Portugal to End Controversial Tax Breaks for New Residents Amid Housing Crisis
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Portugal will end 10-year tax relief scheme for new residents next year to tackle housing crisis
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Scheme offered tax benefits for new non-habitual residents, taxing income at 20% vs up to 48% for citizens
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PM said scheme caused "fiscal injustice" and inflated housing market to unsustainable prices
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House prices rose 8.7% in Portugal in Q2 2023, 4th highest increase in EU
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In Feb, Portugal stopped granting "golden visas" residence permits for property investment, which made up over 90% of such visas