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Municipal Tax (IMI)
Municipal Tax (IMI)
As promised by the Ministry of Finanças property tax bils are arriving with a 5% levy on offshore held houses. Having said that there must be some problem with the Finanças system as although the demands clearly state 5% the ones I have seen do not reflect that percentage in the amount actually charged. One showed 3.5% and another only 0.37%!
In any event it is clear that the 5% isn't going to disappear and no doubt even if the correct amount is not charged this year they will claw it back later.
For many offshore owners the only real alternative now is to redomicile their companies and I suggest they contact their company managers to get that underway as there is sure to be a big rush towards the year end. Some jurisdictions take a long time to move from anyway.
In any event it is clear that the 5% isn't going to disappear and no doubt even if the correct amount is not charged this year they will claw it back later.
For many offshore owners the only real alternative now is to redomicile their companies and I suggest they contact their company managers to get that underway as there is sure to be a big rush towards the year end. Some jurisdictions take a long time to move from anyway.