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Owners of property valued over €2 million will pay more tax

villaThe Government has accepted proposals from the Left Bloc and the Communist Party to create a new tier in the IMI Additional Tax regime, raising the taxation rate on combined property assets above €2 million.

Of concern to only the wealthy, but yet another reason to question investing in Portuguese real estate, the current 1% rate will become 1.5% next year.

The AIMI, dubbed the ‘Mortágua tax’ will rise from 1% to 1.5% on combined property assets held by an individual, of €2 million and over.

This additional IMI rate was created in 2017 from Left Bloc proposals to sting individuals with total property assets of €600,000 or more, based on patrimonial values.

Between €600,000 and €1 million, owners pay a rate of 0.7%. Above this value the rate rises to 1%. With the approval of the new proposal, the 1% rate will be applied to real estate worth between €1 million and €2 million, and above €2 million, the rate for 2019 will be 1.5%.

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Comments  

0 #1 Loooooooole 2018-11-27 22:38
Yeah, make them pay,, then, make them pay more, then, rub it in their noses, then, don't let them pay with coins only high denomination notes, €5 notes at least,,, now what other taxes can they come up with, oh, no Bitcoins either, becoming worthless. Welcome to Porto-gal.

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