The new measure will take effect on August 1, 2024.
The Republic President of Portugal has promulgated a government diploma that allows young people up to the age of 35 to be exempt from paying the Municipal Property Transfer Tax (IMT) and Stamp Tax (IS) when purchasing their own permanent house.
This measure applies exclusively to the purchase of the first home of both owners, it is also restricted to the purchase of urban buildings or autonomous fractions of urban buildings intended exclusively for personal and permanent housing, leaving out the acquisition of land for construction.
The diploma authored by the Portuguese Government provides full exemption for houses worth up to the4 th IMT bracket meaning up to €316,772. To be eligible, young buyers must also not have been considered dependents for tax purposes in the year of the home purchase.
At OportoAccounting we provide to foreign individuals and companies, professional services such as annual compliance of tax filling as well banking assistance, helping you out with Portuguese law and regulations.
