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Wealth management in Portugal

Written by Alexis Sagnier, financial and real-estate investment adviser, insurance broker, AMF-certified, founder of Balmont Conseil (Lyon). ORIAS 13003497. Last reviewed: 17/10/2026.

«"Alexis, we wanted to move to Lisbon under the non-habitual resident scheme. A friend tells me it no longer exists. Is Portugal still a good option for our retirement?"»

The non-habitual resident (NHR) scheme has been closed to new arrivals since the Portuguese Finance Law for 2024. Its replacement, the IFICI scheme, is reserved for qualified activities and excludes pensions. Therefore, for a retiree settling in Portugal today, their private pension is taxed according to the Portuguese tax rates.

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Toits de Lisbonne et l’estuaire depuis une terrasse fleurie

French citizens registered in the consular register on December 31, 2025, an almost stable figure (−0.4 % over one year).

1971

The convention of 14 January 1971, amended in 2016, regulates income.

Regarding inheritances, no text allocates the right to tax between the two countries.

Why seek expertise in Portugal?

Four points determine your situation.

The RNH is closedThe IFICI, which replaced it, targets research activities, higher education, skilled jobs and start-ups: ten years, 20 % on Portuguese business income, foreign income exempt except pensions.

Your private pensions are taxed in PortugalThe general scheme and Agirc-Arrco are included, according to Article 19 of the convention, as confirmed by the French administration. Public pensions remain taxable in France, unless you also hold Portuguese nationality.

No agreement governs your inheritanceThe 1994 Franco-Portuguese agreement only covers exemptions for the benefit of states and public bodies. France applies Article 750 ter of the General Tax Code without any treaty amendment.

The date of your tax residencePortugal reads it on your registration at the finance portal: an address declared months after arrival creates a gap that the French administration can exploit.

The France ↔ Portugal framework

Five points verified, as of October 1, 2026.

French nationals on the register

As of December 31, 2025, almost stable year-on-year.

21 023French, −0.4 % over one year

Income tax treaty

Convention of 14 January 1971, amended by the amendment of 25 August 2016 and by the BEPS multilateral convention. It only covers income tax.

January 14, 1971Amendment 2016BEPS

List of tax treaties, BOI-ANNX-000306, updated on April 29, 2026.

Estate tax treaty

No, not in the sense of a distribution. The agreement of June 3, 1994 only provides for reciprocal exemptions for the benefit of States and public bodies: the estate of an individual is not distributed.

Nonefor an individual

Article 750 ter of the CGI applied without conventional correction.

Exit tax: payment deferral

Automatic payment deferral, as Portugal is a member state of the European Union.

Automatic deferralMandatory declaration

Article 167 bis of the CGI.

CSG and CRDS on property income and capital gains

Only the solidarity levy is due for a person affiliated with the Portuguese social security system: on rents as well as on real estate capital gains of French origin.

7,5% instead of 17.2 %

impots.gouv.fr, social security contributions for non-residents.

Namely

Three points of clarification.

Regarding pensionsThe 2016 amendment rewrote the article on public pensions, but not the one on private pensions: these remain taxable only in the country of residence. The French tax authorities have confirmed this for private sector retirees living in Portugal.

On the IFICIRegistration must be completed by January 15th of the year following the year in which you become a resident. It requires that you have not been a Portuguese resident in the previous five years, nor a beneficiary of the Non-Habitual Resident (NHR) scheme.

On the successionProperty located in France remains taxed in France, and an heir domiciled in France for at least six of the last ten years is taxed there on everything he receives, including Portuguese property.

What we don't display. The Portuguese tax scale and local taxation of transfers are dealt with by an authorized advisor in Portugal, whom we coordinate.

Sources: List of tax treaties concluded by France (BOI-ANNX-000306, updated April 29, 2026); clauses on the exchange of information and assistance in recovery (BOI-ANNX-000508, situation as of October 8, 2025); register of French citizens residing outside France as of December 31, 2025 (Ministry for Europe and Foreign Affairs); text of the treaty published by impots.gouv.fr; impots.gouv.fr for social security contributions of non-residents. Situation as of October 1, 2026.

Our services

Three projects, in the order in which they are decided.

Your pensions after the end of the NHRWe classify each of your pensions according to the agreement, then we calculate their cost based on the Portuguese scale, compared to their cost in France. It is this calculation, and not the country's reputation, that determines whether relocating is worthwhile.

Departure: tax residence and exit taxWe determine your French tax departure date and your Portuguese tax residence date, down to the day. If your securities exceed €800,000 or if you hold at least 50% of a company's profits, we file the exit tax return (Article 167 bis of the French General Tax Code).

Estate transfer without a treatyWe establish what each heir would pay in France, according to their domicile and the location of the assets, and coordinate the Portuguese side with a local adviser.

Methodology

Four steps. You always know where you stand.

The initial assessmentComposition of assets, project timeline, situation of each member of the household, and tax domicile of your heirs — because it is theirs that dictates, not yours.The applicable reference frameworkThe relevant information, source by source and with its date. What we don't know, we write "to be confirmed" — never anything else.The arbitrationsThe options are presented in figures, with their respective consequences: you decide. Wealth planning comes after the decision, not before.The follow-upAn annual review, offered free of charge, which verifies that the framework has not changed — the conventions are modified, the attractiveness schemes are eliminated, the thresholds change.

What the firm offers you

What concretely sets our work apart.

Sources, not claimsEach item in your file has its reference number and date. You can check. This is the only way to work on a subject where most of the information available online is outdated.

A single point of contact in FranceWe coordinate with your local advisors, we do not replace them: the internal tax regulations of the host country are handled by a qualified professional on site. Our role is to maintain overall consistency and to defend the French side of the case.

Clear and transparent feesCompensation is announced before any commitment: fixed-price assessments, customized assignments at €500 including VAT per hour, and insurer commissions on contracts underwritten. The annual review is included.

Frequently asked questions

Frequently asked questions in Portugal.

Does the non-habitual resident regime still exist?

No, not for newcomers: it was repealed by the Portuguese Finance Law for 2024, with a transitional arrangement. Its replacement, the IFICI, targets qualified activities for ten years and excludes pensions from the exemption on foreign income.

Will my general pension be taxed in Portugal?

Yes. Private pensions, including the general scheme and Agirc-Arrco, are taxable in Portugal only (Article 19 of the convention of January 14, 1971), a fact confirmed by the French tax authorities. Public pensions remain taxable in France, unless you are a resident and a Portuguese national.

Is there a treaty on inheritance between France and Portugal?

Not for individuals. The agreement of June 3, 1994, only provides exemptions for states and public or public-interest bodies. France therefore applies Article 750 ter of the General Tax Code, without any treaty amendment.

Will I have to pay social security contributions on my French rent?

If you are affiliated with the Portuguese social security system, the rate is only 7.5 %, for both unfurnished and furnished rentals. Otherwise, it is 17.2 % for unfurnished rentals and 18.6 % for furnished rentals, starting with income earned in 2025.

Does the exit tax apply if I go to Portugal?

If your securities exceed €800,000 or if you hold at least 50% of a company's profits, then yes (Article 167 bis of the French General Tax Code). Payment is automatically suspended, but filing a declaration is mandatory.

In summary

The departure can still be interesting, but it needs to be calculated before leaving.

Portugal no longer offers the non-habitual resident regime: your private pensions are taxed according to the standard tax brackets, and no tax treaty protects your estate. Leaving Portugal may still be an attractive option, but it's essential to calculate the cost pension by pension before you depart.

Firm's fees: €500 including VAT per hour. Annual follow-up is free.

Let's review your situation.

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