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Changes to property taxes in Portugal

By • 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%.

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- Office Manager - Lina was born in Madeira but spent her formative years in England. In 1981 her family relocated to the Algarve because of its high quality of living and mild climate.
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