A change in Spanish law could lead those with financial means to reconsider their residency status.
Against this backdrop, the country's wealthiest taxpayers are turning to lawyers to change their residency – enquiries have surged. Many have set a deadline of the end of the first quarter of 2024 to decide.
The majority of the interest comes from foreigners, especially Latin Americans who have moved to Spain at some point. As they have already moved their residence once, it is not a problem for them to go through this process again, especially if it is a neighbouring country.
Why is Portugal particularly advantageous? Late last year, the country's Socialist Party put forward an amendment to extend the special tax regime for individuals who are not resident in Portugal, introducing a transitional arrangement until the end of 2024 (and reversing a previously announced abolition of the programme).
