Sisa tax and other fees.
Purchase costs of buynig a property in Portugal
Purchases are usually subject to a State payment paid in at the Tax Office closest to the location of the property, with the amount varying with the nature of the purchase. In certain cases the buyer may be exempt from this Tax if the value of the deed of conveyance (escritura) is below 83,500.00 euros. The table below is based on a series of “platforms of sale value” and applies to all urban purchases, rural properties are subject to a flat Tax based on escritura value, and a purchase by an offshore Company is subject to a Tax of 15% applied to the escritura value.
IMT Tax 2006 - Portugal Property Purchase
Value of the property |
Tax in % |
Amount to subtract |
up to € 83,500 |
0% |
- |
from € 83,500 to € 114,800 |
2% |
€ 1,670 |
from € 114,800 to € 156,500 |
5% |
€ 5,114 |
from € 156,500 to €260,900 |
7% |
€ 8,244 |
from € 260,900 to €521,700 |
8% |
€ 10,853 |
over € 521,700 |
6% |
|
Notaries & Registration Fees
These are paid by the purchaser on completion and will be approximately 2% of the value of the transaction.
Outstanding Annual Property Taxes (IMI)
Unpaid property taxes (IMI) attract fines, but may be allowed to mount up for some considerable time without official action, so ask the vendor to show proof of payment for the last five years. Your lawyer should settle any outstanding property taxes before you make the final payment.
Final Deed
Proper title to the property comes with the ‘final deed of conveyance’ (escritura), with all relevant documents checked before the final contract is read aloud (by an interpreter, if necessary), the contract is then signed in the office of a public notary
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