ortugal Is Not A Tax Escape

SPEAKER_00 0:00

So if you are planning a move to Portugal in like twenty twenty six to escape the reach of the IRS, um I have some pretty bad news for you.

SPEAKER_01 0:10

Aaron Powell Yeah. It's uh it's not the escape hatch people think it is anymore.

SPEAKER_00 0:13

Aaron Ross Powell Right. By trying to leave the U.S. tax system behind, you are actually going to spend, you know, twice as much time and probably twice as much money actively engaging with it.

SPEAKER_01 0:22

Aaron Powell Exactly.

SPEAKER_00 0:23

The game has totally changed. For the last 10 years, Portugal was basically the ultimate general admission party for expats. You bought a plane ticket, you showed up, and the government just handed almost anyone a decade-long tax holiday.

SPEAKER_01 0:36

Trevor Burrus, Jr. Pretty much, yeah. It was a free-for-all.

SPEAKER_00 0:37

Aaron Powell But looking through this exhaustive 2026 technical guide we have on U.S. expat taxation and relocation, the landscape hasn't just shifted. It has entirely inverted.

SPEAKER_01 0:47

Aaron Powell It really has.

he End Of The NHR Era

SPEAKER_00 0:48

So our mission for this deep dive is to look at the absolute realities, the strict math, and well, the hidden traps of moving to Portugal right now as a U.S. citizen. Because the golden era of casual tax residency is definitively over. Okay, let's unpack this.

SPEAKER_01 1:02

What's fascinating here is the complete paradigm shift. I mean, the era of the uh generalist incentive model is dead. What we have now is a highly sophisticated goal-layer regulatory environment.

SPEAKER_00 1:15

Aaron Powell It's like um the old Portuguese immigration system was a nightclub that let absolutely everyone in for free.

SPEAKER_01 1:22

Right.

SPEAKER_00 1:22

And the new 2026 system is this ultra-exclusive VIP lounge where you need a highly specific invitation just to get past the bouncer.

SPEAKER_01 1:32

Aaron Powell That is a perfect way to look at it. And to understand why these rules are suddenly so aggressive, you really have to look at the macroeconomic pressure squeezing Portugal right now. Trevor Burrus, Jr.

SPEAKER_00 1:40

Because they're in a tough spot, right?

SPEAKER_01 1:42

Yeah. This is a sovereign nation trying to thread an impossible needle. They have been battling severe inflation and a genuinely crushing local housing crisis.

SPEAKER_00 1:50

Aaron Powell Which we've seen making headlines everywhere.

SPEAKER_01 1:52

Exactly. But simultaneously, they desperately need to import top-tier global talent to keep their economy competitive. So they no longer want just anyone with a pulse and a pension. They specifically want human capital that drives targeted innovation.

SPEAKER_00 2:06

Aaron Powell Which perfectly explains the death of the non-habitual resident program. Like the old NHR.

SPEAKER_01 2:12

May it rest in peace.

SPEAKER_00 2:13

Yeah, seriously. That was the program that gave basically everyone freelancers, retirees, crypto traders, this massive tax break. But now we have the 2026 version, the uh incentive for scientific research and innovation. Or I5.

SPEAKER_01 2:26

Right. NHR 2.0, basically.

SPEAKER_00 2:28

And the baseline benefit is still incredible. I mean, if you get in, you pay a flat 20% tax rate on Portuguese source income for 10 consecutive years.

SPEAKER_01 2:37

Which is huge.

SPEAKER_00 2:38

And even better, most foreign source income, dividends, interest, and now capital gains is exempt from Portuguese taxation entirely, as long as it's not sitting in a blacklisted tax haven. But the barrier to entry is brutally high now, isn't it?

SPEAKER_01 2:52

Oh, it's night and day. It's no longer about simply you know moving your laptop to a cafe in Lisbon. The 20% flat rate is exclusively reserved for what the government defines as eligible activities.

SPEAKER_00 3:02

Aaron Powell So no more generic digital nomads just hanging out.

nside The 20% Innovation Regime

SPEAKER_01 3:06

No, absolutely not. We're talking about higher education professors, scientific researchers, highly qualified tech specialists, or founders of certified startups. And uh, this isn't a one-and-done approval either.

SPEAKER_00 3:18

Wait, really? You have to keep proving it.

SPEAKER_01 3:19

Aaron Powell Yeah, the compliance is ongoing. You have to formally enroll and prove year after year that your daily work actually contributes to their innovation economy.

SPEAKER_00 3:29

Wow. And the technical guide outlines some incredibly specific details in this new tax code, too. Like there's a 15% VAT credit, a rebate on your value-added taxes for things like books, artistic activities, and even museum visits.

SPEAKER_01 3:43

Yeah, that one is really interesting.

SPEAKER_00 3:44

All you have to do is put your NIF, your Portuguese tax ID, on the receipt at the point of fail. There are even deductions for, and I love this phrasing, rapid wear procession.

SPEAKER_01 3:54

Rapid wear.

SPEAKER_00 3:55

Letting certain high-stress workers write off health and life insurance premiums for disability risks. It's so specific.

SPEAKER_01 4:01

Well, those might sound like quirky bureaucratic details, but the VAT credit is actually a brilliant mechanism of behavioral economics. By giving you a small financial reward for attaching your tax ID to a museum ticket or a bookstore receipt, the government is essentially crowdsourcing its own tax compliance.

SPEAKER_00 4:18

Oh, I see.

SPEAKER_01 4:19

Yeah, they are paying you to bring everyday transactions out of the shadow economy and onto the official ledger. It's highly effective, and it's a habit you need to adopt the absolute minute you get your residency.

hy Retirees Get Hit Hard

SPEAKER_00 4:30

Wait, I need to challenge the logic of this broader shift, though. I mean, acting as the voice of our listener here, I understand wanting tech founders, but Portugal has a housing crisis and needs revenue. Sure. Why would they actively turn away wealthy American retirees who are bringing massive amounts of US dollars to spend the local economy? Shutting them out just seems totally counterproductive if you need cash flowing into local businesses. So what happens to the retirees?

SPEAKER_01 4:58

It seems counterintuitive until you look at the velocity of that money versus the cost of living. Retirees absolutely bring capital, but they also consume local resources, particularly real estate and healthcare.

SPEAKER_00 5:09

Without actually working in the economy.

SPEAKER_01 5:11

Exactly. Without expanding the productive capacity of the domestic workforce. When wealthy foreigners buy up housing to retire, it dramatically inflates the local cost of living.

SPEAKER_00 5:22

Which hurts the locals.

SPEAKER_01 5:23

Right. To protect local low-income earners, the government actually had to raise the minimum subsistence threshold to twelve thousand eight hundred and eighty for twenty twenty six. They simply cannot afford to subsidize foreign retirees who inadvertently price everyday Portuguese citizens out of their own neighborhoods.

SPEAKER_00 5:39

Which means the math for a U.S. retiree is now fundamentally punishing. The guide makes it explicitly clear pension income is totally excluded from this new IFIist innovation tax regime.

SPEAKER_01 5:51

Completely excluded.

SPEAKER_00 5:52

So if you retire to the Algarve today, your Social Security and private pension distributions get hit with Portugal's standard progressive tax rates. And those rates are steep. Once your taxable income hits around 86,000 part, you are paying a 48% marginal rate.

SPEAKER_01 6:07

Yeah.

SPEAKER_00 6:07

Add in the solidarity surcharge of up to 5% on top of that, and your effective tax rate is easily crossing 50%. So the classic dream of a cheap tax bill on the beach is dead.

SPEAKER_01 6:17

That is the hard truth, the new reality. They are putting a premium on innovation and heavily taxing passive retirement.

EIE Versus FTC For Families

SPEAKER_00 6:24

Okay, so you navigate all of that. Let's say you get the certified tech job, you secure your 20% flat rate in Portugal.

SPEAKER_01 6:31

Yeah.

SPEAKER_00 6:31

You think you've run the game.

SPEAKER_01 6:32

You'd think so, yeah.

SPEAKER_00 6:33

But then you realize the U.S. government has entirely new ways of complicating your life from across the ocean. In 2025, the U.S. passed the one big beautiful bill act, the OBBBA.

SPEAKER_01 6:44

The G O B A, right.

SPEAKER_00 6:45

Yeah. This legislation made the 2017 individual tax rates permanent and pushed the 2026 Foreign Earned Income Exclusion, the FEIE, up to$132,900.

SPEAKER_01 6:56

And this is the core mechanism that catches new expats totally off guard. The United States is unique because it taxes based on citizenship, not geography.

SPEAKER_00 7:05

Right. You can't just run away from the IRS.

SPEAKER_01 7:07

As long as you hold a U.S. passport, you are tethered to the IRS. The FEIE is the primary shield against double taxation. It allows you to legally exclude that first$132,900 of the money you earn abroad from your U.S. federal tax burden.

SPEAKER_00 7:21

Assuming you passed the physical presence test, right?

SPEAKER_01 7:23

Exactly. Assuming you can pass the strict test of being out of the U.S. for 330 days a year.

SPEAKER_00 7:28

Aaron Powell But the OBPA completely changed the chess game around how expats actually use that shield, specifically because of the child tax credit strategy.

SPEAKER_01 7:38

Yeah, the math changed entirely.

SPEAKER_00 7:40

The bill made the child tax credit permanently$2,200 per child. But to get the refundable cash portion of that credit, actual money sent to your bank account, the IRS requires you to show earned income on your tax return.

SPEAKER_01 7:54

Which creates an immediate mechanical conflict. If you use the foreign earned income exclusion to wipe out all of your Portuguese salary on paper, your earned income drops to zero.

SPEAKER_00 8:03

Oh, right.

SPEAKER_01 8:04

You avoid the income tax, but you legally disqualify yourself from receiving that$2,200 check per child.

SPEAKER_00 8:10

Aaron Powell I look at it like standing at a cash register and choosing between a store discount code and a mail-in rebate.

SPEAKER_01 8:15

That's a great way to frame it.

SPEAKER_00 8:16

Thanks. The FEIE is the store discount code. It just lops the income right off the top before the IRS even calculates your bill. It's easy and clean. The foreign tax credit, or FTC, is the mail-in rebate. You declare every single dollar you earn to the IRS, but then you take a dollar-for-dollar credit for the taxes you already paid to the Portuguese government. You have to do the math for your specific situation. But for families in 2026, the FTC often leaves more physical cash in your pocket.

SPEAKER_01 8:45

Because it keeps that earned income intact.

SPEAKER_00 8:48

Exactly. Letting you claim that refundable child tax credit.

SPEAKER_01 8:52

If we connect this to the bigger picture, the irony here is that moving abroad actually requires deeper engagement with the IRS. It requires a highly proactive approach.

SPEAKER_00 9:01

You really have to stay on top of it.

SPEAKER_01 9:02

You can't just put your finances on autopilot when you move to Europe. You have to constantly manipulate domestic U.S. policy to optimize your global footprint. Another prime example from the OBBA is the new 1% international remittance tax. Oh, yeah, that was annoying. Very. The U.S. now levies a 1% excise tax on funds sent abroad using physical instruments, things like cash transfers or money orders.

SPEAKER_00 9:24

Right. But the mechanical workaround for expats is entirely based on how you route the money. You are completely exempt from that 1% tax if you use electronic bank-to-bank platforms.

SPEAKER_01 9:34

Exactly.

SPEAKER_00 9:35

Like if you use a service like WISE, which falls outside the IRS definition of a physical instrument, you bypass the tax entirely. It is just another operational hoop to jump through.

emittance Tax Workarounds

SPEAKER_01 9:45

And those federal rules, while complex, apply evenly to every American. But the landscape becomes infinitely more treacherous when we look at state level taxation.

SPEAKER_00 9:55

Yeah, state taxes are wild.

SPEAKER_01 9:57

The federal government will let you use credits and exclusions. Certain state governments will actively refuse to acknowledge that you have even left their jurisdiction.

SPEAKER_00 10:05

Here's where it gets really interesting: the California domicile trap.

SPEAKER_01 10:08

The famous trap.

SPEAKER_00 10:10

California is notorious for ignoring your physical location and auditing your domicile, which is essentially where they believe your truest, closest connections remain. The main escape hatch for expats is the 546-day safe harbor rule. The idea is that if you are out of California on an employment contract for 546 consecutive days, they have to consider you a non-resident for tax purposes.

SPEAKER_01 10:32

That is the theory, yes. But the mechanics of that safe harbor are bound by incredibly strict thresholds, the most dangerous of which is the intangible income limit.

alifornia Domicile Trap Explained

SPEAKER_00 10:40

Aaron Powell So if I meet this 546-day rule, I'm safe, right? But the sources mention this intangible income limit. Let's say I follow the rules perfectly. I moved to Lisbon on a two-year employment contract, I passed the 546 days, I'm safe. Okay. But in year two, while sitting in a cafe in Portugal, I decide to sell a rental property out in Texas, or I liquidate a tech stock portfolio, and I realize$250,000 in capital gains. Does California suddenly invalidate my move and tax my entire global income as if I never left San Francisco?

SPEAKER_01 11:10

They absolutely do. This is the brutal reality. The safe harbor provision has a hard ceiling. You cannot have intangible income, which covers dividends, interest, or capital gains exceeding$200,000 in any single taxable year.

SPEAKER_00 11:25

Just$200,000.

SPEAKER_01 11:27

Yep. The moment your capital gains hit$200,001, the safe harbor instantly evaporates. That is brutal. It triggers what the franchise tax board calls a ledger emulysis. Once the safe harbor is voided, California auditors will forensically examine your life to prove your domicile never really shifted.

SPEAKER_00 11:46

Like looking at what? Exactly.

SPEAKER_01 11:47

They will look at your voter registration. They will check if you renewed your California driver's license. They will even see if you maintained a local gym membership or a storage unit in the state.

SPEAKER_00 11:57

A gym membership? Are you serious?

SPEAKER_01 11:59

Dead serious. If they decide your ties to California are stronger than your ties to Portugal, they will tax your worldwide income at California's highest rates, regardless of where you physically sleep at night. A clean break is mandatory.

SPEAKER_00 12:10

How does that even work for tech workers with unvested restricted stock units? I mean, if I earned RSUs while living in California, but they don't actually vest until two years later when I'm working in Portugal, how can California possibly track and tax that?

SPEAKER_01 12:26

They use a strict fractional calculation based on your physical work days. California will look at the entire lifespan of that stock from the exact date the RSU was granted to the date it vests.

SPEAKER_00 12:37

Okay, that makes sense.

SPEAKER_01 12:38

Then they calculate the total number of days you physically performed work in California during that window and divide it by the total number of work days overall. They apply that exact percentage to the income generated when the stock vests.

SPEAKER_00 12:49

So you can't escape it?

SPEAKER_01 12:50

No, you are legally required to file a California non-resident return to pay it. Between that and the new 2026 market sourcing regulations targeting service receipts, a messy exit from California will haunt you for years. You need an immaculate, highly documented break.

SPEAKER_00 13:07

Okay. So let's say you've successfully severed your state domicile, you've optimized your federal tax credits, and you have secured the 20% innovation tax rate.

SPEAKER_01 13:15

You're doing great so far.

SPEAKER_00 13:16

You still need the legal right to cross the Portuguese border, and you need a physical place to live. The visa and real estate pathways in 2026 have their own new set of gates.

SUs And The Long Tail Exit

SPEAKER_01 13:25

They definitely do. The three primary immigration paths are the D7, the D8, and the Golden Visa. The D7 is the passive income route. It's primarily utilized by retirees because it has a relatively low minimum income requirement of just 870 euros a month, alongside a requirement to show substantial savings.

SPEAKER_00 13:43

But as we covered, the D7 locks you into those massive progressive tax rates.

SPEAKER_01 13:48

Exactly. Then you have the D8 Digital Nomad visa, which has a much higher bar. It requires you to prove remote earnings of at least 3,680 years per month.

SPEAKER_00 13:58

Which isn't trivial.

SPEAKER_01 13:59

No, but the strategic value of the D8 is that if your remote work happens to align with one of the high-value tech or research sectors, the D8 serves as the logistical bridge to apply for that 20% flat tax rate through IFESI.

SPEAKER_00 14:11

I see.

SPEAKER_01 14:12

And finally, there is the golden visa. Portugal completely eliminated the ability to simply buy residential real estate to get this visa. The primary mechanism in 2026 is investing 500,000 euros into qualifying Portuguese investment funds. It offers incredible flexibility. I mean, you only have to be physically present in Portugal for seven days a year to maintain it, but it carries a catastrophic U.S. tax consequence that we absolutely need to cover.

SPEAKER_00 14:38

Right. But before we hit that trap, we have to look at the reality of buying a house right now. The transfer tax you pay when you buy a property, the IMT has been kind of weaponized, depending on who you are.

SPEAKER_01 14:49

Weaponized is a good word for it.

SPEAKER_00 14:51

If you are under 35 years old, there's great news. The new IMT Jovem policy grants a full exemption on properties valued up to$330,539 down. That is a massive windfall for young domestic buyers.

SPEAKER_01 15:05

Oh, totally.

isas And Housing Taxes In 2026

SPEAKER_00 15:06

But if you are a non-resident buying residential property, the harsh news is the 2026 budget actively increases your IMT rates. You're essentially subsidizing the local market. On top of that, there's the AMI, a wealth tax applied to individuals holding property assets exceeding 600,000 thousanders.

SPEAKER_01 15:22

It's a very aggressive stance on foreign capital, but the policy is highly targeted.

SPEAKER_00 15:26

It really is. And there's a specific loophole in the 2026 budget that makes this clear. If you own a luxury property that would normally get hit with that wealth tax, but you lease it out to a long-term tenant for under 2,300 euros a month, you are completely exempt from the AMI.

SPEAKER_01 15:44

Yeah, that's a fascinating carve out.

SPEAKER_00 15:46

I view this exactly like playing Monopoly. It's like the government is actively punishing the players who treat Portuguese real estate as a monopoly board, just buying up squares, hoarding the property, and leaving the houses empty.

SPEAKER_01 15:58

Right.

SPEAKER_00 15:58

But if you actually contribute to the local rental supply, putting housing back into the market at a somewhat reasonable rate, they give you a total hall pass on the wealth tax.

SPEAKER_01 16:08

I love that analogy. That is the exact mechanism at play. It perfectly illustrates Portugal's dual mandate. They aren't just blindly taxing wealth, they are using the tax code to actively cool down foreign speculation while desperately trying to fix the local housing crisis for Portuguese citizens.

SPEAKER_00 16:25

Which brings us back to the 500,000 Golden Visa Investment Fund.

SPEAKER_01 16:28

Yes, the landmine.

SPEAKER_00 16:30

You wire the money, you buy into the Portuguese fund, and you secure your residency. But in doing so, that very investment might just trigger the most dangerous, invisible landmine in this entire deep dive.

SPEAKER_01 16:42

Aaron Powell You are talking about the PFIC hazard.

SPEAKER_00 16:45

Yes, exactly.

olden Visa Fund PFIC Landmine

SPEAKER_01 16:45

PFIC stands for passive foreign investment company. The U.S. government intensely dislikes when Americans move their wealth into offshore mutual funds or foreign ETFs. Why is that? Because those foreign funds don't report their internal earnings to the IRS the way an American mutual fund does. So the IRS automatically assumes you are hiding money. And unfortunately, almost all of the Portuguese investment funds required to get the Golden Visa meet the exact definition of a PFIC.

SPEAKER_00 17:13

So what does this all mean? To summarize, by trying to buy a Portuguese visa through a local investment fund, I could accidentally open myself up to indefinite IRS audits and a 37% penalty tax just for holding the wrong mutual fund.

SPEAKER_01 17:26

This raises an important question about investment hygiene, because it's not just a 37% top marginal tax rate. They also apply a punitive historical interest charge that compounds all the way back to the day you originally bought the asset. It is genuinely designed to wipe out your investment. The only mechanical way to escape the penalty is to force that foreign fund to report its financials exactly like a US fund would. You do this by making a qualified electing fund, or QEF, election on IRS Form 8621.

SPEAKER_00 17:58

Yes, they don't want to do that.

SPEAKER_01 17:59

Exactly. You can only file that form if the Portuguese fund agrees to provide a highly specific US compliant accounting statement every single year. Most foreign funds flat out refuse to do this because of the accounting overhead. And if you hold a PFIC and fail to file Form 8621, the statute of limitations on your entire tax return never starts.

SPEAKER_00 18:19

Meaning.

SPEAKER_01 18:19

Your return remains open for an IRS audit indefinitely.

SPEAKER_00 18:22

And this extends to basic bank accounts too, right? I mean FBAR penalties are staggering. If you just forget to report a foreign bank account holding over$10,000, you are facing non-willful penalties of over$16,000. Yeah. If the IRS decides you hid the account willfully, the penalty jumps to over$165,000. That's why financial planners are constantly screaming about investment hygiene.

SPEAKER_01 18:45

Which is critical.

SPEAKER_00 18:46

The baseline strategy for an expat has to be keeping your actual wealth in U.S. domicile brokerage accounts and U.S. ETFs.

SPEAKER_01 18:53

Exactly. You live in Europe, but your capital absolutely must remain domiciled in the U.S. unless you have absolute certainty that a foreign asset won't trigger a PFIC cascade.

BAR And Investment Hygiene Rules

SPEAKER_00 19:03

That sounds incredibly stressful.

SPEAKER_01 19:05

It is. But speaking of stress, beyond investment hygiene, we need to touch on physical hygiene and healthcare.

SPEAKER_00 19:11

Right. Contrasting the financial stress with physical well-being.

SPEAKER_01 19:14

Yeah. The Portuguese National Health Service, the SNS, is universal and incredibly cheap. A standard visit to a general practitioner is just a five euro copay. But the 2026 data shows severe operational strain.

SPEAKER_00 19:27

How bad is it?

SPEAKER_01 19:28

Over 30% of residents are waiting more than three months just to see a specialist, and there is a persistent nationwide shortage of family doctors.

SPEAKER_00 19:35

Wow, 30.2% waiting over three months. That's a long time if you're sick.

SPEAKER_01 19:40

This is why relying entirely on the public system as an expat is a mistake. Securing private health insurance is often a strict legal requirement for your initial visa approval anyway, but it is also a practical necessity for peace of mind.

SPEAKER_00 19:53

Aaron Powell But isn't private insurance super expensive?

SPEAKER_01 19:56

Actually, the upside is that private insurance in Portugal is radically cheaper than in the U.S. A basic plan for a young adult is roughly 25 euro a month.

SPEAKER_00 20:05

Oh wow, 25.

SPEAKER_01 20:07

Yeah. And comprehensive coverage for a retiree usually falls between 100 and 200 euro a month. You use the private network for immediate routine care, and the public SNS serves as a catastrophic backstop.

SPEAKER_00 20:18

And just to close the loop on the daily reality of working there, if you get a job with a Portuguese company, you are paying 11% of your salary into their social security system. Right. But thankfully, the U.S. and Portugal have an active totalization agreement.

SPEAKER_01 20:31

Which is one of the rare instances where the international bureaucracy actually protects the taxpayer. The agreement ensures that the days you work and the taxes you pay in Portugal are credited toward your U.S. Social Security record, completely eliminating the threat of being double taxed for retirement benefits by both nations.

ealthcare Reality Plus Totalization

SPEAKER_00 20:48

Well, that's a relief. We have covered an immense amount of ground today.

SPEAKER_01 20:51

We really have.

SPEAKER_00 20:53

The overarching reality for you listening is that moving to Portugal in 2026 is no longer a casual beach retirement plan. It is a highly regulated, high-stakes, strategic maneuver. You need professional alignment to secure that IFAC innovation tax rate. You need immaculate investment hygiene to avoid devastating IRS PFIC traps. And you need a meticulous forensic exit strategy if you are fleeing a state like California.

SPEAKER_01 21:18

The concept of the carefree expat is effectively dead. You are now a global taxpayer, actively navigating the competing demands of two highly aggressive, deeply interconnected jurisdictions. We have to acknowledge that journey for you. Whether you are an insanely curious learner preparing for the future, a tech worker sweating over unvested RSUs, or a digital nomad trying to hit that income threshold, the rules of global mobility have permanently evolved.

SPEAKER_00 21:44

They really have. But I want to leave you with one final provocative thought to ponder that isn't directly answered in the tax code and that we haven't even discussed yet.

SPEAKER_01 21:52

Oh, interesting. What is it?

ear 11 Question And Closing

SPEAKER_00 21:53

That incredible IFIDI program, the 20% flat tax rate for innovators, is strictly limited to 10%. Non-renewable years. So what happens on day one of year 11?

SPEAKER_01 22:04

That's a great point.

SPEAKER_00 22:04

When that flat rate vanishes and the tax burden suddenly doubles overnight, will we see an entire generation of highly mobile tech workers just pack up their laptops and move to whatever country is offering the next 10-year deal? If that happens, are sovereign nations destined to become nothing more than temporary, decade long layovers for the global elite rather than actual permanent homes?

SPEAKER_01 22:26

That is the defining structural question of this entire policy. And it is a reality that Portugal is going to have to face head on in 2036.

SPEAKER_00 22:34

Something to think about. Thank you for joining us on this deep dive. Keep questioning the fine print, check those tax forms twice, and we will see you next time.