# Living off savings and filing tax return in PT



## TwentyOne (Sep 11, 2016)

If I plan on living off savings from NZ (after tax of course) for a few years do I have to file a tax return? I'm not planning on working in PT for at least 2 years. In other words, if I transfer monthly ,say 1,500 Euro, from ANZ (NZ) bank to PT bank are there any tax consequences from PT TAX Authorities. 
Personal allowance of 4000 euro is truly small and this concerns me quite a bit.

I don't see any benefit in NHR application in my case as I will have no income from anywhere for that period.


----------



## RichardHenshall (Jul 26, 2009)

If you 'have no income from anywhere' why are you concerned about taxation?


----------



## TwentyOne (Sep 11, 2016)

Good question...in a perfect world


----------



## RichardHenshall (Jul 26, 2009)

Too cryptic for me.

I wouldn't consider it a perfect world if I had no income from anywhere.


----------



## steve01 (Dec 8, 2010)

everyone living here full time has to make a tax declaration
is you have bank interest you must declare it
The UK for example has a dual tax treaty with Portugal, so you won't pay tax twice.
If you have no income then you put 0 on your tax return
if you live on your savings (not income, interest etc) then its no-ones business except yours


----------



## andycastle (Mar 30, 2015)

All residents have to file a tax return regardless of income

If you need any help I know of an excellent Portuguese accountant , although she is based near Sintra (Lisboa).

You will probably need some assistance with at least your first return as the documents and procedures are mainly described in Portuguese.


----------



## TwentyOne (Sep 11, 2016)

I've heard that from 2016 people with annual income with 8,000 Euro and less don't have to file tax return at all. Is this correct?


----------



## RichardHenshall (Jul 26, 2009)

See irs58 for more detail.

I think you'll find that exempt people are mainly those with earned employment income or pensions in Portugal below the limit. If there are any other forms of income or gains anywhere, there are no exemptions.

The obligation to submit a return does not necessarily mean that Portuguese tax will have to be paid.


----------



## TwentyOne (Sep 11, 2016)

Thanks Richard!


----------

