Portugal Extends Controversial Tax Breaks for Foreign Residents to 2024
• Portugal's parliament extended tax breaks for foreign residents until end of 2024, despite concerns the scheme has increased housing prices • Applicants must show they prepared their move to Portugal in 2023 through a contract • Scheme allows 20% tax rate on income from high value-added activities and exemptions on foreign income • Prime Minister previously promised to close the scheme by end of 2022, calling it a "fiscal injustice" • Decision approved in final 2024 budget vote after PM's resignation; Socialists said it respects people's expectations