According to a report by Jornal de Negócios, the deadline, which was initially scheduled for March 15, has been exceptionally extended until the end of the month (31st), due to recent regulations and the availability of registration forms.

The IFICI regulation took a long time to be announced by the current Government since this new tax regime aimed at new residents was created in the State Budget for 2024 (OE2024).

This incentive, which replaced the non-habitual resident regime (NHR), applies to Portuguese citizens and foreigners who have not been tax residents in the last five years. The benefit is valid for a period of ten years, during which beneficiaries are subject to an income tax rate of 20%, except if the income is paid by entities based in tax havens, in which case the rate rises to 35%.

From 2025 onwards, applications must be submitted by January 15 of each year, as Negócios explains. If a taxpayer registers after this deadline, the benefit will only begin in the year of registration, reducing the total period of validity. Companies and beneficiaries must maintain and file supporting documents for ten years and notify the Federal Revenue Service (AT) if there are changes that impact access requirements.

Foreign income is exempt from taxation, except pensions, while income from domestic sources follows the general IRS regime.