IMI TAX

[shawchele]

AM I RIGHT IN THINKING THAT IF YOU BUY A PROPERTY IN CARVOEIRO AND BECOME A RESIDENT YOU ARE EXEMPT FROM THIS TAX FOR SEVEN YEARS

[Michael Crane]

There's no need to shout.

[Gambrinus]

You can request exemption from the tax, but only for properties up to a certain taxable value. Couldn't say for certain what those values are at present, but a lawyer or fiscal advisor should be able to enlighten you on that.

[Bruce Wallis]

I haven't heard that one.....I would be REALLY pissed off if I have been paying unnecessarily!

[Gary/Gaynor]

Bruce , Im sure you have to live in the country for x amount of days to claim residency in Portugal. Likewise you are then only meant to live in the UK for a max of 90 days a year if you do claim this residency. Im not 100 % sure about this word of mouth type of thing. I take it your a UK resident if so this seven year tax dodge does not apply.

Gary

[Ma-Ja's]

Our experience is that you have to be a Portuguese resident to be able to apply for this tax exemption. Our lawyer did it all for us as part of the house purchase. It has also just recently been increased to 8 years exemption. Hope this is of some help.

[Polli62]

You have to be registered resident to apply for exemption, but the exemption periods have changed from April 2009. This is a copy from info I have received from someone who is a resident, and apparently you should automatically be informed by financas if this extension applies to you. Hope this helps

The government has announced the lengthening of the periods of IMI (annual rates on a property) exemption and this will include 428 thousand residences acquired after 2004. Properties, which are this year still within the 3 or 6 year exemption period, having been re-valued since January 2004 markedly lower than 236.000 Euros, will see their IMI exemption period automatically extended.

According to the paper approved by the government, properties with a valor patrimonial tributário of up to 157.500 Euros, which have been given a 6 year exemption, will see an automatic extension of 2 more years. Properties whose valor patrimonial tributário varies between 157.500 and 236.250 Euros will see the exemption extend from 3 years to 4 years'.