Transferring property in Portugal, much like other countries, comes with its own set of financial responsibilities. Among them is the Property Transfer Tax (Imposto sobre Transmissões Onerosas de Imóveis or IMT). If you're thinking of buying property in the sunny terrains of Portugal, getting to grips with IMT is crucial.
Here, we break down everything you need to know about Property Transfer Tax in Portugal and how Equals Money's international transfer service can simplify the process and assist during the transaction.
IMT is a municipal tax charged on the transfer of real estate properties in Portugal, whether they be urban, rustic, or mixed. The tax applies to both freehold and leasehold properties, and the rate can vary based on a multitude of factors.
IMT's calculation is based on the property's tax registration value or the purchase price – whichever is higher. Rates can differ based on the type of property and its intended use:
Always ensure to check the updated rates as they may undergo periodic revisions by the Portuguese government.
Some properties or buyers might qualify for IMT exemptions. For instance, properties earmarked for urban rehabilitation or properties intended for personal permanent residence below a certain value might be exempt.
While understanding the ins and outs of Property Transfer Tax is essential, so is choosing the right service for your foreign exchange needs. Here’s why Equals Money is a game-changer:
Acquiring property in Portugal can be a dream come true. By acquainting yourself with obligations like the IMT and aligning with efficient services like Equals Money, you're setting yourself up for a seamless property buying experience. Explore the world, invest wisely, and let Equals Money be your financial companion in your international ventures.
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