IMT (UNIQUE PURCHASE TAX – this is the tax that you have to pay on purchase a property in Portugal) – please have a look on the following table - applicable since 1st of January 2007:
PERMANENT (MAIN) HOUSING in Portugal ( Permanent Living – First home )
Property Value Tax amount to be
Prices Média (1) deducted
0 – € 85.500 0% 0%
€ 85.500 – € 117.200 2% - 1.710 Euros
€ 117.200 – € 159.800 5% - 5.226 Euros
€ 159.800 – € 266.400 7% - 8.422 Euros
€ 266.400 – € 532.700 8% - 11.086 Euros
More than 532.700 Euros 6% no deduction
SECONDARY HOUSING in Portugal ( Vacation / Rental – Secondary home )
Property Value Tax amount to be
Prices Média (1) deducted
0– € 85.500 1% 0
€ 85.500 – € 117.200 2% - 855 Euros
€ 117.200 – € 159.800 5% - 4.371 Euros
€ 159.800 – € 266.400 7% - 7.567 Euros
€ 266.400 – € 511.000 8% - 10.231 Euros
More than 511.000 Euros 6% no deduction
EXAMPLE: In case of the purchase in Portugal for a value of 200K Euro the basic tax is of 7% - but in reality have to deduct 7.567 Euros of the amount - this deduction is a kind of BONUS - you will pay for this property 6.433 Euros purchase tax (IMT)
What does that mean?
The tax office here in Portugal has a tax which is used depending on the price but where are considered in EACH CASE a kind of fix IMMEDIATE DEDUCTION open to every buyer…except for properties over 511.000 Euros where the tax rate is 6% WITHOUT reduction.
Please consider also the following costs:
1) Notary – depending on the notary between 400 – 600 Euros + Stamp Tax of 0,8% of the property value
2) Registrations – between 200 – 300 Euros
3) Solicitor / Lawyer – approx. 1.000 Euros – 2.000 Euros + 21% VAT (depending on the solicitor / lawyer)
Please contact us for any informations you might need or for any doubts that you might have:
E-Mail: inquiries@silver-coast-properties.net
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