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When buying a property in Portugal you have to pay purchase taxes for
properties over 89,700. These are calculated on a per cent basis, which
are on a sliding scale relating to the value of the property you wish to
purchase.
Resale properties - including ruins, land, old houses - are subject to
Imposto Municipal Sobre as Transmissυes (IMT) tax. This must be paid up to three days prior to Escritura. The level of tax levied is on a sliding scale and is a percentage of the purchase price.
If the property is your sole residence then the taxes are levied as
follows: |
|
Primary Residence |
| |
under
89,700 |
0% |
| |
89,700 - 122,700 |
2% minus 1,794 |
| |
122.700 - 167,300 |
5% minus 5,475 |
| |
167,300 - 278,800 |
7% minus 8,821 |
| |
278,800 - 557,500 |
8% minus 11,609 |
| |
Over 557,500
|
6% |
|
If the property you are purchasing is a
second property such as a holiday home then the taxes are calculated as
follows: |
|
Second (Holiday) Home |
| |
under
89,700 |
1% |
| |
89,700 - 122,700 |
2% minus
897 |
| |
122.700 - 167,300 |
5% minus 4,578 |
| |
167,300 - 278,800 |
7% minus 7,924 |
| |
278,800 - 557,500 |
8% minus
10.712 |
| |
Over 557,500
6% |
Agricultural and building land is charged at the flat rate of 5%. |
If you are unsure how much the IVA or IMT will be, it is advisable to check with the local
Finanηas before you enter into a Promessa Contract. |
| *The above figures were current as of
January 2009. |
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