IMT and Stamp Duty Exemption: Frequently Asked Questions
2 Agosto 2024
Starting from August 1st, all young people up to 35 years old can benefit from a significant measure when acquiring their first permanent residence. To be eligible, young people must not have been considered dependents for IRS purposes in the year of the house purchase. Here are the answers to the most frequently asked questions about this measure:
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When does the IMT and Stamp Duty exemption apply?
The exemption applies to all acquisitions that occur from August 1st onwards, inclusive.
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I am 35 years old. Am I still covered by the exemption?
Yes, the exemption applies to all young people aged 35 or under at the time of acquisition.
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Is the exemption retroactive if I can't schedule the deed for after August 1st?
No, the IMT and Stamp Duty exemption only applies to acquisitions that occur from August 1st onwards, inclusive.
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I own a part of a property acquired through inheritance. Am I covered by the exemption?
No, if you already own part of a residential property, the exemption does not apply.
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What if I sell my part of the property?
If the sale occurs more than three years before acquiring a new primary and permanent residence, and meeting the other legal conditions, you will be entitled to the exemption.
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I own a property that is my primary residence. Do I qualify for the exemption?
No, this exemption only applies to the first acquisition of a property intended for primary and permanent residence.
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We are a couple, and one of us already owns a residential property. Do we qualify for the exemption?
The exemption only applies to the portion that will be acquired by the person who meets the legal conditions.
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We are a couple, and one of us is over 35 years old. Do we lose the right to the exemption?
The exemption only applies to the portion that will be acquired by the person who is 35 years old or younger.
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What should we do to benefit from the exemption?
You must fill in the respective codes on the IMT model 1 declaration, to be submitted on the Finance Portal, through the E-balcão, or in person at any Finance Service.
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Is the exemption applicable to young foreigners?
Yes, the exemption applies to all young people who meet the conditions stipulated by law, regardless of nationality.
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The exemption applies to properties up to €316,772. What if the property costs €500,000?
There is an exemption up to €316,772, with tax due only on the amount that exceeds this value.
For more information, follow the Marta Valle Real Estate Group, where we will continue to provide updates and guidance on how to make the most of this and other measures that benefit the acquisition of your own home..
