What taxes do you pay on property in Portugal?

What are property taxes in Portugal?

Property tax rates range from 0.3% to 0.45%. While properties in rural areas are taxed at 0.8%, properties in more urban areas are taxed within the mentioned range. If a property has been re-valued since 2004, it will fall between 0.2% and 0.5%.

Is there annual property tax in Portugal?

As an owner of property in Portugal you will have to pay property tax (Immovable Property Tax, IMI). Each individual municipal has its own rate, and is decided by the municipal assembly. … The Tax rates range from 0.3% to 0.45%.

How much is property transfer tax in Portugal?

IMT – The Portugal Property Transfer Tax

The percentage of tax charged can range from 1% to 8%, depending on a few factors including the purchase price for the real estate, the location of the property and whether it is first or second home in Portugal.

What taxes do you pay in Portugal?

Residents in Portugal for tax purposes are taxed on their worldwide income at progressive rates varying from 14.5% to 48% for 2021.

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How much income do I need to retire in Portugal?

You can comfortably retire in Portugal with an income between 1,500 – 2,000 USD per month. For some, the Social Security benefit alone is enough to cover the costs of living.

Is healthcare free in Portugal?

State healthcare in Portugal is not completely free. Healthcare costs are covered by the state, and patients pay standard user fees, known as ‘taxas moderadoras’.

Is Portugal tax free for expats?

Some expats living in Portugal can take advantage of the Non-Habitual Residency (NHR) tax codes, which provide substantial exemptions for the first 10 years of residence. … Secondly, you’ll pay income tax on Portuguese earnings at a flat rate of 20%, rather than the standard progressive rates of up to 48%.

Can you live in Portugal tax free?

Portugal’s ‘non-habitual residents’ (NHR) scheme gives special tax benefits to new residents for their first ten years in the country. It also offers a lower income tax rate of 20% if you’re employed in Portugal in a ‘high value’ activity and allows you to receive some foreign income tax-free.

Is there a wealth tax in Portugal?

Portuguese Wealth Tax

Portugal’s version of wealth tax affects those whose ownership of Portuguese property is worth over €600,000, regardless of where they are resident. Rates are 0.4% for properties held by companies, 0.7% for individuals and 1% for those whose share in Portuguese property goes over €1 million.

Do you pay stamp duty in Portugal?

Stamp Duty (Imposto do Selo)

When buying a property in Portugal, you will generally pay 0.8% of the purchase price for the Portuguese equivalent of Stamp Duty.

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Who pays IMT tax in Portugal?

The acquisition of more than 75% of the share capital of a Portuguese company that owns real estate located in Portugal, is also subject to IMT.

Portugal Property Transfer Tax (IMT)

IMT rates 2020
Rate %
+ €172.348 up to €287,213 7 3.8361
+ €287,213 up to €574,323 8
+ €574,323 up to €1 million 6