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When
buying a property in Portugal you have to pay purchase taxes for
properties over 92,407. 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. These rates are usually amended each year inline with
inflation. New rates were announced for 2011 in January and are listed
below.
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
92,407 |
0% |
| |
92,407 - 126,403 |
2% minus 1,848.14 |
| |
126,403 - 172,348 |
5% minus 5,640.23 |
| |
172,348 -
287,213 |
7% minus 9,087.19 |
| |
287,213 -
574,323 |
8% minus 11,959.32 |
| |
Over 574,323
|
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
92,407 |
1% |
| |
92,407 - 126,403 |
2% minus
924.07 |
| |
126,403 - 172,348 |
5% minus 4,716.16 |
| |
172,348 -
287,213 |
7% minus 8,163.12 |
| |
287,213 -
574,323 |
8% minus
11,035.25 |
| |
Over 550,836
= 6% |
Agricultural
(rustico) is charged at the flat rate of 5%, whereas Urban land (urbano)
is charged at a rate of 6.5%. |
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 2011. |
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