The government has implemented new measures to make it easier for young people to buy their own home.
As of the 1st of August, young people up to the age of 35 buying their first home will be exempt from paying Municipal Property Transfer Tax (IMT) and Stamp Duty (IS), as long as they are not dependent for personal income tax purposes in the year of purchase.
The exemption is valid for properties up to €316,772, and IMT will only be charged on the amount that exceeds this limit. However, this exemption does not apply to those who already own a house or part of it, and will be revoked if the property is used for something other than the intended purpose within six years of purchase, except in cases of sale, a change in the household or a change of job more than 100 kilometres away.
In addition, the costs of registering the first purchase of a home and registering a voluntary mortgage for loans of up to €316,772 are also exempt.
Tax Department
Sofia Quental | Inês Grácio | Catarina Amaral
