A change in Spanish law could prompt those with financial means to reconsider their residency status.
Against this backdrop, the country’s richest taxpayers are turning to lawyers to change their residency – requests have skyrocketed. Many have set themselves a deadline of the end of the first quarter of 2024 to make a decision.
Most of the interest comes from foreigners, especially Latin Americans who have moved to Spain at some point. Since they have already changed their place of residence once, it is no problem for them to go through this process again, especially if it is a neighboring country.
Why is Portugal particularly advantageous? At the end of last year, the country’s Socialist Party tabled an amendment to extend the special tax regime for non-residents and introduce a transitional regime until the end of 2024 (and reverse a previously announced abolition of the program).
