Changes to property taxes in PortugalBy Lina Rodrigues • Jan 4th, 2007 • Category: Company News, Property News & Info
With the announcement of the budget for 2007, the Portuguese government has proposed a change in the tax laws relating to offshore companies in the so-called “blacklisted” territories like Gibraltar, Channel Islands, Bahamas, Cayman Islands amongst many others.
The IMI – or property tax – is reduced from 5% to 1% or to 2% if the property in question is not inhabited for more than one year. (The proposed law does not reveal HOW this habitation is to be controlled.)
The IMT – or stamp duty/transfer tax – for the purchase of a property that is held by an offshore company has been reduced from 15% to 8%.