.

As for the members of the unified family, exactly the same conditions are required for each of them. With regard to evidence of this stay in the national territory, the same may be shown using a variety of means (e.g. plane tickets, accommodation and meal bills, etc.). l) Date of implementation and duration of the Special ARI or Golden Visa Regulations These regulations have been in force since 8 October 2012, with

• The following are considered family members in a non-marital partnership: - a partner who, in the national territory or otherwise, has a nonmarital partnership with the foreign resident citizen, duly evidenced in the terms of the law; - unmarried minor children or those unable to provide for themselves due any mental or physical disorder, including any children adopted by the life partner, provided they are legally entrusted to him or her.

• Family reunification may be applied for at any Division or Regional Delegation of the SEF of the area of residence.

• The application for family reunification may be submitted at the time the ARI is granted or at a later stage, at the investor’s choice.

In any event, it is associated with the decision pertaining to the application for the ARI. Accordingly, through the same investment, it is possible to obtain an ARI for all members covered by the provisions on family reunification.

• If the application for family reunification submitted under the regulations applicable to the ARI is granted, the investor will have to pay €5,147.80 for each family member included in such reunification, and €2,573.90 for any renewal thereof.

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n) Obtaining Portuguese nationality Pursuant to the Nationality Law, any person who lawfully resides in Portuguese territory for at least 6 years may obtain Portuguese nationality through naturalisation. In addition to this requirement, it is also necessary that the applicant is of age, has sufficient knowledge of the Portuguese language and has not been convicted under a final court decision of any offence punishable by imprisonment equal to or greater than 3 years, in accordance with the Portuguese law.

IV - NON-HABITUAL RESIDENTS || TAX REGULATIONS a) Introduction The regulations on Non-habitual residents (NHR) apply to individuals who transfer their tax residence to Portuguese territory, provided they were not residents in Portugal for tax purposes in any of the 5 preceding years.

Under the NHR regulations, most foreign-source income is not taxed in Portugal and added-value Portuguese-source income may benefit from a fixed tax rate of 20%. b) Duration of the NHR status Upon registration in the taxpayer registry of the Portuguese tax authorities (Autoridade Tributária - AT), taxpayers in these circumstances acquire the right to be

taxed as an NHR for a period of 10 consecutive years, provided the taxpayer in question is deemed resident in Portugal for tax purposes in each of the years in question. Upon expiry of this period, they will be taxed under the general applicable rules. Currently, there is no procedure to “renew” the NHR status. c) Essential requirements to benefit from OR status Residence in Portuguese territory for tax purposes may be acquired in any year in which the taxpayer meets one of the following requirements1 : - he or she has stayed in Portuguese territory more than 183 consecutive or non-consecutive days in any 12-month period commencing or ending in the year in question; - if he or she has remained only a shorter period, has in Portuguese territory, on any day of the period referred to in the preceding paragraph, a residential dwelling in conditions indicating his or her intention to maintain it and occupy it as his or her place of habitual and permanent abode (notably by means of acquisition or lease of property for residential purposes).

IRS purposes. Where the taxpayer has not benefited from the right to be taxed as an OR in one or more years of this 10-year period, he or she may regain its benefit in any of the remaining years of this period, provided he or she is again considered a resident for IRS purposes.

The application to be registered as an NHR must be submitted at the time of registration as resident in Portuguese territory for tax purposes with any Tax Office or, subsequently, up to and including 31 March of the year following the year in which he or she becomes resident in Portugal for tax purposes.

Benefit from the right to be taxed as an NHR in each year of the 10year period is conditional upon the taxpayer being deemed resident for

d) Benefits of NHR status NHR status provides for two separate sets of benefits, applied in accordance with the criterion of source (Portuguese or foreign) and the criterion of nature of the income earned.

Generally speaking, these benefits are broken down as follows: - Tax exemption | foreign-source income: interest, dividends and other financial income, capital gains2 , income from work as an employee and self-employment, property income and income from retirement or other pensions; - Taxation at a fixed rate | Portuguese-source income: income from

1 It should be noted that these requirements were amended on 1 January 2015.

2 As a rule, capital gains resulting from disposal of shares do not benefit from any tax exemption.

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work as an employee and self-employment. e) Requirements to benefit from tax exemption / tax reduction 1. Foreign-source income earned

by NHR and listed below is exempt from taxes, provided certain requirements are met: - Income from work as an employee: if taxed in the State of its source in accordance with a Double Taxation Agreement (DTA) entered into by and between Portugal and the State in question or taxed in the State of its source, in cases where there is no DTA, provided the income is not deemed obtained in Portuguese territory.

- Income from self-employment: If this income is deemed addedvalue income (see below) and can be taxed in the other State pursuant to the DTA or, if there is no DTA with the State of its source, if it can be taxed in the other State pursuant to the OECD Model Convention, provided this State is not blacklisted. I.e. it is not mandatory to be effectively taxed in the State where the income is sourced.

- Financial income, income from capital gains, property income: if it can be taxed in the other State in accordance with a DTA or, if there is no DTA with the State of its source, it can be taxed in the

other State in accordance with the OECD Model Convention, provided this State is not blacklisted. Accordingly, it is not mandatory to be effectively taxed in the State where the income is sourced.

- Income from pensions: is taxed in the other State in accordance with a DTA or is deemed not obtained in Portuguese territory, i.e. is not owned by any resident in Portugal to which such payment should be allocated. For pensions, and provided some requirements to be analysed on a case by case basis are met, there may even be a situation of double non-taxation: no taxation in the State of source of the income or in Portugal.

French, Scandinavian and United Kingdom citizens, among many others, may fall under these provisions.

2. Portuguese-source income earned by the NHR and listed below is tax-exempt, provided that certain requirements are met: - Income from work as an employee: if income results from a “valueadded activity”, a fixed 20% withholding tax applies.

An extraordinary surcharge of 3.5% may accrue, if applicable, to the aforementioned rate.

added activity”, a fixed 20% withholding tax applies.

An extraordinary surcharge of 3.5% may accrue, if applicable, to the aforementioned rate.

3. Value - added activities Decree No. 12/2010 of 7 January defines the activities deemed of high added value, among which the following should be highlighted: •

Architects, engineers and similar professionals;

• Plastic artists, actors and musicians; •

Auditors;

•

Doctors and dentists;

• Teachers; •

Psychologists;

•

Liberal, technical and similar professionals;

• Investors, directors and managers of companies that sponsor productive investment, provided they are allocated to eligible projects with tax benefit agreements entered into under the Investment Taxation Code; • Senior company officers (i.e. directors and managers and individuals with authority to bind the legal entity).

- Income from self-employment: if income results from a “value22 | 23

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4. Examples : By way of example and given these two situations are quite common and have often been submitted to us, let us see the following cases: A. Antônio, Brazilian citizen; the NHR status applies. As to his Brazilian-source income, his taxation in Portugal will be as follows: (i) Property income (rents) Income from property located in Brazil is exempt from taxes in Portugal. (ii) Dividends or distributions of profits - Dividends paid by Brazilian companies to a member who has NHR status are exempt from taxes in Portugal. (iii) Pensions – Pensions paid by the Brazilian Social Security are exempt from taxes in Portugal.

B. Jean-Pierre, French citizen; the NHR status applies. As to Frenchsource income, his taxation in Portugal will be as follows: (i) Property income (rents) – Income from property located in France is exempt from taxes in Portugal. (ii) Dividends or distributions of profits – Dividends paid by French companies to a member who has NHR status are exempt from taxes in Portugal. (iii) Pensions – French-source pensions paid to a beneficiary with NHR status are exempt from taxes in Portugal. In addition, if the relevant pension also is not related to the performance of duties in

the public sector, it will also not be taxed in France. (iv) Income from work/services provided in Portugal – Income from work or services provided in Portugal is subject to tax at the normal tax rates applicable to other residents in Portugal for tax purposes, except if it results from added-value activities. In this case, this income is subject to a fixed 20% tax rate . In any case, it should be noted that Social Security contributions also have to be paid at the standard rates4 applicable in Portugal, save in exceptional circumstances.

(iv) Income from work/services provided in Portugal – Income from work or services provided in Portugal is subject to tax at the normal tax rates applicable to other residents in Portugal for tax purposes, except if it results from value-added activities. In this case, this income is subject to a fixed 20% tax rate . In any case, it should be noted that Social Security contributions also have to be paid at the standard rates3 applicable in Portugal, save in exceptional circumstances.

3 A surcharge may accrue. In 2015, this surcharge was 3.5%.

4 A surcharge may accrue. In 2015, this surcharge was 3.5%.

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_ 中文

引言

ENGLISH

随着“黄金签证”和“非常住居民”政策的出台，葡萄牙日 成为房地产市场的 目。 面 日益增长的，Telles de Abreu 决 定发布 于上述 章条例的基本介明。介 明并非 的相 法律条 例，旨在以 明的方式 者了解黄金 和非常住居民的便利及优 所在。 基于第一版《葡萄牙房地产投资指南》取得的巨大成功，考 虑到有关“黄金签证”及“房地产投资基金”最新的政策变 化，Telles de Abreu 决定出版《葡萄牙房地产投资指南二》 。 我们将简要介绍最常用的在葡投资途径、最主要的房地产赋 税形式，最后，还将专门详细介绍黄金签证和非常住居民制 度。 Telles de Abreu 以及他强大的律师团和顾问团时刻伴您左右，随 时准备助您解决一切可能遇到的问题。

联系方式 Carlos Lucena (波尔图) _

Pedro Almeida e Sousa (波尔图) _

Tel: (+351) 220 308 800 Email: c.lucena@telles.pt

Tel: (+351) 220 308 800 Email: p.almeidasousa@telles.pt

www.telles.pt _

Henrique Moser (里斯本) _

Mariana Ferreira Martins (里斯本) _

中国项目部 : chinisedesk@telles.pt

Tel: (+351) 210 308 830 Email: h.moser@telles.pt

Tel: (+351) 210 308 830 Email: m.ferreiramartins@telles.pt

26 | 27

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目录 一

-

投资媒介

_29

二

-

非常住居民及税收政策

_30

三

-

_34

五

-

黄 金 签 证 || GOLDEN VISA GOLDEN VISA 非常住居民及税收政策

_43

免责申明：本文提供的信息虽实时而准确，但仅属参考信息，不构成任何法律意见，建议必要时借鉴专业意见。

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一．投资媒介 我们首先要知道，葡萄牙 法律体系对购买房产没有 任何限制。这意味着只要 具有“法律人格”，任何 个人或团体，不论国籍， 不分公私，都享有在葡萄 牙购买、持有和出售房产 的权利。同时，只要理由 符合葡萄牙立法，任何具 有“法律人格”的自然人 也可向葡输入或转出资 本，与资本的来源及目的 地无关。 房地产投资常见方式如下: A) 房地产公司 - 事实证 明私法人的形式高效且适 宜于房产的推广、开发和 持有。在葡萄牙，最常见 的商业公司形式如下： (i)有 限 责 任 公 司 (SA) 是葡萄牙典型的大型公 司。其股本划分为记名 和无记名股份，最小金 额为 50000 欧元，且公 司初始股东不得少于 5 名。股份的转让无须任 何特殊形式，但有一定 的限制。通常情况下， 有限责任公司主要机构 为股东大会、董事会和 拥有特许会计师执照的 核数师。

(ii)股份有限公司：是葡 萄牙最常见的中小型公司 形式，其特色为低启动资 金、低成本、简洁的运行 方式和公司结构，以及更 大的股东可控权。股权的 转让须以书面形式呈现， 并且需在商业登记局进行 登记。公司股本由股份组 成，无最低法定限额，公 司可仅为单一股东（个人 或集体）。股东身份及其 等额股份均须在商业登记 局进行注册登记，以便公 众查阅。股份有限公司的 主要机构为股东大会及管 理层。 上述两类型公司，在成立 过程和组织管理方面都非 常简便易行。 B) 转售型房地产公司 该种公司具有 a) 条所提 公司的所有特质，并且可 以通过以上任何形式注册 成立。此类公司的最大特 点在于：如果其上一年购 置或出售房产，将因此而 获得后三年的房产转让税 (IMT) 豁免权。这意味着 公司收购用以“转售”的 房产自购得之日起三年内 不须缴纳相应的房产转让 税。但期间房产的转售， 买方应支付相应税款， 且该房产不得再做相同之

用。遇如下情况转售房地 产商应缴纳房产转让税： (i) 房产转售时间已超过三 年期限； ( i i ) 房产转售时间已超过三 年期限； (iii) 三年期内房产转售， 且该房产继续用以转售 业。 C ) 集体投资机构 (OIC) 该种机构旨在用投资者的 资金进行集体投资，其 运营原则为共担风险、共 享福祉.该种投资方式于 2015年3月立法生效(2月 24日，第16/2015号法令) ，在葡萄牙还比较少见。 集体投资机构可以是基金 或企业（证券或房地产） 以签订合同的方式进行。 投资单位既可公开集资， 也可以采取封闭式集资的 方式。同时，该种投资机 构既可集体签订亦可个人 签订。 集体投资机构的管理可根 据是否有第三方参与管 理分为异质管理或自行管 理。 集体投资机构与投资者个 人及管理公司的债务、存 款和营销无关，仅对机构 28 | 29

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本身的资本负责。 葡萄牙集体投资机构的成 立需获得证券委员会的授 权。 通常情况下，房地产投资 机构可进行以下活动： A) 购房不动产用以出租或 其他任何形式的有偿使用 用途； B) 购买不动产用以转售；

对所谓的 “离岸” 公司的 税收待遇显然更加繁重。 根据2月13日第 150/2004 号条令以及 11 月 8 日第 292/2011 号修订条例规 定，所谓的避税天堂被列 入了“黑名单”，该名单 主要用于区分拥有优惠税 收政策的区域。然而在某 些国家和地区此条例并不 实行，这也就给了某些企 业可行之机。

二．税收条例 C)获得不动产的某种权 利，在符合证券委员会规 A)房地产收购-般情况下 定的前提下，用以经济活 不享受任何法律规定的税 动； 款豁免权，应承担房地产 转让税以及印花税两项税 D ) 对 合 法 房 屋 进行修缮、 款 ， 介 绍 如 下 ： 扩建和复原。 • 房地产转让税 (IMT) 集 体 投 资 机 构 的 税 收 制 度 - 该税款征收于转让房产 是基于 “à saída” 税法 等 类 似 合 法 不 动 产 ， 税 原则制定的，也就是按投 款按房产价格及应课税值 资者所持份额比例收税制 (VPT)中较高者征收。根 度。除某些特殊情况外， 据相关规定，应于房产购 集 体 投 资 机 构 所 得 收 益 不 置合同签订前缴纳税款。 需缴纳税款。需要指出的 是 ， 该 类 税 收 制 度 与 房 地 房地产转让税率 - 通常 产投资数额有关。 转让房产税税率（IMT） 城市楼房或建设用地为 E) 如上所述，总部设在国 6.5% ，乡村楼房为 5% 外的企业可自由购置在葡 。如该建设房产为居住用 房产或在葡公司股份。须 房或个人永久居住用房， 强调的是， 税收政策视公 则 该 项 税 款 税 率 为 渐 进 税 司所属国籍而定，特别是 率，当房产价值在某一范

围内时，税率固定为 6% 。以上提到的总部设在离 岸中心（黑名单上的）的 实体须征收 10% 的房产 转让税。 - 城市楼房或建筑用地税 率：6.5%； -城市居住用房建筑用地 基础税率：6% ( 55 ， 0863 欧元以下，超出部 分执行渐进汇率，)； - 城市个人永久居住用房 税率：6% (57，4233欧 元以下，超出部分实行渐 进汇率；9，2407 欧元以 上，不足此税项可豁免 ) ； - 乡村楼房税率： 5% - 黑名单上的离岸企业房 产购置税率： 10% 例如：2014年，市价为 50,0000欧元的居住房产 且无任何税收豁免，应缴 纳房产转让税2,8964.75 欧元。 关于免征房产转让税 - 按 相关法律规定，如下情况 可自动或经财政局的批 准许可免征房产转让税 (IMT)： (1) 依法购置的国家、集 体或市政用房； (2) 位于欠发达地区，用

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以农业或工业活动等社会 经济用途，且由商业或民 用企业购置并负责的用地 用房；

况下，房产持有者应依法 缴纳市政房产税、印花 税、社区管理费以及污水 处理费等相关税费，详情 如下：

(3) 自购得之日起两年内 • 市政房产税：在葡萄牙 用以城市重建的用房； 房产持有者须缴纳房产税 (4) 首次转让且位于城市 （ I M I ） 。 该 房 产 税 须 由 重建区域的城市个人永久 业主于每年1 2 月 3 1 日前 完成全部缴纳，税额依据 居住用房； 房产应课税价值依法征 (5) 依法购置，用以公司 收 ， 视 所 处 区 域 、 地 段 以 及舒适程度而定。市政房 发展旅游业的用房； 产税（IMI）通常于次年4 (6) 用以个人永久居住， 月 、 7 月 和 1 1 月 分 三 期 缴 且 净 价 不 超 过 9 2 4 0 7 欧 元 纳。 的城市用房； 市政房产税税率 - 目前， (7) 上面提及到的转售型 城 市 楼 房 包 括 建 设 用 地 的 房产税按房产应课税价值 房地产公司.

(VPT) 的 0.3% 到 0.5% • 印花税（IS）- 该税项随 进 行 征 收 。 各 市 经 市 议 会 某些交易行为或合同而产 审议通过，每年在上述范 生 ， 并 且 与 印 花 税 代 码 相 围内选定税率。 关。通常印花税不限房产 乡村楼房的房产税率固定 种 类 、 属 性 和 交 易 国 界 ， 为应课税价值 (VPT) 的 税率统一为0.8%。税款按 0.8%。 当次交易价格及应课税值 ( V P T ) 中 较 高 者 征 收 ， 且 至于被列入黑名单的离岸 应于房产购置合同签订前 公司所拥有的物业税税率 为7.5%，与其性质、位 缴纳税款。 置（农村或城市）无关。 城市楼房如空置一年以 - 印花税率 0,8% 上，则每年须按上述三倍 B) 房产持有： 通常，在 的税率缴纳相关费用。 没 有 享 受 法 定 豁 免 权 的 情 - 城市楼房及建设用地税

率：0.3%至 0.5% 之间； 城市楼乡村楼房税 率：0.8%。 - 列入黑名单的离岸企业 持有的任何财产：7.5%。 关于免征市政房产税 - 按 相关法律规定，如下情况 可自动或经财政局的批准 许可暂时/永久免征市政房 产税 (IMI)： (1) 属城市重建体系的房 产可免征两年或五年的房 产税； (2) 属旅游发展体系的房 产或旅游居住用房可免征 七年的房产税； (3) 某些特定家庭的个人 永久居住用房； (4) 国家级文物、集体公 共用房或市政文化用房； (5) 转售房地产公司购置 的用以发展转售的用房三 年内免征； (6) 房地产销售企业的楼 房建设用地，最多四年内 免征 。 • 印花税 (IS) - T房产持 有者同样须缴纳印花税。 依据十月二十九号第5532 | 33

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A/2012号法律，房产印 花税的征收有所变动，业 主、房产受益人或房产土 地面拥有的用以居住且净 值超过 100.0000 欧元的 土地或住房，须每年缴纳 房产价值 1% 的印花税。 黑名单中的离岸企业， 须按7.5%的税率缴纳印 花税。并且不论房产用途 （居住、商业或是工业用 房），均以房产价值为基 准，统一按照上述标准缴 纳。

- 城市建筑应课税价值的 0,0375%; - 当建筑被定义为低一级 建筑时，税率为应课税价 值的 0,3%； - 当建筑被定义为空置或 隐患建筑时，税率为应课 税价值的 0,6%。 C) 房产开发： 在不影响葡萄牙旅游业的 前提下，对房地产的开发 可采取不同法律形式，其 中最常见的形式为租赁、 居住或非居住型，并有着 不同的法律制度。另外， 租赁合同的签订无针对房 东或承租方的特殊限制， 任何葡萄牙或其他国籍的 个人或集体均可签订。租 赁合同须以书面形式呈 现，须指明签订双方，房 产位置、用途及房租情 况，并须呈交该房产使用 许可证和能源证书。

• 社区管理费 - 系葡萄牙 水平财产制体中至关重要 的一项税收。如一栋楼房 被划分为多个单独注册并 均可通达楼房公共区域的 公寓、楼层或是车库等独 立部分，则各独立单元业 主应承担相关责任与义务 （部分联合业主除外）。 例如：房屋使用费，公共 服务费以及维护和翻新 若房东转让房产，则新购 费。 置者自动成为新房东并持 • 民防税 (TMPC)：该 有 租 赁 合 同 ， 无 需 正 式 过 税项旨在支付居民保护、 程进行合同双方的转换。 灭火、保护居民财产不受 某些情况下，房产如需转 损失等事项之费用。税收 让或进行实物支付，承租 金 额 与 城 市 楼 房 及 土 地 应 人有优先购买权。 课税价值相关，税率不固 定，由各市政厅根据房屋 依据租赁合同支付给房东 的租金不征收增值税。房 的保存及使用状态而定。 产租赁须经税务机关认可 里斯本税率如下：

且承租人应缴纳首月月租 10% 的印花税。根据房东 的身份 (个人或集体人)， 所得租金均需以个人所得 收入或集体所得收入进行 申报纳税。 D) 房产出售： 通常房产出售或房地产公 司的股权转让须根据房东 的身份，个人或集体，缴 纳相应的个人所得税或集 体所得税 - 资本收益税。 在房地产公司的股权转让 中，如果总额超过注册资 金的 75%，还需缴纳房产 转让税。由于此规定适用 于多种可能情况，在此文 章中我们仅提请注意法律 制度中资本收益征税体系 的存在。本部分有多种方 案可供选择，视个人或集 体，居民或非居民等具体 情况而定，因此每个个体 应另行考虑。对于非居民 的个人或群体，应重视可 能出现的避免重复征税协 议。 三．黄金签证 || GOLDEN VISA A) 引言： 严格地说，所谓的“黄金 签证”的并不是的真正意 义上的“签证”，而是以 在葡投资为目的的居留性

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签证。葡萄牙的法律明确 指出它是投资居留许可 (ARI)。本许可旨在发放 给非欧盟或申根区的，正 在申请加入该地区，符合 主要与不动产及创立企业 投资的相关特定条件的公 民。居留以及续期申请将 收取相应费用，须提前准 备好核实的重要文件及许 可条件证明。投资居留的 初始授权期限为一年，每 次续期期限为两年，如果 这些年限内，尤其是在投 资领域，许可持续有效， 五年之后您就可以申请永 久居留许可。获得永久居 留许可后您将不再需要持 续投资。值得注意的是， 外国公民合法在葡萄牙居 住六年便可申请葡萄牙国 籍。

C ) 投资居留/“黄金签证” 的受益人 所有在葡萄牙或其他欧盟 国与葡萄牙现行法律要求 的葡萄牙常设机构进行投 资活动的第三国公民,以及 以下所述内容。 D ) 申请投资居留/“黄金签 证”的投资额量化要求： 要求满足下列情况中的至 少一个： • 包括股票和公司份额在内 的资本转移金额为一百万 欧元及以上； • 创造至少10个就业岗位； • 购置不动产价值达到或 超过50万欧元； • 购置房龄超过三十年或 位于城市重建区域的房 产，包括房屋修缮费用至 少35万欧元； • 用于投资科技领域的资 本转移金额至少35万欧 元； • 在合法条件下，用于文化 创作及遗迹修复的资本转 移至少25万欧元； • 用于中小型企业风险投 资的资本转移至少50万欧 元，需证明投资方案的可 行性。

B ) 投资居留/“黄金签证” 的优势 • 入境或停留在葡萄牙居留 签证豁免； • 在葡萄牙居留和工作，可 以保留在其它国家的住所； • 无需签证畅行申根区； • 有权申请家庭团聚，如下 提及； • 获得永久居留（五年后， 根据现行法律）； • 获得葡萄牙国籍（六年 当投资活动是在低密度人 口聚集区时，投资金额可 后，根据现行法律）。 放宽 20%。

E) 投资活动的最低时限要 求 持续投资的最低时间期限 为自居留许可受批之日起 计算的五年。五年期满后 不需要持续投资。 F) 预防性要求与需填写材 料 投资居留申请人应符合下 列全数预防性要求： •申请人未受到被剥夺自由 权利一年以上的刑事处罚; •申请人没有被葡国禁止入 境和驱逐返国的记录; •申请人不在申根成员国的 通缉名单内; •申请人不在葡萄牙移民局 (SEF)禁止入境的名单内。 投资居留申请人应符合下 列全数材料要求： • 申请人持有有效护照; • 申请人持有申根签证， 并自首次进入葡萄牙之日 起九十日内到葡萄牙移民 局续签（如适用）; • 原籍国和居住超过一年 的国家的犯罪记录; • 葡萄牙犯罪记录咨询授 权声明； • 由葡萄牙税务、海关总 署和社保局颁布的负债状 况声明； • 由申请人证明其将遵守 该国的投资活动的要求的 36 | 37

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宣誓声明; ; • 医疗保险证明; •审查投资居留申请所需费 用(514.80欧元) 的缴纳证 明。

表格并发送证明文件，包 括514.80 欧元的审查费 用缴纳证明; • 应向葡萄牙海外的大使 馆或领事馆递交投资证明 与 514.80 欧元的审查费 G ) 投资居留/“黄金签证” 用 缴 纳 证 明 ; 的申请 申请人可通过以下方式申请： H ) 投资居留/黄金签证的签 • 通 过 h t t p : / / a r i . s e f . p t . 发和更新时限 进行网上注册。注册并收 当申请材料全部上交后， 到密码后，申请人须填写 移民局需在90天内签发签 证。

如投资人在五年后有意申 请永久居留，那么在葡萄 牙的停留时间需超过： a. 连续 24 个月； b. 3 年 内 间 歇 3 0 个 月 。 以上申请条件对投资人家 人同样适用。在葡停留时 间证明可通过多种形式实 现（如机票、酒店证明、 餐费等）

L ) 投资居留/黄金签证政策 的实施期限 I ) 投资居留/黄金签证的签 于 2 0 1 2 年 1 0 月 8 日 正 式生效，至目前为止，没 发和更新花费 • 如成功签发，申请者需 有 相 关 法 律 规 定 其 截 止 日 期。 支付 5.147,80欧元； • 如成功更新，申请者需 M ) 投资居留/“黄金签证” 支付 2.573,90欧元。 持有人家属可通过家庭团聚 J ) 申请黄金签证需在葡萄牙 制度并交纳相关费用来获得 居留。 的停留时间 申 请 人 不 需 在 葡 萄 牙 停 留 • 符合下列关系被即认为 一定的时间，亲临移民局 是 一 般 意 义 上 的 家 庭 成 处 理 特 定 的 个 人 事 项 （ 如 员： - 配偶; 收录指纹等等）即可。 - 未成年子女或夫妻双方 签证获批后，申请人需要 或夫妻其中一方的伤残子 女 ; 在葡萄牙的停留时间： - 签发后第一年，须在葡 - 经葡萄牙认证，由未婚 萄牙境内连续或间歇停留 申请人、由申请人或其配 偶合法在原籍国收养的未 7天； - 签证第一次更新期限内 成 年 人 （ 该 国 法 律 承 认 该 （2年，须在葡萄牙境内 未成年人拥有同等的权利 和义务）； 连续或间歇停留 14天。 -在葡萄牙上学的未婚的婚

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生或者配偶任一方的成年 子女； -投资居留持有人或其配偶 赡养的上辈直系亲属； -经葡萄牙承认，且经原籍 国当局的认定，由投资居 留持有人监护的未成年兄 弟姐妹。 • 满足如下情况则被认定 为家庭成员之一： - 无论国内或国外，经相 关法律核实的同居外籍伴 侣; - 投资居留持有人依法监 护的未成年子女或未婚且 无固定收入子女（包括配 偶收养的子女）。

N) 获得葡萄牙国籍 根据国籍法，在葡萄牙合 法居住至少六年的居民（ 出生在葡萄牙），可获得 葡萄牙国籍。此外，根据 葡萄牙法律，其他成年申 请人需充分掌握葡萄牙 语，且未获三年及以上的 刑罚”。 五．非常住居民及税收政 策

局登记为非常住居民的公 民个人所得税(IRS)而启动 的一项专门政策。 B) 非常住居民政策的期限 纳税人在税务机关注册 后，符合条件的本国非常 住居民可在未来十年内依 照非常住居民政策进行纳 税，期限过后纳税人将按 照正常标准进行纳税。

C) 基本要求： 非常住居民政策在任何时 A) 引言 间可以更改，当纳税人符 非常住居民政策 (RNH) 是 针 对 近 5 年 内 未 在 葡 境 合 以 下 要 求 1： 内 居 住 ， 但 将 其 税 务 地 址 - 签证签发后一年中，在葡 转移至葡萄牙，并在税务 萄牙连续或间断停留超过

• 家庭团聚应该向住址区 域的移民局申请。 • 申请人视自身情况便利， 可在办理投资居留同时或 之后递交家庭团聚申请。 在某些情况下，其余所有 家庭成员都有可能通过申 请人的单笔投资交易获得 在葡投资居留授权。 • 如申请人的家庭团聚申 请被批准，则每位家属须 支付 5147.80 欧元，每 次续期费用为 2573.90 欧 元。 1 该要求在2015年1月1日进行了更改。 42 | 43

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183 天； - 在葡萄牙停留时间少于 183天，但在本年度12月 31号之前通过购置或租用 住房寻找到居所； 满足上述条件的居民在十 年期内每年可按照非常住 居民的税率标准缴纳个人 所得税。若十年期满，个 税纳税人未享用该权利， 则后续十年中该权利依然 有效。 非常住居民的申请应在任 何一个葡萄牙税务局办理 税务登记时声明，声明最 迟于次年3月31号（含） 前提交。 D ) 非常住居民政策的优势2： 在个人所得来源和性质方 面非常住居民政策具有两 大优势： - 税务豁免/境外收入： 包括利息、股息等资本收 入，独立或非独立劳动工 作收入、增值收入、建筑 收入以及退休金等其他补 助金收入； - 固定税率税务/葡萄牙境 内收入：独立或非独立劳 动工作收入。

常住居民的 境外收入可免 除税收： - 非独立性劳动工作收入： 根据葡萄牙和收入来源国的 避免双重征税协定 (ADT) 获得的收入。若收入来源 国无该协定 (ADT)，则应 视该收入非在葡所得。 - 独立性劳动收入：可依 照收入来源国的避免双重 征税协定，若收入来源国 无此协定，亦可依照经合 组织示范公约征收，在黑 名单上离岸企业除外， 也 就是说收入来源国的有效 税收并非带有强制性。 - 资本收入、增值收入和 房租收入：可依据他国避 免双重征税协定征收，若 无此协定，亦可依照经合 组织示范公约征收，在黑 名单上离岸企业除外， 也 就是说收入来源国的有效 税收并非带有强制性。

- 奖金津贴收入：根据个 人所得税规定第18条规 定，依据收入来源国避免 双重征税协定而取得的或 被证明非在葡所得奖金津 E ) 享受免税/减税需满足： 贴 收 入 。 属 于 该 类 收 入 1. 只要满足以下条件，非 的 纳 税 人 只 须 遵 循 以 下 要 求，则不论在收入来源国 2 一 般来说，出售股份的收益并不享有税收豁 还是在葡萄牙均不需缴纳 免权。

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个税。 B ) 客 户 Je a n P i e r r e ， 法 • 心理学家； 该体系适用于在法国、英 国籍，属非常住居民，有 国 、 斯 堪 的 纳 维 亚 等 其 他 • 自由职业者，相关技术员； 关 其 来 源 于 法 国 的 收 入 ， 国家和地区居住的公民。 在葡萄牙税收如下： • 投资者，行政人员和管理者； ( 1 ) 房 屋 收 入 （ 房 租 ） - 位 于法国房产之收入在葡萄 2. 以下情况中，非常住居 民 的 葡 萄 牙 境 内 收 入 需 缴 • 企业高层（企业管理人员或 牙 免 予 征 税 ； 纳20%的个人所得税： 法人代表）.

(2) 股利和利润分配 - 由 法国公司获得之股利在葡 - 依赖性劳动收入：“高 4. 典例： 附 加 值 活 动 ” 收 入 需 按 应 广 大 客 户 的 要 求 ， 我 们 萄牙免予征税； 20%的税率缴纳个人所得 在 此 列 出 最 为 典 型 的 案 (3) 津贴收入 - 由法国社 税。 例，供大家参考: 会保障获得之津贴在葡萄 上述税率可能额外提高 3.5%.

A) 客户 Antônio，巴西 牙免予征税； 籍，属非常住居民。有关 - 独立性劳动收入：“高 其 来 源 于 巴 西 的 收 入 ， 在 (4) 工作收入/在葡境内服 务 - 除高附加值活动外， 附 加 值 活 动 ” 收 入 需 按 葡萄牙税收如下： 20% 的税率缴纳个人所得 (1) 房屋收入（房租）- 位 在 葡 萄 牙 所 得 收 入 需 依 照 税。 于 巴 西 房 产 之 收 入 在 葡 萄 20%4 税 率 缴 纳 税 款 。 此 上 述 税 率 可 能 额 外 提 高 牙免予征税； 外，还需缴纳相应的社 3.5%. 保费用。 (2) 股利和利润分配 - 由 3. 高附加值活动 巴西公司获得之股利在葡 依据1月7日第 12/2010 萄牙免予征税； 号条例规定，以下活动通 常具有高附加值： (3) 津贴收入 - 由巴西社 会保障获得之津贴在葡萄 • 建筑师及相关技术工程师； 牙 免 予 征 税 ； • 艺 术 家 ， 演 员 和音乐家； ( 4 ) 工作收入/在葡境内服务 除高附加值活动外，在葡 萄牙所得收入需依照 20% 3 • 审计师； 税率缴纳税款。此外，还 需缴纳相应的社保费用。 • 医生和牙医； • 教师；

3 一 可增加附加税。在 2015年，这个附加税是 3.5%。

4 一 可能会有附加税。2015年，该附加税为 3.5%.

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Telles de Abreu Advogados is a law firm providing consultancy services and legal assistance in a wide variety of branches of law.

We place a special focus on providing assistance to companies with regard to all aspects of their activities concerning legal issues, guaranteeing our customers wide-ranging and specialised support. Backed up by a structure composed of more than 50 lawyers operating in specific areas of practice, we place paramount importance on the quality of the work we produce, in addition to the seriousness and integrity we apply to what we do. _

与合伙人是 一 家律师律师 事务所，在广泛的法律领域内提供 法律咨 询顾问服务。

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我们特别以为企业涉及法律问题的业务活 动提供各个层面的支持为宗旨，为我们的 客户提供全面而专业的支持。 超过 50 位 在各个特定 实践领域 各有所长的律师组成 了我们背后的支持，我们异常注重自己展 开的工作的品质，同时，对于自己所从事 的工作，我们严格而正直。