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Freelancers, who opt for the Simplified Regime in their first two years of registered business activity, benefit from a reduction of 50% and 25% respectively of the coefficients for the determination of taxable income, provided that they do not derive any income from Salaries (Category A) or Pensions (Category H).
Portugal climbed one position to 9th place in the international ranking for 2017, developed by International Living Magazine. The survey highlights the low cost of living and real estate, as well as the quality of food and cultural life. Mexico came in first in the Annual Global Retirement Index aimed at US expatriates.
Lisbon, the city that pioneered the levy in Portugal, charges 1 euro on each night in the capital. The assessment brought more than 11 million euros to Lisbon in just 10 months. Vila Real de Santo António and Cascais are set to follow the example in 2017. Porto also contemplates launching a Tourist Tax but only as of 2018. Aveiro attempted to implement the measure in 2013, but a year later, suspended the fee.
Excess competition coupled with controversies surrounding Local Lodging are beginning to affect prices and occupancy rates. While registrations were still up in 2016, the pace has diminished substantially which slowed from 200% in 2015 to just 8% last year.
Local Lodging has the potential to unlock untapped financial resources from home ownership. Three out of four Portuguese nationals own their own homes (74.9%). Portugal ranks well ahead of many wealthy countries in Europe and around the world in home ownership: Sweden (70.6%), the Netherlands (67.8%), Canada (67.9%), USA (64.5%), France (65%), UK (63.5%), Germany (52.5%) and Switzerland (44.5%). Accentuating these statistics is the fact that multiple home ownership is commonplace in Portugal.