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Portugal Facts And Figures

Facts About Portugal

There are many interesting facts about Portugal. This country is one of the oldest in Europe, once part of the Umayyad Caliphate dynasty and the Roman empire. The official language of Portugal, Portuguese, is known as a “romance language.” In 2010, Portugal legalized same-sex marriage, becoming only the 8th country to do so at the time. The country’s official name is the Portuguese Republic.

Information TypePortugal Data
Population10,813,834 (July 2014 est.)
Gross Domestic Product PPP (GDP)US$243.3 billion (2013 est.)
GDP Per CapitaUS$22,900 (2013 est.)
Inflation Rate0.4% (2013 est.)
CurrencyEuro (EUR)
Exchange Rate Versus U.S. Dollar0.88 euro per U.S. dollar (Feb. 10, 2015)
LanguagePortuguese (official), Mirandese (official, but locally used).
CapitalLisbon
Population of Capital City3,035,000 (metropolitan area)
Time ZoneGMT
SeasonsMediterranean: hot, dry summers; wet, cool winters
International Dialing Code351
Electricity230V / 50 Hz, Plug Type: C, F
System of GovernmentRepublic, Parliamentary Democracy
Current LeaderPresident Anibal Cavaco Silva
Income Tax Rate for ResidentsResidents in Portugal are taxed on their worldwide income at progressive rates varying from 0% to 48% (2014).Nonresidents are taxed at a flat rate of 25% on their taxable remuneration (2014).
Property Tax14.5 to 48%
Capital Gains Tax28%
Inheritance TaxNone
Rental Income Tax28%
Transfer Tax6.5%
Sales Tax23%
Restrictions on Foreign
Ownership of Property
None
Local Chamber of Commercehttp://www.iccwbo.org/
Rua das Portas de Santo Antão 89
Lisbon
1150 266
Portugal
Tel: 351-21-190-36-50
American Chamber of Commercehttp://www.amcham.org.pt/
Lisboa – Sao Jorge de Arrolos Rua D. Estefanis 155
1000-154 Lisboa
Tel. 351-213-572-561
Primary ExportsAgricultural products, food products, oil products, chemical products, plastics and rubber, skins and leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, base metals, machinery, and tools.
Residency and Visa RequirementsTourist Visa: Automatic 90 days upon entry.
Residency: The country’s Non-Habitual Resident (NHR) and Golden Visa programs mean it is easy for a foreign retiree to arrange legal residency. These retiree and investor residency programs are not as benefit-rich or as affordable as comparable programs in the Americas (in Nicaragua, Ecuador, or Panama, for example), but they are very competitive for Europe.The legislation stipulates the minimum working wage (around 485 euros per month currently) for the principal visa holder, 50% of that value for a spouse, and 30% per child. These requirements can be reduced if the applicant can prove he already has lodging paid for or guaranteed.

Citizenship: After six years of continuous residency.
Special Benefits for Foreign Residents or RetireesRecent legislation allows resident foreign retirees to receive pension and foreign income in the country tax-free for 10 years if they qualify for the NHR status. The law also provides for reduced taxation on wages, intellectual property, interest, dividends, and capital gains. On the other hand, tax rates are relatively high and the tax-free status for NHR residents is not indefinite but for 10 years.
National AirlineTAP Portugal
www.flytap.com