As you probably know already, the NHR will be terminated soon. For situations in which you do not yet have any connection with Portugal, the necessary step will be to at least make a visa appointment with the consulate in 2023. If there are no vacancies available, simply request an appointment to become eligible for the transitional period to obtain NHR in 2024. Regarding the tax impact, if you live in Portugal, you will necessarily become a tax resident and, as such, submit your tax return in Portugal in relation to your worldwide income. Thus, you will have to request the application of the double taxation agreement (DTA) to avoid being taxed in both countries. The agreement determines which country will tax each income and, therefore, you can avoid taxation in the country that cannot tax you. If there was any tax withheld at source, you may have to resort to the tax credit method. The NHR is a regime that works for new tax residents in Portugal, who have not been taxed in Portugal in the previous 5 years, and which allows some benefits. In the best case scenario, you may be taxed at 20% on income from employment or self-employment arising for high-added value activities (if you are not eligible for this flat tax, you will be taxed at the progressive rate). In other income (dividends, interests or royalties) you may even be exempt. If the NHR is not the most advantageous option, you can also consider Spain, which offers a special tax regime, known as Beckham Law, under which income from work obtained abroad can be exempt in Spain. Finally, with regard to social security, it will depend on the setup you have in your employment relationship, so it must be analyzed specifically.
