Tax-Averse French Seek Shelter in Portugal
Lisbon is not Paris. But Portuguese taxes have their allure
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Lisbon real estate agent Paulo Silva says Portugal’s booming high-end property market has a Frenchman to thank: François Hollande. “The French president’s taxes are prompting many to flee their country,” says Silva, who heads real estate agency Aguirre Newman. “Many of these wealthy French are coming to Portugal to take advantage of tax benefits that are better than in other countries.”
The French government has collected an extra €70 billion ($94 billion) in taxes over the past three years, in part by taxing income above €1 million at 75 percent. In Portugal, taxes for locals are very high, but foreign retirees can enjoy far lower rates.