Portugal

President António José Seguro has signed into law the new housing tax package, approved by the government, with the aim of increasing the supply of homes in the Portuguese market. The measures include a reduction in VAT on housing construction from 23% to 6%, applicable to properties sold for up to approximately 661,000 euros or rented for up to 2,300 euros per month. The package also provides for a reduction in personal income tax (IRS) on rental income from 25% to 10% for landlords who charge “moderate rents.” Additionally, it raises the limit on rent deductions for personal income tax, which could reach 1,000 euros in the coming years. Among other measures, the government also plans tax benefits on capital gains reinvested in rental housing and a 7.5% IMT rate for non-resident buyers. The legislation now awaits publication in the Official Gazette to take full effect.

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