2023: Year in Review

As we approach the end of 2023, we look back at some of the highlights we shared with you during the last 12 months, looking forward for 2024.

This year has witnessed the continuation of significant international conflicts, such as the Ukraine-Russia conflict, and the rise of new ones such as the Israeli-Palestinian war, with political, social, and economic impacts that extend across the globe. In 2023 Portugal continued to help Ukrainian refugees by extending temporary protections to Ukrainian refugees. 

Despite the Portuguese passport consistently holding a top-ranking position in Henley’s Passport Index, the SEF agency was dissolved in October, with AIMA taking its place. Formerly responsible for immigration and border services, SEF has now been succeeded by the Agency for Integration, Migration, and Asylum (AIMA). This reorganization aims to improve the agency's efficiency by delegating tasks and functions to other, more specialized, public entities. The outcomes of this restructuring will be monitored throughout 2024.

In early November, the Portuguese Prime Minister resigned following a criminal investigation for alleged corruption. This occurred after a succession of several resignations within the government since the beginning of the term, which was won by an absolute majority by the Socialist Party in January 2022.  Nevertheless, the dissolution of the government was scheduled for after the approval of the 2024 state budget, deemed essential to ensure economic stability and enable the continued access to European funds for the Recovery and Resilience Plan (PRR - Plano de Recuperação e Resiliência).   

The year 2023 marks the end of new applications to the Non-Habitual Resident tax regime, as approved in the 2024 state budget. Nevertheless, it will still be possible to apply in 2024 for all those who qualify under a valid residence visa, as detailed in this article. It is also important to note that this same budget introduces a new tax incentive, specially made for people who teach in higher education, do scientific investigations or come to work for Portuguese Startup companies.

In the wake of the housing crisis in Portugal, the government has introduced the 'Mais Habitação' (More Housing) Programme with the aim of improving access to housing conditions. One of the approved measures was the exclusion of real estate investment as a path to the Portugal’s Golden Visa, which came into force in October 2023. However, in contrast to previous announcements, the Portugal’s Golden Visa programme will remain available with alternative investment options, as described in this article.

In the tech field, artificial intelligence has become increasingly widespread, with many people and companies incorporating it into their daily lives and production processes. This trend is expected to continue as artificial intelligence (AI) becomes more prevalent in various industries. 

The 2023 edition of the Web Summit was a success. A significant number of companies were present, and Artificial Intelligence (AI) was the primary theme of this edition. Lisbon provided an excellent stage for these technological developments. In addition to the Web Summit, Lisbon was awarded the prize of European Capital of Innovation by the European Commission.

Portugal continued to strengthen its position as an attractive country for foreign investment. At the same time, the nation maintains its distinguished status as a premier global destination for retirement, due to the great balance between quality of life and the cost of living.

Furthermore, in 2023, Portugal was acknowledged as one of the prime destinations for expats. This recognition is attributed to the pervasive "beauty of simplicity" atmosphere that Portugal exudes; in every corner of this coastal country, a piece of history is alive. Each locale boasts a unique and delectable culinary experience. Every region unveils a distinct landscape and environment. Moreover, the favourable climate and the amiable people contribute to Portugal's inclusion on this list.

In the realm of the economy, Lisbon distinguishes itself in the 2023 Brand Finance City index of 2023, securing a noteworthy position. This signals a positive trajectory for the Portuguese capital's prosperity. On the cultural front, a promising sign along this path is the Portuguese government's openness in showcasing the country's culture, offering museums, art galleries, exhibitions, and various forms of artistic expression free of charge to a wide audience of residents.

Moving to the sports field, Portugal's rugby team made history by securing the first victory in a World Cup match against the renowned Fiji rugby team. It's essential to mention that, unlike the other teams in the World Cup, the Portuguese team consists mainly of amateur players. 

As we approach the end of the year, we want to express our gratitude for the chance to assist our clients and contribute positively to their lives. Looking forward to 2024, our dedication to offering support with Immigration and Tax matters remains unwavering, ensuring a smooth experience for individuals planning to relocate and reside in Portugal.