Clients came to Cerro Baru Law Office who were considering moving to Portugal to take advantage of its tax advantages to acquire significant fortunes. However, the Portuguese government has just announced The end of the private system for the rich Those who arrived in the Portuguese state, which will no longer exempt them from taxes, because this led to a significant increase in housing prices.
After closing the door in Portugal, millionaires from all over the world are now looking for alternatives where they can pay less taxes and An attractive country, according to experts, is Spain. Here is what is known asBeckham’s law“It saves them taxes, so that, for example, someone who earns half a million euros goes from paying almost 50% personal income tax to just 24%.
In addition to Spain, the experts consulted by laSexta also mentioned countries such as Italy, Greece or the United Kingdom Among the most attractive to the rich after the disappearance of the tax benefits provided to them by Portugal.
However, this movement of great wealth is generated Conflicting opinions On whether or not this benefits recipient countries. There are those who believe that lowering taxes allows them to attract more talent to the country and greater wealth to spend in the region in which they live. On the other hand, there are those who understand that this does not bring any benefit in the long term, quite the opposite.
“Over time, they turned out to be harmful. They are not real transfers, but rather to commit fraud on the country’s treasury.”Jose María Peláez, Treasury Inspector, warns to this effect.
In the case of Portugal, specifically, one of the consequences was Housing prices riseIt is a major problem in the neighboring country, which a few days ago prompted the Portuguese to take to the streets to protest.
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