Nigerians holding Portuguese golden visas could soon enjoy a decade-long tax break on foreign income as Portugal’s government considers a sweeping reform of its non-habitual resident tax regime.
The draft policy paper, released by Portugal’s finance ministry on June 9, proposes a 10-year zero-tax exemption on foreign income and a flat 20% tax rate on Portuguese-source income for qualifying investors. If passed, it would mark a significant shift in Portugal’s fiscal approach to attract global talent and investment.
“There’s no plan to end it. It’s not on the table,” said Antonio Leitao Amaro, Portugal’s Minister of the Presidency, while reaffirming the country’s commitment to the golden visa programme despite mounting pressure across Europe.
At least 114 Nigerians who have secured golden visas since the programme launched in 2012 stand to benefit from the proposed policy, according to official nationality records from Portugal’s Agency for Integration, Migration and Asylum (AIMA).
AIMA data also shows a growing interest: filings from Nigeria have doubled each year since 2022, driven largely by naira devaluations and a push for euro-denominated safe havens.
Under the current system, Nigerian investors may face up to 48% in taxes on both domestic and foreign income. But the proposed reform could see that rate slashed, potentially saving high-earning investors enough to recoup their €500,000 investment in under five years.
The golden visa, introduced in 2012 during the eurozone debt crisis, grants residence to non-EU nationals investing in the country. However, the real estate route was scrapped in 2023 to curb skyrocketing property prices.
Although Nigerians currently rank fifth among African investors—behind South Africa, Angola, Egypt, and Morocco—analysts predict they could leap ahead once the tax incentives are implemented.
Meanwhile, AIMA faces a backlog of over 45,000 pending applications, which Amaro said the agency aims to resolve by December 2025. “We expect that by the end of the year, this process will be largely taken care of,” he added.
The proposed reform comes amid a wider European crackdown on golden visa programmes, with Spain and the Netherlands recently scrapping theirs, and Malta ordered by an EU court to end its citizenship scheme.
Portugal, however, is betting on reform rather than retreat. Alongside the NHR changes, the government is also introducing a Tax Incentive for Scientific Research and Innovation, aimed at attracting highly qualified professionals in research, investment, and business.
The revised tax regime, officially known as “regime fiscal do Residente Não Habitual”, is now awaiting parliamentary approval. If passed, it could usher in a new era of tax-friendly residency for Nigerians and other global investors in Portugal.
