Portugal is ending a hefty tax break for foreigners in 2024 that incentivized many to move there.
But come 2024, it will be significantly more expensive to live there if you're coming from another country.
Now those moving to Portugal in 2024 and beyond will have to pay the same amount of income tax as everyone else, Le Monde reported.
Americans already living in Portugal, like Dan Bagby and his wife, Michelle, who moved to Lisbon from Texas in 2021 , won't be immediately affected.
But with the cost of living going up and reaching levels of parity with other countries, foreigners may not move to Portugal at all.
Persons:
reconsidering, —, Alex Ingrim, Chase Buchanan, António Costa, Le Monde, Ingrim, Jose Manuel Ribeiro, it's, Dan Bagby, Michelle, Dan, Michelle Bagby, Bagby, We've, I'm
Organizations:
Service, Reuters, The New York Times, Citizen Solutions, Eurostat, Associated Press
Locations:
Portugal, Lisbon, stoke, Texas, Austin , Texas, France, Italy, Spain