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Below are the taxes involved when owning a property although CIMT is the only tax incurred at the point of purchase.
Stamp Duty - "IMT - Imposto Municipal sobre Transmissões" (formely SISA)
This is the equivalent of UK Stamp Duty and is a one off payment made before the final deed is carried out. Previously IMT was very high at 10%, so tax evasion was rife, therefore a new system was introduced from 01 June 2003 to encourage buyers to declare the true value of the property. Now the tax-free limit has been raised to 80.000€ and above this, there is a scale up to a maximum of 8%, whilst the top bracket of tax has been reduced to 6%.
Declared.Property Value Euros |
Tax |
IMT Amount € |
Less |
Total Amount |
| From |
To |
Rate |
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Allowance |
Payable € |
0.00 |
81.600 |
0% |
Nil |
Nil |
Nil |
81.600 |
112.200 |
2% |
1.632 - 2.244 |
1.632 |
0 - 612 |
112.200 |
153.000 |
5% |
5.610 - 7.650 |
4.998 |
612 - 2.652 |
153.000 |
255.000 |
7% |
10.710 - 17.850 |
8.058 |
2.652 - 9.792 |
255.000 |
510.000 |
8% |
20.400 - 40.800 |
10.608 |
9.792 - 30.192 |
510.000 + |
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6% |
30.600 |
No Allowance |
30.600 |
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| Apartado 2096 - 8135-024, Almancil, Algarve, Portugal - Government Licensed Agent No. 7220 - Email: info@quintasales.com - Tel: +351 289 350 140 - Fax: +351 289 350 149 |
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